Northern Oil and Gas, Inc. (NYSE:NOG) Declares Dividend Increase – $0.45 Per Share

Northern Oil and Gas, Inc. (NYSE:NOG) declared a quarterly dividend on Wednesday, January 29th,Wall Street Journal reports. Shareholders of record on Friday, March 28th will be given a dividend of 0.45 per share on Wednesday, April 30th. This represents a $1.80 annualized dividend and a yield of 4.84%. The ex-dividend date is Friday, March 28th. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.42.

Northern Oil and Gas has increased its dividend payment by an average of 119.5% annually over the last three years. Northern Oil and Gas has a payout ratio of 33.4% meaning its dividend is sufficiently covered by earnings. Analysts expect Northern Oil and Gas to earn $5.54 per share next year, which means the company should continue to be able to cover its $1.68 annual dividend with an expected future payout ratio of 30.3%.

Northern Oil and Gas Price Performance

NYSE NOG opened at $37.19 on Friday. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.23 and a quick ratio of 1.23. The firm has a market capitalization of $3.71 billion, a price-to-earnings ratio of 4.46 and a beta of 1.85. The company has a 50 day simple moving average of $39.73 and a 200-day simple moving average of $38.82. Northern Oil and Gas has a 52-week low of $31.13 and a 52-week high of $44.31.

Northern Oil and Gas (NYSE:NOG) last released its earnings results on Tuesday, November 5th. The company reported $1.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.20. Northern Oil and Gas had a net margin of 33.44% and a return on equity of 27.52%. The company had revenue of $753.64 million during the quarter, compared to the consensus estimate of $540.23 million. During the same quarter in the prior year, the firm earned $1.73 EPS. The company’s revenue was up 140.0% compared to the same quarter last year. Equities research analysts predict that Northern Oil and Gas will post 5.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Northern Oil and Gas

In other news, President Adam A. Dirlam sold 836 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $39.00, for a total transaction of $32,604.00. Following the completion of the transaction, the president now owns 96,223 shares of the company’s stock, valued at approximately $3,752,697. This represents a 0.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 1,836 shares of company stock worth $72,869 over the last 90 days. Insiders own 2.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on NOG shares. Piper Sandler reduced their price objective on Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday. Mizuho lowered Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price target for the company. in a report on Monday, December 16th. Truist Financial increased their price objective on Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Jefferies Financial Group began coverage on shares of Northern Oil and Gas in a research note on Thursday, October 3rd. They issued a “buy” rating and a $53.00 target price for the company. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $45.00 target price on shares of Northern Oil and Gas in a research report on Friday, January 10th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $47.56.

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.