Northern Oil and Gas, Inc. Announces Quarterly Dividend of $0.40 (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) declared a quarterly dividend on Thursday, May 2nd, Zacks reports. Shareholders of record on Thursday, June 27th will be paid a dividend of 0.40 per share on Wednesday, July 31st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.98%. The ex-dividend date of this dividend is Thursday, June 27th.

Northern Oil and Gas has a dividend payout ratio of 26.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect Northern Oil and Gas to earn $6.35 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 25.2%.

Northern Oil and Gas Trading Up 0.7 %

Shares of NYSE:NOG traded up $0.28 during midday trading on Friday, reaching $40.25. The company’s stock had a trading volume of 1,098,395 shares, compared to its average volume of 1,445,874. The firm has a market cap of $4.07 billion, a price-to-earnings ratio of 6.52 and a beta of 1.84. The business has a 50 day moving average price of $39.61 and a 200 day moving average price of $37.36. Northern Oil and Gas has a 1 year low of $29.57 and a 1 year high of $43.75. The company has a quick ratio of 1.32, a current ratio of 0.96 and a debt-to-equity ratio of 0.97.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.18 by $0.10. Northern Oil and Gas had a net margin of 30.01% and a return on equity of 34.06%. The company had revenue of $396.35 million during the quarter, compared to the consensus estimate of $505.67 million. During the same quarter in the prior year, the company posted $1.76 EPS. The company’s quarterly revenue was down 31.9% compared to the same quarter last year. Research analysts forecast that Northern Oil and Gas will post 5.46 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Nicholas L. O’grady sold 3,750 shares of the firm’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $40.98, for a total transaction of $153,675.00. Following the completion of the sale, the chief executive officer now directly owns 228,082 shares in the company, valued at $9,346,800.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Nicholas L. O’grady sold 3,750 shares of the stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $40.98, for a total transaction of $153,675.00. Following the completion of the transaction, the chief executive officer now directly owns 228,082 shares in the company, valued at approximately $9,346,800.36. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider James B. Evans sold 3,150 shares of the firm’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $42.00, for a total transaction of $132,300.00. Following the sale, the insider now directly owns 73,753 shares of the company’s stock, valued at approximately $3,097,626. The disclosure for this sale can be found here. Insiders have sold 10,944 shares of company stock worth $436,614 in the last quarter. 2.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on NOG shares. Stifel Nicolaus boosted their price objective on shares of Northern Oil and Gas from $54.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Truist Financial boosted their price target on Northern Oil and Gas from $55.00 to $56.00 and gave the company a “buy” rating in a research report on Wednesday. Piper Sandler raised their price objective on Northern Oil and Gas from $38.00 to $42.00 and gave the stock a “neutral” rating in a report on Friday, April 19th. Morgan Stanley boosted their target price on Northern Oil and Gas from $38.00 to $41.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Finally, Citigroup cut their price target on shares of Northern Oil and Gas from $55.00 to $50.00 and set a “buy” rating on the stock in a report on Friday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $47.90.

Northern Oil and Gas Company Profile

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. It primarily holds interests in the Williston Basin, the Appalachian Basin, and the Permian Basin in the United States.