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 Bakken and Three Forks formations in the Williston Basin of North Dakota and Montana. As of December 31, 2020, it owned working interests in 6,640 gross producing wells; and had proved reserves of 122,632 million barrels of oil equivalent. The company is based in Minnetonka, Minnesota.
IPO Year: 2022
Exchange: AMEX
Website: northernoil.com
Date | Price Target | Rating | Analyst |
---|---|---|---|
1/5/2024 | $39.00 | Buy → Underperform | BofA Securities |
1/5/2024 | $40.00 | Equal-Weight | Morgan Stanley |
12/14/2023 | Buy → Accumulate | Johnson Rice | |
8/14/2023 | $46.00 | Overweight → Neutral | Piper Sandler |
1/6/2023 | $38.00 | Neutral → Buy | BofA Securities |
10/19/2022 | $37.00 | Buy | Jefferies |
9/19/2022 | $32.00 → $34.00 | Neutral | BofA Securities |
3/15/2022 | $50.00 | Accumulate → Buy | Johnson Rice |
3/14/2022 | $34.00 | Overweight → Equal Weight | Wells Fargo |
3/8/2022 | Buy → Neutral | B of A Securities |
HIGHLIGHTS NOG and SM Energy Company ("SM") exercised option to jointly acquire additional Uinta Basin assets adjacent to the XCL Resources, LLC asset acquisition, which were previously owned by Altamont Energy LLC (the "Altamont Assets") NOG to acquire a 20% undivided stake in the Altamont Assets (the "Acquired Assets") for an unadjusted purchase price of $17.5 million in cash (all data below is net to NOG) Expands Uinta footprint by ~6,500 net acres, located primarily in Duchesne and Uintah Counties, UT Transaction to close simultaneously with the close of the XCL asset acquisition NOG's total Uinta net acreage to increase to ~15,800 with ~116 net underwritten undeveloped l
Northern Oil and Gas, Inc. (NYSE:NOG) ("NOG" or the "Company") today announced that its Board of Directors has declared a cash dividend on the Company's common stock. DIVIDEND DECLARATION NOG's Board of Directors has declared a cash dividend in the amount of $0.42 per share, representing an 11% increase year-over-year and 5% sequential increase from the prior quarterly dividend. The dividend is payable on October 31, 2024, to stockholders of record as of the close of business on September 27, 2024. FUTURE DIVIDEND PLANS The Company continues to anticipate reviewing and setting dividend policy during the first fiscal quarter of each year, with the potential for interim modifications
SECOND QUARTER HIGHLIGHTS Record quarterly production of 123,342 Boe per day (57% oil), increases of 3% from the first quarter of 2024 and 36% from the second quarter of 2023 GAAP net income of $138.6 million, Adjusted Net Income of $147.8 million and Adjusted EBITDA of $413.1 million. See "Non-GAAP Financial Measures" below Cash flow from operations of $340.5 million. Excluding changes in net working capital, cash flow from operations was $374.2 million, an increase of 33% from the second quarter of 2023 Generated $133.7 million of Free Cash Flow. See "Non-GAAP Financial Measures" below Announced joint acquisition of Uinta Basin properties from XCL Resources with SM Energy C
HIGHLIGHTS Repurchased 895,076 shares of common stock during Q2 2024 Repurchased 1,444,432 shares in total during Q1 and Q2 2024 Board of Directors approved new $150 million share repurchase authorization Management will recommend that the Board of Directors approve a 5% mid-year increase to NOG's quarterly common stock dividend, to $0.42 per share, for the third quarter of 2024 Northern Oil and Gas, Inc. (NYSE:NOG) (the "Company" or "NOG") provided a shareholder return update. SHAREHOLDER RETURN UPDATE NOG repurchased 895,076 shares of common stock during the second quarter of 2024 at an average price, inclusive of commissions, of $38.96 per share. During the first half
TULSA, OK, July 28, 2024 (GLOBE NEWSWIRE) -- Vital Energy, Inc. (NYSE:VTLE) ("Vital Energy" or the "Company") today announced the signing of a definitive joint purchase and sale agreement to acquire the assets of Point Energy Partners ("Point"), a Vortus Investments portfolio company. The transaction will significantly increase the Company's operational scale and footprint in the Delaware Basin and add high-value development inventory. The agreement was signed in partnership with Northern Oil and Gas, Inc. (NYSE:NOG) ("NOG"). Under the terms of the agreement, the two companies will acquire Point Energy's assets in an all-cash transaction for total consideration of $1.1 billion. Vital Ener
HIGHLIGHTS Joint acquisition with Vital Energy, Inc. ("Vital") of certain assets (the "Point Assets") of Point Energy Partners, LLC ("Point"), a Vortus Investments company ("Vortus") for $1.1 billion NOG purchasing a 20% undivided stake in the Point Assets (the "Acquired Assets") for $220 million in cash (all numbers below are net to NOG) The Acquired Assets include >4,500 Boe per day (2-stream, excluding NGLs, >75% oil) of recent production and ~4,000 net leasehold and mineral acres, located primarily in Ward County, TX Cash flow from operations on the Acquired Assets expected to be >$75 million in the next twelve months (starting 10/1/2024), based on recent strip prices, repre
Northern Oil and Gas, Inc. (NYSE:NOG) ("NOG" or the "Company") announced today that it plans to issue its second quarter 2024 financial and operating results on Wednesday, July 30, 2024, after the market closes. Additionally, the Company will host a conference call on Thursday, July 31, 2024, at 8:00 a.m. Central Time. Those wishing to listen to the conference call may do so via phone or the Company's webcast. Conference Call and Webcast Details: Date: July 31, 2024 Time: 8:00 a.m. Central Time Dial-In: (888) 596-4144 International Dial-In: (646) 968-2525 Conference ID: 4503139 Webcast: Second Quarter
DENVER, June 27, 2024 /PRNewswire/ -- SM Energy Company (the "Company" or "SM Energy") (NYSE:SM) today announces that it has entered into an agreement to acquire the Uinta Basin oil and gas assets owned by certain entities affiliated with XCL Resources, LLC ("XCL"), a private company backed by EnCap Investments L.P. ("EnCap") and Rice Investment Group ("Rice"), for an unadjusted purchase price of $2.55 billion. Concurrently, Northern Oil and Gas, Inc. (NYSE:NOG) ("Northern") will acquire an undivided twenty percent (20%) of the oil and gas assets of XCL for $510 million, resulting in a $2.04 billion purchase price net to the Company for an undivided 80% interest of the assets (the "XCL Acqui
HIGHLIGHTS SM Energy Company ("SM"), with NOG as its non-operated partner, purchasing the Uinta Basin assets (the "XCL Assets") of XCL Resources, LLC, an EnCap Portfolio Company, for a combined unadjusted purchase price of $2.55 billion in cash NOG to acquire a 20% undivided stake in the XCL Assets (the "Acquired Assets") for $510.0 million in cash (all data below is net to NOG) Current production of >10,500 Boe per day (2-stream, excluding NGLs, >85% oil) ~9,300 net acres, located primarily in Duchesne and Uintah Counties, Utah Over a decade of Tier 1 drilling with 97.6 net underwritten undeveloped locations, with significant future upside from additional zones and infill de
Northern Oil and Gas, Inc. (NYSE:NOG) ("NOG" or the "Company") today announced that its Board of Directors has declared a cash dividend in the amount of $0.40 per share of common stock, the planned quarterly level for 2024 as previously disclosed. The dividend is payable on July 31, 2024, to stockholders of record as of the close of business on June 27, 2024. ABOUT NOG NOG is a real asset company with a primary strategy of acquiring and investing in non-operated minority working and mineral interests in the premier hydrocarbon producing basins within the contiguous United States. More information about NOG can be found at www.noginc.com. View source version on businesswire.com: https:/
HIGHLIGHTS NOG and SM Energy Company ("SM") exercised option to jointly acquire additional Uinta Basin assets adjacent to the XCL Resources, LLC asset acquisition, which were previously owned by Altamont Energy LLC (the "Altamont Assets") NOG to acquire a 20% undivided stake in the Altamont Assets (the "Acquired Assets") for an unadjusted purchase price of $17.5 million in cash (all data below is net to NOG) Expands Uinta footprint by ~6,500 net acres, located primarily in Duchesne and Uintah Counties, UT Transaction to close simultaneously with the close of the XCL asset acquisition NOG's total Uinta net acreage to increase to ~15,800 with ~116 net underwritten undeveloped l
Northern Oil and Gas, Inc. (NYSE:NOG) ("NOG" or the "Company") today announced that its Board of Directors has declared a cash dividend on the Company's common stock. DIVIDEND DECLARATION NOG's Board of Directors has declared a cash dividend in the amount of $0.42 per share, representing an 11% increase year-over-year and 5% sequential increase from the prior quarterly dividend. The dividend is payable on October 31, 2024, to stockholders of record as of the close of business on September 27, 2024. FUTURE DIVIDEND PLANS The Company continues to anticipate reviewing and setting dividend policy during the first fiscal quarter of each year, with the potential for interim modifications
SECOND QUARTER HIGHLIGHTS Record quarterly production of 123,342 Boe per day (57% oil), increases of 3% from the first quarter of 2024 and 36% from the second quarter of 2023 GAAP net income of $138.6 million, Adjusted Net Income of $147.8 million and Adjusted EBITDA of $413.1 million. See "Non-GAAP Financial Measures" below Cash flow from operations of $340.5 million. Excluding changes in net working capital, cash flow from operations was $374.2 million, an increase of 33% from the second quarter of 2023 Generated $133.7 million of Free Cash Flow. See "Non-GAAP Financial Measures" below Announced joint acquisition of Uinta Basin properties from XCL Resources with SM Energy C
HIGHLIGHTS Repurchased 895,076 shares of common stock during Q2 2024 Repurchased 1,444,432 shares in total during Q1 and Q2 2024 Board of Directors approved new $150 million share repurchase authorization Management will recommend that the Board of Directors approve a 5% mid-year increase to NOG's quarterly common stock dividend, to $0.42 per share, for the third quarter of 2024 Northern Oil and Gas, Inc. (NYSE:NOG) (the "Company" or "NOG") provided a shareholder return update. SHAREHOLDER RETURN UPDATE NOG repurchased 895,076 shares of common stock during the second quarter of 2024 at an average price, inclusive of commissions, of $38.96 per share. During the first half
TULSA, OK, July 28, 2024 (GLOBE NEWSWIRE) -- Vital Energy, Inc. (NYSE:VTLE) ("Vital Energy" or the "Company") today announced the signing of a definitive joint purchase and sale agreement to acquire the assets of Point Energy Partners ("Point"), a Vortus Investments portfolio company. The transaction will significantly increase the Company's operational scale and footprint in the Delaware Basin and add high-value development inventory. The agreement was signed in partnership with Northern Oil and Gas, Inc. (NYSE:NOG) ("NOG"). Under the terms of the agreement, the two companies will acquire Point Energy's assets in an all-cash transaction for total consideration of $1.1 billion. Vital Ener
HIGHLIGHTS Joint acquisition with Vital Energy, Inc. ("Vital") of certain assets (the "Point Assets") of Point Energy Partners, LLC ("Point"), a Vortus Investments company ("Vortus") for $1.1 billion NOG purchasing a 20% undivided stake in the Point Assets (the "Acquired Assets") for $220 million in cash (all numbers below are net to NOG) The Acquired Assets include >4,500 Boe per day (2-stream, excluding NGLs, >75% oil) of recent production and ~4,000 net leasehold and mineral acres, located primarily in Ward County, TX Cash flow from operations on the Acquired Assets expected to be >$75 million in the next twelve months (starting 10/1/2024), based on recent strip prices, repre
Northern Oil and Gas, Inc. (NYSE:NOG) ("NOG" or the "Company") announced today that it plans to issue its second quarter 2024 financial and operating results on Wednesday, July 30, 2024, after the market closes. Additionally, the Company will host a conference call on Thursday, July 31, 2024, at 8:00 a.m. Central Time. Those wishing to listen to the conference call may do so via phone or the Company's webcast. Conference Call and Webcast Details: Date: July 31, 2024 Time: 8:00 a.m. Central Time Dial-In: (888) 596-4144 International Dial-In: (646) 968-2525 Conference ID: 4503139 Webcast: Second Quarter
DENVER, June 27, 2024 /PRNewswire/ -- SM Energy Company (the "Company" or "SM Energy") (NYSE:SM) today announces that it has entered into an agreement to acquire the Uinta Basin oil and gas assets owned by certain entities affiliated with XCL Resources, LLC ("XCL"), a private company backed by EnCap Investments L.P. ("EnCap") and Rice Investment Group ("Rice"), for an unadjusted purchase price of $2.55 billion. Concurrently, Northern Oil and Gas, Inc. (NYSE:NOG) ("Northern") will acquire an undivided twenty percent (20%) of the oil and gas assets of XCL for $510 million, resulting in a $2.04 billion purchase price net to the Company for an undivided 80% interest of the assets (the "XCL Acqui
HIGHLIGHTS SM Energy Company ("SM"), with NOG as its non-operated partner, purchasing the Uinta Basin assets (the "XCL Assets") of XCL Resources, LLC, an EnCap Portfolio Company, for a combined unadjusted purchase price of $2.55 billion in cash NOG to acquire a 20% undivided stake in the XCL Assets (the "Acquired Assets") for $510.0 million in cash (all data below is net to NOG) Current production of >10,500 Boe per day (2-stream, excluding NGLs, >85% oil) ~9,300 net acres, located primarily in Duchesne and Uintah Counties, Utah Over a decade of Tier 1 drilling with 97.6 net underwritten undeveloped locations, with significant future upside from additional zones and infill de
Northern Oil and Gas, Inc. (NYSE:NOG) ("NOG" or the "Company") today announced that its Board of Directors has declared a cash dividend in the amount of $0.40 per share of common stock, the planned quarterly level for 2024 as previously disclosed. The dividend is payable on July 31, 2024, to stockholders of record as of the close of business on June 27, 2024. ABOUT NOG NOG is a real asset company with a primary strategy of acquiring and investing in non-operated minority working and mineral interests in the premier hydrocarbon producing basins within the contiguous United States. More information about NOG can be found at www.noginc.com. View source version on businesswire.com: https:/
In the preceding three months, 7 analysts have released ratings for Northern Oil & Gas (NYSE:NOG), presenting a wide array of perspectives from bullish to bearish. The table below provides a snapshot of their recent ratings, showcasing how sentiments have evolved over the past 30 days and comparing them to the preceding months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 5 1 1 0 0 Last 30D 1 0 0 0 0 1M Ago 1 1 0 0 0 2M Ago 1 0 0 0 0 3M Ago 2 0 1 0 0 Insights from analysts' 12-month price targets are revealed, presenting an average target of $49.43, a high estimate of $56.00, and a low estimate of $43.00. Experiencing a 2.12% decline, the cu
Truist Securities analyst Neal Dingmann maintains Northern Oil & Gas (NYSE:NOG) with a Buy and lowers the price target from $57 to $54.
Northern Oil & Gas's (NYSE:NOG) short percent of float has risen 9.05% since its last report. The company recently reported that it has 12.95 million shares sold short, which is 20.48% of all regular shares that are available for trading. Based on its trading volume, it would take traders 6.53 days to cover their short positions on average. Why Short Interest Matters Short interest is the number of shares that have been sold short but have not yet been covered or closed out. Short selling is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises. Short int
B of A Securities analyst Noah Hungness maintains Northern Oil & Gas (NYSE:NOG) with a Buy and raises the price target from $48 to $49.
9 analysts have expressed a variety of opinions on Northern Oil & Gas (NYSE:NOG) over the past quarter, offering a diverse set of opinions from bullish to bearish. The table below summarizes their recent ratings, showcasing the evolving sentiments within the past 30 days and comparing them to the preceding months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 5 1 3 0 0 Last 30D 0 1 0 0 0 1M Ago 1 0 0 0 0 2M Ago 0 0 1 0 0 3M Ago 4 0 2 0 0 Providing deeper insights, analysts have established 12-month price targets, indicating an average target of $48.44, along with a high estimate of $56.00 and a low estimate of $41.00. This current average has
RBC Capital analyst Scott Hanold reiterates Northern Oil & Gas (NYSE:NOG) with a Outperform and maintains $46 price target.
SM Energy Company (NYSE:SM) shares are diving today after the company disclosed an agreement to purchase the Uinta Basin oil and gas assets from entities affiliated with XCL Resources, LLC. for an unadjusted purchase price of $2.55 billion. Simultaneously, Northern Oil and Gas, Inc. (NYSE:NOG) stated that it would purchase a 20% share of XCL’s oil and gas assets for $510 million, leaving SM Energy with an 80% stake at a net cost of $2.04 billion. SM Energy will assume operational control of the assets currently managed by XCL and plans to fund the buyout through a mix of debt and existing cash reserves. The Board has approved the XCL transaction, effective May 1, 2024, with closing
During the last three months, 10 analysts shared their evaluations of Northern Oil & Gas (NYSE:NOG), revealing diverse outlooks from bullish to bearish. The table below offers a condensed view of their recent ratings, showcasing the changing sentiments over the past 30 days and comparing them to the preceding months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 6 0 4 0 0 Last 30D 1 0 0 0 0 1M Ago 0 0 0 0 0 2M Ago 3 0 3 0 0 3M Ago 2 0 1 0 0 The 12-month price targets assessed by analysts reveal further insights, featuring an average target of $47.9, a high estimate of $56.00, and a low estimate of $38.00. Marking an increase of 2.15%, the cur
B of A Securities analyst Noah Hungness reinstates Northern Oil & Gas (NYSE:NOG) with a Buy and announces $48 price target.
10-Q - NORTHERN OIL & GAS, INC. (0001104485) (Filer)
8-K - NORTHERN OIL & GAS, INC. (0001104485) (Filer)
8-K - NORTHERN OIL & GAS, INC. (0001104485) (Filer)
8-K - NORTHERN OIL & GAS, INC. (0001104485) (Filer)
8-K - NORTHERN OIL & GAS, INC. (0001104485) (Filer)
10-Q - NORTHERN OIL & GAS, INC. (0001104485) (Filer)
8-K - NORTHERN OIL & GAS, INC. (0001104485) (Filer)
8-K - NORTHERN OIL & GAS, INC. (0001104485) (Filer)
DEFA14A - NORTHERN OIL & GAS, INC. (0001104485) (Filer)
DEF 14A - NORTHERN OIL & GAS, INC. (0001104485) (Filer)
SC 13G/A - NORTHERN OIL & GAS, INC. (0001104485) (Subject)
SC 13G/A - NORTHERN OIL & GAS, INC. (0001104485) (Subject)
SC 13G/A - NORTHERN OIL & GAS, INC. (0001104485) (Subject)
SC 13G - NORTHERN OIL & GAS, INC. (0001104485) (Subject)
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SC 13D/A - NORTHERN OIL & GAS, INC. (0001104485) (Subject)
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SC 13G/A - NORTHERN OIL & GAS, INC. (0001104485) (Subject)
BofA Securities downgraded Northern Oil & Gas from Buy to Underperform and set a new price target of $39.00
Morgan Stanley initiated coverage of Northern Oil & Gas with a rating of Equal-Weight and set a new price target of $40.00
Johnson Rice downgraded Northern Oil & Gas from Buy to Accumulate
Piper Sandler downgraded Northern Oil & Gas from Overweight to Neutral and set a new price target of $46.00
BofA Securities upgraded Northern Oil & Gas from Neutral to Buy and set a new price target of $38.00
Jefferies initiated coverage of Northern Oil & Gas with a rating of Buy and set a new price target of $37.00
BofA Securities reiterated coverage of Northern Oil & Gas with a rating of Neutral and set a new price target of $34.00 from $32.00 previously
Johnson Rice upgraded Northern Oil & Gas from Accumulate to Buy and set a new price target of $50.00
Wells Fargo downgraded Northern Oil & Gas from Overweight to Equal Weight and set a new price target of $34.00
B of A Securities downgraded Northern Oil & Gas from Buy to Neutral
4 - NORTHERN OIL & GAS, INC. (0001104485) (Issuer)
4 - NORTHERN OIL & GAS, INC. (0001104485) (Issuer)
4 - NORTHERN OIL & GAS, INC. (0001104485) (Issuer)
4 - NORTHERN OIL & GAS, INC. (0001104485) (Issuer)
4 - NORTHERN OIL & GAS, INC. (0001104485) (Issuer)
4 - NORTHERN OIL & GAS, INC. (0001104485) (Issuer)
4 - NORTHERN OIL & GAS, INC. (0001104485) (Issuer)
4 - NORTHERN OIL & GAS, INC. (0001104485) (Issuer)
4 - NORTHERN OIL & GAS, INC. (0001104485) (Issuer)
4 - NORTHERN OIL & GAS, INC. (0001104485) (Issuer)