Northern Oil And Gas Stock Climbs On Q1 Hedging Results, Shareholder Return Update: What You Need To Know

Northern Oil and Gas Inc NOG shares are rising in extended trading Wednesday after the company provided an update on first-quarter hedging results and shareholder returns.

What Happened: Northern Oil and Gas reported estimated unrealized mark-to-market gains on derivatives of $9 million to $10 million for the first quarter. The unrealized gains were driven primarily by changes to the value of the company’s oil derivatives portfolio.

Northern Oil And Gas said realized hedge gains were an estimated $11 million to $12 million in the quarter, primarily driven by the company’s crude oil and Waha basis hedges.

Northern Oil and Gas noted it added “substantial” hedges since its fourth quarter report, including hedges to oil, natural gas and Waha, Midland-Cushing and M2 basis hedges.

The company also provided an update on shareholder returns. Northern Oil and Gas said it paid dividends of approximately $42 million during the first quarter. In February, the company declared a dividend of 45 cents per share, up 7% compared to the prior quarterly dividend. The dividend is payable on April 30.

See Also: Kinder Morgan Q1 Earnings: Revenue Beat, EPS Miss, Forward Guidance — ‘Our Company Can Be A Safe Haven During The Storm’

Northern Oil and Gas also said it repurchased 499,100 shares during the quarter at an average price of $30.07. Year-to-date shareholder returns are currently around $57 million, the company said.

Northern Oil and Gas is scheduled to report first-quarter earnings after the market close on April 29. Analysts are looking for adjusted earnings of 11 cents per share and revenue of $556.94 million, per Benzinga Pro estimates.

NOG Price Action: Northern Oil And Gas shares were up 4.43% at $23.95 after-hours at the time of publication Wednesday, according to Benzinga Pro.

Photo: fotokaleinar/Shutterstock.