April 2022 - Page 5 of 28

April 26, 2022

Stocks resume losses ahead of Big Tech earnings

U.S. stocks fell Tuesday after markets staged a rebound to end higher in the previous trading session. Investors are looking ahead to a batch of mega cap tech earnings in the coming days, with reports from Microsoft (MSFT) and Alphabet (GOOGL) due out after the bell.

The S&P 500 dipped 0.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} at the start of trading, while the Dow Jones Industrial Average shed 230 points after the index staged a 500-point recovery on Monday to close in the green. The tech-heavy Nasdaq Composite tumbled 1.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

Investors are in the heart of earnings season, with the S&P 500’s most heavily-weighted components scheduled to report earnings results this week. Facebook parent company Meta (FB), Apple (AAPL), and Amazon (AMZN) are also set to report quarterly results through Thursday.

As of Friday, one-fifth of companies in the index have reported results for the first quarter so far, with 79{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} reflecting an earnings beat for the period – above the five-year average of 77{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, according to the latest available data from FactSet. The magnitude of the earnings beat, however, is below the five-year average: 8.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, compared to 8.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

“The lower earnings growth rate for Q1 2022 relative to recent quarters can be attributed to both a difficult comparison to unusually high earnings growth in Q1 2021 and continuing macroeconomic headwind,” John Butters, a FactSet senior earnings analyst, said in a note.

U.S. stocks paralleled movements in global equity markets on Monday, with major stock indexes in Europe and Asia largely falling on renewed concerns a COVID outbreak in China may spur another wave of lockdowns and further disrupt global supply chains.

Worries of an economic slowdown also weighed on bonds and oil, with the 10-year Treasury yield retreating back to 2.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and West Texas intermediate crude oil futures edging below $100 per barrel.

“I think the most interesting thing happening in China right now is not that the yuan’s moving and not that the economy’s slowing – it’s that everything that’s happening right now, we knew weeks ago,” China Beige Book CEO Leland Miller told Yahoo Finance Live. “We knew that the economy was slowing, we knew they were not going to stimulate in a big way, we knew that lockdowns were spreading from Shanghai to other big cities, we knew the Fed was hiking, we knew there’s a policy crackdown, so it is interesting that people are seeing today as a pivotal moment.”

Elsewhere in markets, shares of Twitter jumped 5.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} after the social media giant formally announced it agreed to be acquired by Tesla CEO Elon Musk for $54.20 per share, or $44 billion. Twitter shareholders are set to receive $54.20 in cash for each share held, representing a 38{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} premium over Twitter’s closing level on April 1.

“This is the best thing that’s ever happened to Twitter,” Hedge Fund Tips’ Thomas Hayes told Yahoo Finance Live. “Elon Musk is going to rehab the building and generate a lot of value for users.”

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9:30 a.m. ET: Stocks resume losses to extend April sell-off

Here’s where the main indexes were at the start of trading on Tuesday:

S&P 500 (^GSPC): -22.31 (-0.52{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,273.81
Dow (^DJI): -224.66 (-0.66{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 33,824.80
Nasdaq (^IXIC): +165.56 (+1.29{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 13,004.85
Crude (CL=F): +$1.65 (+1.67{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $100.19 a barrel
Gold (GC=F): +$10.90 (+0.57{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,906.90 per ounce
10-year Treasury (^TNX): -7.7 bps to yield 2.7490{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

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9:23 a.m ET: Home prices jump nearly 20{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during February

Home price growth in the U.S. accelerated during the month of February, but a slowdown may be underway.

Standard & Poor’s reprted Tuesday that its S&P CoreLogic Case-Shiller national home price index registered a 19.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} gain during the second month of the year, up from 19.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in January. The figure marks the third-highest reading since the index was developed in the 1980s.

The 20-City results were higher than analysts’ expectations of an 19.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} annual gain, according to Bloomberg consensus estimates.

The 10-City Composite annual increase came in at 18.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, up from 17.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the previous month. The 20-City Composite posted a 20.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} year-over-year gain, up from 18.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the previous month.

“The macroeconomic environment is evolving rapidly and may not support extraordinary home price growth for much longer,” said Craig J. Lazzara, managing director and global head of index investment strategy at S&P DJI, in a statement. “The post-COVID resumption of general economic activity has stoked inflation, and the Federal Reserve has begun to increase interest rates in response.”

“We may soon begin to see the impact of increasing mortgage rates on home prices,” he added.

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9:09 a.m ET: PepsiCo ups full-year revenue forecast on higher prices, soda demand

PepsiCo (PEP) reported higher than expected quarterly earnings of $1.29 per share, beating the $1.23 per share analysts had expected, according to Bloomberg consensus data.

The beverage and snacks maker also raised its full-revenue forecast, buoyed by higher prices and a rebound in demand for its sodas at theaters and restaurants. Pepsi now anticipates fiscal 2022 organic revenue to rise 8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, compared with its forecast of a 6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} increase.

During the quarter, the company also reported taking a $241 million charge related to Russia-Ukraine crisis.

“Looking ahead, we will focus on controlling what we can, such as enhancing our focus on productivity and sharpening our revenue management capabilities, while also continuing to make the necessary long-term investments to fortify our businesses and win in the marketplace,” PepsiCo CEO Ramon Laguarta said in the earnings release.

Shares of Pepsi were little changed in pre-market trading.

Pepsi cans are seen at the shop in this illustration photo taken in Krakow, Poland, on March 18, 2022. (Photo by Jakub Porzycki/NurPhoto via Getty Images)

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7:10 a.m. ET: Futures slip after stocks recover from losses in previous session

Here were the main moves in futures trading ahead of Tuesday’s open:

S&P 500 futures (ES=F): -16.50 (-0.40{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,276.25
Dow futures (YM=F): -130.00 (-0.38{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 33,835.00
Nasdaq futures (NQ=F): -62.50 (-0.46{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 13,473.25
Crude (CL=F): -$0.35 (-0.36{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $98.89
Gold (GC=F): +$12.70 (+0.67{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,908.70 per ounce
10-year Treasury (^TNX): 0.00 bps to yield 2.8260{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

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6:15 p.m. ET Monday: Stock futures muted ahead of earnings reports mega cap earnings

Here’s were stock futures were in post-market trading Monday evening:

S&P 500 futures (ES=F): -1.75 (-0.04{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,291.00
Dow futures (YM=F): -10.00 (-0.03{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 33,955.00
Nasdaq futures (NQ=F): -19.50 (-0.14{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 13,516.25
Crude (CL=F): -$0.10 (-0.00{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $98.66
Gold (GC=F): +$3.20 (+0.17{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,899.20 per ounce
10-year Treasury (^TNX): -8 bps to yield 2.8260{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

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Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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April 26, 2022

VA Financial Management System: Additional Actions Needed to Help Ensure Success of Future Deployments

What GAO Discovered

The Department of Veterans Affairs (VA) Economic Management Business Transformation (FMBT) application has begun deploying the Built-in Economical and Acquisition Administration System (iFAMS) at the Countrywide Cemetery Administration (NCA) and the Veterans Rewards Administration (VBA). According to leading practices, management must measure the functionality of a method and relevant user fulfillment to observe development towards preestablished targets in order to have an understanding of and report on expected operational benefits. The application has produced metrics, recognized baselines, and begun to measure operational added benefits for NCA and VBA. Nonetheless, it has not discovered focus on values for accomplishment. Therefore, reporting of effects does not present a comprehensive and measurable photo of the program’s development relative to ideas. Until finally the FMBT software is capable to examine benefits to target values, the new system’s supply of meant operational gains and the extent to which the section is maximizing the return on its multibillion-dollar investment are unclear.

Helpful transform management strategies make properly utilizing organizational modify promptly and with reduced risk additional most likely. The FMBT program’s organizational improve administration functions ended up reliable with four leading methods and partly consistent with the remaining a few (see desk). Continuously adhering to helpful transform administration tactics for the transition to iFAMS aids assure a sleek changeover for future deployments.

FMBT Application Regularity with Organizational Transform Administration Major Methods

Primary observe	GAO evaluation
Producing a vision for transform	Dependable
Pinpointing stakeholders	Regular
Correctly speaking with stakeholders to regulate motivation	Constant
Figuring out and addressing stakeholders’ possible barriers to improve	Consistent
Escalating workforce skills and competencies	Partly consistent
Assessing the readiness for change	Partially consistent
Assessing the benefits of modify	Partially steady

Supply: GAO evaluation of Department of Veterans Affairs’ Monetary Management Enterprise Transformation (FMBT) application documentation. | GAO-22-105059

The FMBT program’s information conversion routines were dependable with foremost procedures for the NCA and VBA deployments. But the conversion timing triggered difficulties for some people, which include impacts to productiveness and prolonged function-arounds. The program’s impartial verification and validation workforce formerly proposed that the application be aware of opportunity hazards to a midyear conversion and proactively mitigate these dangers for NCA. However, officers accepted the pitfalls and reported conversions for the duration of the 12 months are essential if VA is to apply iFAMS in the course of the section in a acceptable sum of time. The program has prepared some actions to address troubles users faced, but its possibility and concern sign up does not include or handle the conversion timing pitfalls, these types of as consumer issues or those affiliated with the amount and varieties of transactions and balances converted. Mitigating conversion timing dangers and concerns is particularly important for potential deployments, some of which are scheduled even later on in the year and will influence more users.

Why GAO Did This Review

VA’s core financial administration method is approximately 30 yrs previous and is exceptionally complicated to maintain and adapt to rising requirements and federal economic restrictions. VA’s FMBT program is replacing its legacy process with a new built-in procedure, iFAMS, at an approximated price of $3.24 billion. VA deployed the fiscal functions capabilities of iFAMS at NCA in November 2020 and at VBA in February 2021 and May well 2021.

GAO was requested to overview the development of the FMBT plan. The precise aims for this report have been to analyze the extent to which (1) VA has calculated if iFAMS is supplying meant operational gains (2) VA’s organizational alter management pursuits facilitating its transition to the new economical administration system were being dependable with main methods and (3) VA’s details migration activities to cleanse, transform, and migrate info to the new fiscal management method have been dependable with top procedures. GAO compared vital application management activities to main tactics and interviewed program officers, in addition to chosen procedure customers.

April 26, 2022

Finance company to bring hundreds of jobs to Stamford

STAMFORD — Financial-services firm Mirador LLC announced Monday it plans to relocate its headquarters from Darien to Stamford and add about 250 positions in the next three years — the latest of several companies in the past year to qualify for state funding to support significant jobs growth.

Mirador plans to open by the end of this summer its under-construction offices covering more than 20,000 square feet across the fourth floor at 850 Canal St., in Stamford’s South End. It will be relocating from 10 Corbin Drive in downtown Darien where its main offices have been based since its 2015 founding.

The move will increase by nearly 50 percent the headquarters footprint of a firm that employs about 100 and specializes in managed services for the wealth management industry.

“We went from one small office to 14 separate offices at Corbin Drive, with 23 doors. So unfortunately, we’re going to have to say goodbye to Darien, but we’ll always consider it our birthplace,” Joseph Larizza, Mirador’s founder and managing partner, said Monday at a news conference at 850 Canal, joined by a number of his colleagues and local and state officials, including Gov. Ned Lamont.

“That leads to what we have here, which is a place that is really going to be able to command us to get good-paying career jobs for people in the industry. We’re looking forward to our next chapter.”

To support Mirador’s growth, the state Department of Economic and Community Development will provide a grant of up to approximately $3.24 million. The maximum amount is contingent upon the firm creating and retaining 250 full-time jobs. If it creates fewer positions, then Mirador could receive a smaller grant.

“We had to reinvent and rethink what the state of Connecticut was going to be — and that’s the next generation of jobs,” Lamont said. “Right here in Stamford, I think you’re seeing the next generation of fintech.”

Larizza said the support of officials such as Lamont, Stamford Mayor Caroline Simmons, DECD Commissioner David Lehman and Peter Denious, CEO of the economic development-focused nonprofit AdvanceCT, was pivotal in Mirador’s decision to stay in Connecticut. The firm also considered potential headquarters locations in other states like New York, New Jersey and Rhode Island before settling on Stamford, according to Larizza.

“We’ve met the governor three times now; we’re not even in our (new) space. We were Mayor Simmons’ first meeting after she had her baby,” Larizza said. “We really appreciate the responsiveness that Connecticut has given us. … We’re really excited about how much effort the state is putting into bringing industry and financial services and fintech back to our state.”

Simmons expressed similar enthusiasm.

“Thank you for staying in Connecticut and for choosing Stamford to bring your incredibly innovative and growing company and all these excellent, high-paying jobs to our city,” Simmons said.

In addition to more than 90 professionals working in Darien, Mirador also has employees based in Chicago; Jacksonville, Fla.; Salt Lake City, Utah; and Dublin, Ireland.

Its services encompass financial reporting, middle-office and “expert” services, an adviser technology platform and an adviser-client portal. Its clients include high-net-worth families and family offices, wealth managers, endowments and foundations.

Mirador represents the latest of several companies that have announced in the past year plans to expand in southwestern Connecticut, backed by jobs-dependent state subsidies. Those other businesses include financial-services firms Digital Currency Group, iCapital, Hudson Bay Capital and Tomo Networks and manufacturer and technology-services provider ITT.

Tobacco giant Philip Morris International, which is planning to open later this year a new headquarters in downtown Stamford after relocating from Manhattan, is not receiving state funding.

DCG, ITT, iCapital, PMI and Tomo cumulatively plan to create several hundred jobs in the state during the next few years.

“To use that overused word ‘ecosystem,’ we’ve got one here in fintech,” Denious said. “I think it has tremendous potential to continue to bring more businesses and help the ones that are already here grow, a la Mirador.”

pschott@stamfordadvocate.com; twitter: @paulschott

April 25, 2022

Moscow Broker Explains the Latest in Russia’s Chaotic Financial Markets

A weird relaxed appears to be to have settled above Russian marketplaces. But scratch under the floor, and virtually all the things has modified.
The government is propping up the ruble and holding alongside one another Moscow’s inventory marketplace, with international investors all but barred.
Iskander Lutsko, of Moscow broker ITI Money, tells Insider what is going on in the “wholly artificial” marketplaces suitable now.

Virtually two months right after Russia’s invasion of Ukraine, a strange quiet appears to have descended on the country’s fiscal markets.

Russia’s ruble has now thoroughly recovered from its spectacular crash in the days next the assault. The country’s shares remain deep in negative territory for the yr, but the extraordinary sell-offs noticed in late February are a point of the past.

But just take a seem underneath the surface, and you can expect to see the strong arm of the Russian point out strenuously keeping the markets together. The authorities has introduced demanding funds controls that have boosted the ruble, and it has banned international investors from ditching domestic assets.

Iskander Lutsko is chief expense strategist at ITI Funds, a key financial broker in Russia. He is worked in economic markets for 15 many years, like at Sberbank, Russia’s largest lender. He spoke to Insider this 7 days about what is truly heading on in Russia’s “totally artificial” marketplaces right now.

Stocks you should not mirror the ‘unfortunate reality’

Moscow’s Moex inventory index has tumbled approximately 40{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} so considerably this calendar year, but it has risen all over 9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} since bottoming in late February.

Lutsko believes its level need to be considerably reduce. “The Russian fairness market place would not replicate the unlucky, correct truth,” he mentioned. “Simply simply because non-people are restricted from providing.”

In 2021, foreigners owned about 80{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the tradable stocks on the Moscow trade, worth about $200 billion.

“In accordance to our estimates, at the very least $50 billion of fairness publicity is even now on funds’ balances,” Lutsko said. “Mainly US dedicated money or European cash.”

A modern ruling by Moscow that instructed Russian providers to revoke any share listings they have overseas could trigger a wave of advertising, he explained, as soon as those so-called depositary receipts are repatriated.

“In accordance to our estimates, there is at least 900 billion rubles [$11 billion] worth of depositary receipts abroad of Russian stocks that could be offered by community buyers on Moex,” he mentioned.

A absence of foreign players in the sector has caused

liquidity

to dry up, building it tougher to acquire and provide belongings. Retail investors — who have “tiny being familiar with and idea how to play the current market” — now dominate investing, according to the Moscow broker.

Vultures are coming to participate in

About in the bond market place, the problem is even even worse. Russia’s federal government and several of its greatest companies are on the verge of default on their foreign debts, following US sanctions stymied their access to the worldwide economical process. Bonds in quite a few large corporations, such as Gazprom, have plunged.

But Lutsko mentioned the crash in price ranges has attracted bargain hunters, hoping to revenue from a rebound in prices if the Ukraine photo clears. Despite the fact that he avoids the time period, this kind of buyers are generally referred to as “vultures”.

“I know that several moderate sized hedge resources, and even a lot of area brokers, are hunting for possibilities to obtain Russian eurobonds,” he said.

ITI’s Guernsey entity has been facilitating these trades, acquiring bonds at 20-30{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of their experience worth. “There is certainly been a quite great desire,” Lutsko famous.

The ruble is ‘completely artificial’

The speedy rebound in the Russian ruble induced some analysts to talk to no matter if Western sanctions were getting the preferred effect.

But Lutsko claimed it can be not a reflection of the toughness of the financial system. The authorities has imposed tight cash controls that protect against rubles leaving the place, and has instructed exporters to convert 80{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of their overseas earnings into the currency.

“The ruble is in a entire artificial atmosphere, controlled by the central bank which makes confident that

volatility

continues to be confined,” he said. “We have a bit of dissonance or dislocation in the belongings.”

April 25, 2022

Texas judge invites Disney to move from Florida amid DeSantis feud

Previous Florida Legal professional Basic Pam Bondi gives perception on Disney’s self-governing position remaining revoked, election safety and Elon Musk’s bid for Twitter on ‘Kudlow.’

A Texas choose invited Disney to shift from Florida amid its ongoing feud with Gov. Ron DeSantis.

In a letter resolved to Walt Disney Firm CEO Bob Chapek, Fort Bend County Judge KP George invited the enterprise to look at Fort Bend County as “a welcoming and diverse spot to do small business.”

“While you, your business, staff members and diverse followers confront authoritarian, anti-organization and society war assaults from extremists in Florida, we in Fort Bend are more all set to welcome the Disney household with 1000’s of superior-paying work and billions of dollars of investments,” the letter dated April 21 states.

WILL DISNEY’S Reduction OF Specific TAX DISTRICT IN FLORIDA Suggest TAXPAYERS ARE Caught WITH THE Invoice?

Florida Gov. Ron DeSantis speaks at a push meeting at the Eau Gallie Higher University aviation hangar. (Paul Hennessy/SOPA Visuals/LightRocket by means of / Getty Visuals)

George described Fort Bend County, which borders Houston’s Harris County to the southwest, as a “distinctive position” whose people and families “compose the most various county in the United States, deliver incredibly superior graduation fees and are 1 of the prime capita purchasers in Texas.”

The county is “strategically found for the most economical distribution of items domestically and internationally, together with the finest accessibility to both inland and drinking water ports in Texas,” the decide mentioned.

“With a potent concentration on financial development, we stimulate smaller and large organization progress by a enterprise-helpful weather we make a difference in our children’s life each day by youth empowerment initiatives and intention to proceed improving the good quality of life as a result of new, new and impressive strategies,” George reported. “I invite you to stop by Fort Bend County and see for oneself why our community is the most effective place for a new Walt Disney Environment Resort.”

The freshly painted Cinderella Castle at the Magic Kingdom at Walt Disney Environment on Aug. 30, 2021, in Lake Buena Vista, Florida. (AP Photo/John Raoux, File / AP Newsroom)

George explained DeSantis as a “political extremist” in the copy of his letter he shared on Twitter.

This comes as DeSantis, a Republican up for re-election in November, signed legislation Friday stripping the theme park of a many years-outdated distinctive settlement that permitted it to govern itself. The move arrived in reaction to Disney’s criticism of a new condition regulation condemned by critics as “Do not Say Gay,” which prohibits classroom discussion about sexual orientation and gender determine for elementary college students.

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Texas Lt. Gov. Dan Patrick has explained he would like to develop his possess model of the legislation.

The Related Press contributed to this report.

April 25, 2022

Capital One Financial Analysts Raise Earnings Estimates for Northern Oil and Gas, Inc. (NYSEAMERICAN:NOG)

Northern Oil and Gas, Inc. (NYSEAMERICAN:NOG – Get Rating) – Equities researchers at Capital One Financial lifted their FY2022 earnings per share (EPS) estimates for Northern Oil and Gas in a note issued to investors on Thursday, April 21st. Capital One Financial analyst P. Johnston now forecasts that the energy company will earn $6.09 per share for the year, up from their prior estimate of $6.01. Capital One Financial also issued estimates for Northern Oil and Gas’ Q4 2022 earnings at $1.74 EPS and FY2023 earnings at $7.52 EPS.

Northern Oil and Gas (NYSEAMERICAN:NOG – Get Rating) last announced its quarterly earnings data on Thursday, February 24th. The energy company reported $1.06 earnings per share (EPS) for the quarter. Northern Oil and Gas had a net margin of 1.28{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and a negative return on equity of 351.74{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The company had revenue of $332.37 million during the quarter. During the same quarter in the prior year, the company posted $0.64 EPS.

A number of other brokerages have also recently issued reports on NOG. Piper Sandler increased their target price on shares of Northern Oil and Gas from $37.00 to $40.00 and gave the stock an “overweight” rating in a research report on Thursday, April 7th. Truist Financial increased their target price on shares of Northern Oil and Gas from $45.00 to $50.00 in a research report on Thursday. Wells Fargo & Company cut shares of Northern Oil and Gas from an “overweight” rating to an “equal weight” rating and set a $34.00 target price for the company. in a research report on Monday, March 14th. They noted that the move was a valuation call. Bank of America cut shares of Northern Oil and Gas from a “buy” rating to a “neutral” rating and increased their target price for the stock from $33.00 to $38.00 in a research report on Tuesday, March 8th. Finally, Raymond James increased their target price on shares of Northern Oil and Gas from $43.00 to $45.00 and gave the stock a “strong-buy” rating in a research report on Friday, March 25th. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $36.70.

Shares of Northern Oil and Gas stock opened at $25.45 on Monday. The stock has a market cap of $1.97 billion, a P/E ratio of -24.95, a PEG ratio of 0.51 and a beta of 2.25. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 3.73. Northern Oil and Gas has a 12-month low of $12.07 and a 12-month high of $30.44.

Large investors have recently added to or reduced their stakes in the stock. EAM Global Investors LLC bought a new position in shares of Northern Oil and Gas in the third quarter valued at $2,246,000. New York State Common Retirement Fund boosted its position in Northern Oil and Gas by 430.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during the fourth quarter. New York State Common Retirement Fund now owns 415,191 shares of the energy company’s stock worth $8,545,000 after purchasing an additional 336,917 shares during the period. Brandywine Global Investment Management LLC bought a new position in Northern Oil and Gas during the third quarter worth $4,754,000. Geneos Wealth Management Inc. boosted its position in Northern Oil and Gas by 16.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during the third quarter. Geneos Wealth Management Inc. now owns 8,040 shares of the energy company’s stock worth $179,000 after purchasing an additional 1,120 shares during the period. Finally, Deprince Race & Zollo Inc. boosted its position in Northern Oil and Gas by 162.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during the third quarter. Deprince Race & Zollo Inc. now owns 1,364,461 shares of the energy company’s stock worth $29,199,000 after purchasing an additional 844,377 shares during the period. 88.47{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the stock is owned by institutional investors and hedge funds.

In other news, insider Michael D. Kelly sold 13,000 shares of Northern Oil and Gas stock in a transaction that occurred on Friday, April 1st. The shares were sold at an average price of $28.34, for a total value of $368,420.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Lisa Meier sold 12,500 shares of Northern Oil and Gas stock in a transaction that occurred on Thursday, March 17th. The shares were sold at an average price of $25.88, for a total transaction of $323,500.00. The disclosure for this sale can be found here. Company insiders own 4.40{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the company’s stock.

The business also recently announced a quarterly dividend, which will be paid on Friday, April 29th. Shareholders of record on Wednesday, March 30th will be issued a dividend of $0.14 per share. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.08. This represents a $0.56 annualized dividend and a yield of 2.20{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The ex-dividend date of this dividend is Tuesday, March 29th. Northern Oil and Gas’s dividend payout ratio (DPR) is -54.90{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

Northern Oil and Gas Company Profile (Get Rating)

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.

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