Northern Oil and Gas Target of Unusually Large Options Trading (NYSE:NOG)

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Northern Oil and Gas, Inc. (NYSE:NOG – Get Rating) was the target of some unusual options trading activity on Monday. Investors acquired 3,218 call options on the stock. This is an increase of approximately 237% compared to the typical volume of 955 call options.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on NOG. Truist Financial increased their price target on shares of Northern Oil and Gas from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday, October 13th. Royal Bank of Canada raised their price objective on shares of Northern Oil and Gas from $42.00 to $46.00 and gave the company an “outperform” rating in a research note on Monday. Piper Sandler raised their price objective on shares of Northern Oil and Gas from $51.00 to $59.00 and gave the company an “overweight” rating in a research note on Tuesday, October 18th. Raymond James raised their price objective on shares of Northern Oil and Gas from $55.00 to $60.00 and gave the company a “strong-buy” rating in a research note on Monday, October 24th. Finally, Northland Securities raised their price objective on shares of Northern Oil and Gas from $50.00 to $60.00 in a research note on Monday. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Northern Oil and Gas has a consensus rating of “Moderate Buy” and a consensus price target of $48.30.

Insider Buying and Selling at Northern Oil and Gas

In other news, President Adam A. Dirlam sold 6,620 shares of the firm’s stock in a transaction dated Wednesday, October 19th. The shares were sold at an average price of $34.71, for a total value of $229,780.20. Following the completion of the sale, the president now directly owns 58,128 shares of the company’s stock, valued at approximately $2,017,622.88. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Erik J. Romslo sold 1,238 shares of the firm’s stock in a transaction dated Friday, November 4th. The shares were sold at an average price of $35.80, for a total value of $44,320.40. Following the completion of the sale, the insider now directly owns 80,122 shares of the company’s stock, valued at approximately $2,868,367.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Adam A. Dirlam sold 6,620 shares of the firm’s stock in a transaction dated Wednesday, October 19th. The stock was sold at an average price of $34.71, for a total transaction of $229,780.20. Following the completion of the sale, the president now directly owns 58,128 shares of the company’s stock, valued at $2,017,622.88. The disclosure for this sale can be found here. Insiders sold 28,240 shares of company stock valued at $1,005,569 in the last quarter. Company insiders own 3.60% of the company’s stock.

Institutional Trading of Northern Oil and Gas

A number of hedge funds have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC lifted its position in Northern Oil and Gas by 42.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 996 shares of the company’s stock worth $34,000 after acquiring an additional 296 shares during the period. American International Group Inc. lifted its holdings in shares of Northern Oil and Gas by 1.2% in the 2nd quarter. American International Group Inc. now owns 30,704 shares of the company’s stock valued at $776,000 after buying an additional 354 shares during the period. CWM LLC boosted its stake in shares of Northern Oil and Gas by 46.3% in the third quarter. CWM LLC now owns 1,132 shares of the company’s stock worth $31,000 after buying an additional 358 shares during the last quarter. Sawtooth Solutions LLC grew its holdings in Northern Oil and Gas by 2.8% during the second quarter. Sawtooth Solutions LLC now owns 15,543 shares of the company’s stock worth $393,000 after acquiring an additional 420 shares during the period. Finally, Amalgamated Bank lifted its holdings in Northern Oil and Gas by 4.2% in the third quarter. Amalgamated Bank now owns 10,474 shares of the company’s stock valued at $287,000 after acquiring an additional 421 shares during the period. 78.72% of the stock is owned by hedge funds and other institutional investors.

Northern Oil and Gas Price Performance

NOG traded up $1.30 during trading hours on Monday, hitting $38.68. The company’s stock had a trading volume of 51,907 shares, compared to its average volume of 1,211,801. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 7.22. Northern Oil and Gas has a 12 month low of $17.51 and a 12 month high of $39.10. The stock has a market cap of $3.01 billion, a price-to-earnings ratio of 4.29, a P/E/G ratio of 0.43 and a beta of 2.11. The business’s 50-day moving average price is $32.02 and its 200-day moving average price is $29.93.

Northern Oil and Gas Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 31st. Stockholders of record on Thursday, December 29th will be paid a dividend of $0.30 per share. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.25. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date of this dividend is Wednesday, December 28th. Northern Oil and Gas’s payout ratio is currently 11.47%.

About Northern Oil and Gas

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Northern Oil and Gas, Inc, an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of crude oil and natural gas properties in the United States. The company primarily holds interests in the Williston Basin, the Appalachian Basin, and the Permian Basin in the United States.