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

Northern Oil and Gas, Inc. (NYSE:NOG) announced a quarterly dividend on Thursday, May 2nd, Zacks reports. Investors of record on Thursday, June 27th will be given 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 is Thursday, June 27th.

Northern Oil and Gas has a payout ratio of 26.8% indicating that its dividend is sufficiently covered by earnings. Equities 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 Price Performance

Shares of Northern Oil and Gas stock traded up $0.28 during 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 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 has a 12-month low of $29.57 and a 12-month high of $43.75. The company has a market capitalization of $4.07 billion, a P/E 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 (NYSE:NOG) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.10. The firm had revenue of $396.35 million during the quarter, compared to analysts’ expectations of $505.67 million. Northern Oil and Gas had a return on equity of 34.06% and a net margin of 30.01%. Northern Oil and Gas’s revenue was down 31.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.76 earnings per share. As a group, sell-side analysts anticipate that Northern Oil and Gas will post 5.46 EPS for the current year.

Insider Buying and Selling at Northern Oil and Gas

In other Northern Oil and Gas news, CEO Nicholas L. O’grady sold 3,750 shares of the business’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 owns 228,082 shares of the company’s stock, valued at $9,346,800.36. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider James B. Evans sold 3,150 shares of the business’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $42.00, for a total value of $132,300.00. Following the transaction, the insider now owns 73,753 shares in the company, valued at $3,097,626. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Nicholas L. O’grady sold 3,750 shares of the business’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $40.98, for a total value of $153,675.00. Following the completion of the transaction, the chief executive officer now owns 228,082 shares in the company, valued at approximately $9,346,800.36. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,944 shares of company stock valued at $436,614. Company insiders own 2.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Truist Financial lifted their price objective on Northern Oil and Gas from $55.00 to $56.00 and gave the stock a “buy” rating in a report on Wednesday. Jefferies Financial Group boosted their price target on Northern Oil and Gas from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price target on shares of Northern Oil and Gas in a report on Wednesday, March 6th. Raymond James cut their price target on Northern Oil and Gas from $51.00 to $45.00 and set a “strong-buy” rating for the company in a report on Wednesday, January 24th. Finally, Morgan Stanley boosted their price target 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. One analyst has rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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.