Northern Oil and Gas, Inc. Plans Quarterly Dividend of $0.42 (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) declared a quarterly dividend on Wednesday, November 27th,Wall Street Journal reports. Stockholders of record on Monday, December 30th will be paid a dividend of 0.42 per share on Friday, January 31st. This represents a $1.68 annualized dividend and a dividend yield of 3.87%. The ex-dividend date of this dividend is Monday, December 30th.

Northern Oil and Gas has a payout ratio of 31.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Northern Oil and Gas to earn $5.66 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 29.7%.

Northern Oil and Gas Price Performance

Shares of NOG traded up $0.33 during mid-day trading on Wednesday, hitting $43.46. The company’s stock had a trading volume of 1,165,212 shares, compared to its average volume of 1,313,066. The firm has a 50-day moving average price of $38.59 and a 200 day moving average price of $38.58. The stock has a market capitalization of $4.34 billion, a price-to-earnings ratio of 5.18 and a beta of 1.80. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.23 and a quick ratio of 1.23. Northern Oil and Gas has a fifty-two week low of $31.13 and a fifty-two 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 for the quarter, topping the consensus estimate of $1.20 by $0.20. The business had revenue of $753.64 million for the quarter, compared to the consensus estimate of $540.23 million. Northern Oil and Gas had a net margin of 33.44% and a return on equity of 27.52%. The firm’s quarterly revenue was up 140.0% compared to the same quarter last year. During the same period last year, the firm posted $1.73 earnings per share. On average, research analysts predict that Northern Oil and Gas will post 5.42 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on NOG. Truist Financial lifted their target price on shares of Northern Oil and Gas from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Jefferies Financial Group began coverage on shares of Northern Oil and Gas in a report on Thursday, October 3rd. They set a “buy” rating and a $53.00 price target for the company. Mizuho began coverage on shares of Northern Oil and Gas in a report on Thursday, September 19th. They set an “outperform” rating and a $47.00 price target for the company. StockNews.com cut shares of Northern Oil and Gas from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Finally, Morgan Stanley reduced their target price on shares of Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $47.50.

Insider Transactions at Northern Oil and Gas

In related news, insider Erik J. Romslo sold 1,500 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $35.26, for a total value of $52,890.00. Following the completion of the transaction, the insider now directly owns 105,713 shares of the company’s stock, valued at $3,727,440.38. This trade represents a 1.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Adam A. Dirlam sold 2,508 shares of the firm’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $38.50, for a total value of $96,558.00. Following the completion of the transaction, the president now directly owns 107,876 shares of the company’s stock, valued at approximately $4,153,226. This trade represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,508 shares of company stock worth $248,113. Insiders own 2.80% of the company’s stock.

About Northern Oil and Gas

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.