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Why Northern Oil & Gas, Inc (NOG) stock faced headwinds in the after-hours on Wednesday?

Northern Oil & Gas, Inc (NOG) stock lost 4.39% in the after-hours on Wednesday, June 16, 2021, and close at $18.50 per share. Earlier in the morning session, NOG shares gained 1.84% to close Wednesday’s session at $19.35 per share. NOG shares have risen 58.61% over the last 12 months, and they have moved down 0.46% in the past week. Over the past three months, the stock has gained 38.12%, while over the past six months, it has added 130.36%.

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Let’s have a brief look at NOG recent news and developments.


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Pricing of Public Offering of Common Stock

On June 16, 2021, Northern Oil and Gas, Inc announced the pricing of its previously announced underwritten public offering of 5,000,000 shares of its common stock at a price to the public of $17.50 per share. underwriters a 30-day option from the company to purchase up to an additional 750,000 shares of its common stock. The Offering is expected to close on June 21, 2021.

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Latest financial results announcement

On May 7, 2021, reported financial results for the first quarter of 2021.

Q1 2021 financial highlights

  • The total revenue was $21.4 million in Q1 2021 compared to $506.8 million in Q1 2020.
  • Total operating expenses were $85.8 million in Q1 2021 compared to $115.9 million in Q1 2020.
  • Northern Oil and Gas suffered a net loss of $90.4 million or $1.66 per diluted share compared to a net loss of $368.3 million or $9.12 per diluted share in Q1 2020.
  • It reported an Adjusted Net Income of $40.2 million or $0.62 per diluted share, compared to $21.7 million or $0.44 per diluted share in Q1 2020.
  • Adjusted EBITDA in the first quarter was $98.8 million in Q1 2021 compared to $108.0 million in Q1 2020.
  • Total capital expenditures were$38.1 million in Q1 2021.

Cash Dividend declaration

On May 7, 2021, the Board of Directors of Northern Oil and Gas, Incdeclared a cash dividend on the Company’s common stock for $0.03 per share. The dividend is payable on July 30, 2021, to stockholders of record as of the close of business on June 30, 2021.

Closing of Reliance Marcellus Acquisition

On April 7, 2021, Northern Oil and Gas, Inc closed its previously announced acquisition of properties owned by Reliance Marcellus, LLC on April 1, 2021.

The company paid $120.9 million in cash (including previously paid deposit), which is subject to final post-closing settlement, and 3.25 million common stock warrants.

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Conclusion

The pricing of its previously announced underwritten public offering of its common stock could be the reason behind its loss in the after-hours on Wednesday because at the moment that is the only current development we had.

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