Northern O & G Stock Price, News & Analysis

Northern Oil and Gas (NYSE: NOG) announced the pricing of $435 million in 3.625% convertible senior notes due 2029, increasing from the initial $350 million. The offering will settle on October 14, 2022. Proceeds will be allocated towards capped call transactions, share repurchases totaling $30 million, and reducing outstanding debt. Each note has an initial conversion rate of 26.3104 shares per $1,000 principal, with a conversion price of approximately $38.01 per share. The capped call transactions aim to limit stock dilution upon conversion of the notes.

Northern Oil and Gas (NYSE: NOG) plans to offer $350 million of convertible senior notes due 2029 in a private offering to institutional buyers. An additional $50 million may be purchased by initial buyers. Proceeds will fund capped call transactions and repurchase $25 to $30 million of common stock, alongside funding the cash price for recent acquisitions in the Delaware Basin. The notes will mature on April 15, 2029, with conversion rights for noteholders. These offerings underscore NOG's strategy to strengthen its financial position while pursuing growth opportunities.

Northern Oil and Gas (NYSE: NOG) has announced the acquisition of non-operated working interest properties in the Northern Delaware Basin for $130 million. The assets include approximately 2,100 net acres and are expected to produce around 2,500 Boe per day at an estimated $55 million unhedged cash flow in 2023, yielding a 2.4x transaction multiple. Capital spending is projected at $25 million for 2023, with expectations that the acquisition will enhance key financial metrics.

Northern Oil and Gas (NYSE: NOG) has successfully closed its $110 million acquisition of non-operated properties in the Midland Basin as of October 3, 2022. Management plans to recommend a 20% increase in its quarterly dividend to $0.30 per share for Q4 2022. Additionally, NOG repurchased $10 million of its senior unsecured notes and approximately 359,000 shares at an average price of $24.22 during Q3 2022. The company aims to enhance shareholder returns while focusing on efficient capital allocation.

Northern Oil and Gas (NYSE: NOG) has announced the acquisition of core non-operated working interest properties in the Northern Delaware Basin for $157.5 million. The assets, which include approximately 2,800 net acres in Lea and Eddy counties, NM and Loving County, TX, are expected to produce about 3,000 to 3,500 Boe per day in 2023, generating cash flow of $46.5 to $54.3 million. This transaction is forecasted to enhance NOG's financial metrics in 2023.

Northern Oil and Gas, Inc. (NYSE: NOG) has announced a $110 million acquisition of non-operated interests in the Midland Basin. The deal is expected to close in October 2022 and will add over 1,800 Boe per day in production, with a majority being oil. The acquisition includes approximately 1,600 acres in Howard County, Texas and is projected to generate $48 million in unhedged cash flow over the next year, representing a 2.3x purchase price multiple. The transaction aims to enhance NOG's financial metrics and leverage ratio.

Northern Oil and Gas, Inc. (NYSE: NOG) has successfully completed its acquisition of non-operated assets in the Williston Basin, closing the transaction on August 15, 2022, for $158 million in cash. This acquisition aligns with NOG's strategy to consolidate non-operated properties and aims to enhance its national presence while focusing on capital returns and low leverage. NOG's CEO, Nick O’Grady, emphasized the acquisition's potential for generating cash flow and solidifying shareholder returns.

Northern Oil and Gas reported a record quarterly production of 72,689 Boe per day in Q2 2022, a 33% increase from Q2 2021, with oil comprising 57% of total output. The company recorded GAAP cash flow from operations of $210.2 million and a notable increase in Free Cash Flow to $114.3 million. The firm announced a $170 million acquisition in the Williston Basin, set to close in mid-August. Shareholder returns included a 32% increase in dividends and $57.5 million in stock repurchases year-to-date.

Northern Oil and Gas (NYSE: NOG) has declared a cash dividend of $0.25 per share, marking a 32% increase from the previous quarter. This dividend, payable on October 31, 2022, is for shareholders of record as of September 29, 2022. The company has also reported share repurchases worth $12.8 million in Q2 2022 and $7.2 million so far in Q3 2022. Total repurchases for the year amount to $20.0 million with $130.0 million remaining on the repurchase authorization.