Northern Oil & Gas Lifts Buyback to $243M, Reaffirms Guidance; Shares Jump 6.3%
NOG sits 16% above its 52-week low of $17.18.
Summary
NOG increased its buyback authorization to $243M and disclosed it repurchased 2.95M shares in Q2 at $20.37, offsetting dilution from the Duvernay acquisition. The company reaffirmed full-year production and capex guidance, with Q2 oil output of 67.5-68.25 Mboe/d and capex of $190-200M. Unrealized hedge gains of $155-160M and realized losses of $85-90M were reported, along with ground-game deals adding 2,300 net acres. Permian shut-in volumes are returning as weak Waha pricing eases. Shares rose 6.3% on the news, recovering from a 28% three-month decline. This follows the earlier buyback announcement and adds concrete Q2 metrics that demonstrate operational execution and capital discipline.
At the time of this announcement, NOG was trading at $19.90 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $2.2B. The 52-week trading range was $17.18 to $31.17. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.