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Northern Oil & Gas, Inc. (NYSE:NOG), a Delaware-incorporated company specializing in crude petroleum and natural gas, reported the outcomes of its Annual Meeting of Stockholders held on May 22, 2025, according to a recent SEC filing. The Minnetonka, Minnesota-based company detailed the voting results for the election of directors, ratification of its independent auditor, and an advisory vote on executive compensation.
The stockholders elected eight directors, with votes for each ranging from approximately 77 million to 81 million. Votes withheld were much lower, varying from about 300,000 to 4.6 million, and there were over 7.9 million broker non-votes for each director. This strong shareholder participation comes as the company maintains robust profitability metrics, with a gross profit margin of nearly 79% and a return on equity of 29%.
In the second proposal, stockholders ratified the appointment of Deloitte & Touche LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025. The decision was overwhelmingly positive, with over 89 million votes for, around 115,000 against, and about 38,000 abstentions.
The third proposal involved a nonbinding advisory vote to approve the compensation of Northern Oil & Gas’s named executive officers. This proposal also passed, with approximately 73 million votes for, 8.3 million against, and 248,000 abstentions, alongside the same number of broker non-votes as in the election of directors.
The detailed results of these proposals are described in the company’s definitive proxy statement related to the Annual Meeting. The filing was signed and authorized by Erik J. Romslo, the company’s Chief Legal Officer and Secretary, on Tuesday, May 27, 2025. According to InvestingPro analysis, Northern Oil & Gas is currently trading below its Fair Value, presenting a potential opportunity for investors. For detailed insights and additional ProTips about NOG’s future prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Northern Oil and Gas reported impressive financial results for the first quarter of 2025, surpassing earnings expectations. The company achieved an earnings per share (EPS) of $1.33, exceeding the forecast of $1.11, and reported revenue of $602.1 million, which was higher than the anticipated $559.59 million. Additionally, Northern Oil and Gas recorded a record adjusted EBITDA of $435 million for the quarter. In a strategic move to enhance financial flexibility, the company increased its credit facility to $1.6 billion, as noted in a recent SEC filing. This adjustment is expected to provide increased liquidity for ongoing and future projects. Raymond (NSE:RYMD) James updated its financial outlook for Northern Oil and Gas, raising the stock price target to $36.00 while maintaining a Strong Buy rating, citing robust operational outcomes and consistent growth. The firm highlighted the company’s attractive valuation, noting an estimated enterprise value to EBITDA multiple of approximately 3 times for 2025. Northern Oil and Gas also confirmed its full-year 2025 outlook, aligning with Raymond James’s forecasts.
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