SM Energy Dives Despite Bullish Uinta Basin Acquisition: Details
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 27 2024
0mins
Should l Buy NOG?
Source: Benzinga
- SM Energy Acquisition: SM Energy is acquiring Uinta Basin oil and gas assets from XCL Resources for $2.55 billion, with Northern Oil and Gas purchasing a 20% share for $510 million.
- Financial Impact: The acquisition is expected to boost key financial metrics for SM Energy, including a 35% rise in Adjusted EBITDAX and a 45% increase in Adjusted free cash flow by 2025.
- Operational Changes: SM Energy will take over operational control of the assets managed by XCL, funding the buyout through debt and existing cash reserves.
- Dividend and Share Buyback: The Board approved an 11% dividend increase to $0.20 per share starting in Q4 2024, along with a new $500 million share repurchase program through 2027.
- Financial Position: As of March-end, SM Energy had long-term debt of $1.59 billion, cash reserves of $506.3 million, and received commitments for a $1.2 billion unsecured bridge facility.
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Analyst Views on NOG
Wall Street analysts forecast NOG stock price to rise
7 Analyst Rating
3 Buy
3 Hold
1 Sell
Moderate Buy
Current: 25.100
Low
25.00
Averages
28.33
High
33.00
Current: 25.100
Low
25.00
Averages
28.33
High
33.00
About NOG
Northern Oil and Gas, Inc. is a real asset company that focuses on acquiring and investing in non-operated minority working and mineral interests in the hydrocarbon producing basins. The Company is engaged as a non-operator in the acquisition, exploration, development and production of oil and natural gas properties in the United States, primarily in the Williston Basin, the Permian Basin, the Appalachian Basin and the Uinta Basin. Its portfolio comprises 300,000 acres of low-breakeven land with over 10,000 wells. Diversified by basin and across commodity type, its wells are operated by over 100 public and private operators. It engages in oil and natural gas exploration and production by participating on a proportionate basis alongside third-party interests in wells drilled and completed in spacing units that include its acreage. In addition, it acquires wellbore-only working interests in wells in which it does not hold the underlying leasehold interests from third parties.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Conference Call Schedule: The company will host a conference call on February 26, 2026, at 8:00 a.m. Central Time, allowing investors to listen via phone or webcast, thereby fostering communication and interaction with shareholders.
- Replay Information: A replay of the conference call will be available until March 12, 2026, with investors able to dial in for the replay, ensuring that shareholders who cannot participate live can access key information.
- Company Background: Northern Oil and Gas is a real asset company focused on acquiring and investing in non-operated minority working and mineral interests in premier hydrocarbon producing basins within the contiguous United States, seeking growth opportunities in a competitive market.
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- Conference Call Schedule: The company will host a conference call on February 26, 2026, at 8:00 a.m. Central Time, allowing investors to listen via phone or webcast, thereby fostering communication and interaction with shareholders.
- Replay Information: A replay of the conference call will be available until March 12, 2026, with investors able to dial in for the replay, ensuring that shareholders who cannot participate live can access key information.
- Company Background: Northern Oil and Gas is a real asset company focused on acquiring and investing in non-operated minority working and mineral interests in premier hydrocarbon producing basins within the contiguous United States, seeking growth opportunities in a competitive market.
See More
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- Production Growth: Northern Oil and Gas reported a production increase of over 131,000 barrels per day in Q3 2025, an 8% rise from the same quarter in 2024, indicating the company's resilience despite a 9% revenue decline due to weak energy prices.
- Cash Flow Challenges: While the company generated $2.2 billion in revenue over the past 12 months, it reported negative free cash flow of $177 million, which could pose a threat to its valuation and requires investor attention on future profitability improvements.
- Attractive Dividend Yield: With an 8.2% dividend yield significantly higher than Chevron's 3.2%, Northern Oil and Gas offers a stable income source for investors, although future dividend payouts may be at risk if earnings do not improve substantially.
- Unique Business Model: By holding minority stakes in over 11,000 wells, Northern Oil and Gas avoids high exploration costs, allowing for diversified investments across major oil-producing regions, although this strategy may impact cash flow in the short term.
See More
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- Production Growth: As of Q3 2025, Northern Oil and Gas produced over 131,000 barrels per day, with 55% being oil, marking an 8% increase from Q3 2024, although overall revenue fell 9% due to weak energy prices, highlighting the company's potential and challenges in expansion.
- Cash Flow Pressure: Despite reporting $2.2 billion in revenue over the past 12 months, Northern Oil and Gas faced negative free cash flow of $177 million, which could threaten its future dividend payments, necessitating close monitoring of its profitability improvements.
- Low-Cost Business Model: By holding minority stakes in over 11,000 oil and gas wells, Northern Oil and Gas avoids high exploration costs, although the acquisition costs impact cash flow in the short term, this strategy may stabilize its market position in the long run.
- Market Opportunity: Amidst uncertainty in Venezuela, Northern Oil and Gas offers a unique combination of an 8.2% dividend yield and a low-risk business model, potentially providing investors with an attractive income and growth opportunity, especially as domestic oil production rebounds.
See More
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- Short Interest Analysis: As of December 29, 2025, Lucid Group's short interest stands at 54.51%, indicating a widespread consensus in the market that the company is fundamentally overvalued, potentially leading to further declines in stock price.
- Intense Market Competition: Following closely are Choice Hotels and Avis Budget with short interests of 50.20% and 48.80%, respectively, reflecting significant market risks and a lack of investor confidence that could impact their future financing and expansion capabilities.
- Short-Term Trading Risks: Heavily shorted stocks like Lucid and Choice Hotels not only attract short sellers but also garner attention from retail investors, which may lead to extreme volatility and potential short squeezes, increasing market uncertainty.
- Investor Caution: While short squeezes can yield rapid gains, the underlying fundamental risks necessitate that investors exercise caution and conduct thorough due diligence to avoid potential losses.
See More
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Interest Rate Cuts: The Federal Reserve has resumed cutting short-term interest rates, making a 4% dividend yield for stocks more appealing compared to bank or money-market fund yields.
Dividend Stock Selection: Investors can choose dividend stocks based on various criteria, such as higher yields or focusing on quality and value, as demonstrated by John Buckingham's recent list of 17 dividend-stock value picks shared with MarketWatch.
See More
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Insider Buying Insight: Directors often buy shares in their own companies, indicating confidence in the business's future; Roy Ernest Easley of Northern Oil & Gas Inc recently purchased $600.8K worth of stock at an average price of $24.03/share.
Current Stock Performance: Northern Oil & Gas Inc shares are currently trading around $22.36, down 1.3%, with a 52-week range between $19.88 and $42.35.
Dividend Information: The company pays an annualized dividend of $1.8/share, with a yield of approximately 8.0%, and the next ex-dividend date is set for December 30, 2025.
Market Analysis: The article emphasizes the importance of monitoring insider buying trends and provides a link for further insights on other significant insider purchases.
See More
