Northern Oil and Gas, Inc. (NYSE:NOG) Announces Quarterly Dividend of $0.45

Northern Oil and Gas, Inc. (NYSE:NOG) announced a quarterly dividend on Wednesday, January 29th,Wall Street Journal reports. Stockholders 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 dividend yield of 4.76%. The ex-dividend date of this dividend is Friday, March 28th. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.42.

Northern Oil and Gas has raised its dividend payment by an average of 119.5% per year over the last three years. Northern Oil and Gas has a dividend payout ratio of 33.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Northern Oil and Gas to earn $5.45 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 30.8%.

Northern Oil and Gas Trading Up 0.9 %

Shares of Northern Oil and Gas stock traded up $0.34 during midday trading on Wednesday, reaching $37.78. The company had a trading volume of 1,016,471 shares, compared to its average volume of 1,412,442. Northern Oil and Gas has a fifty-two week low of $31.13 and a fifty-two week high of $44.31. 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 stock has a fifty day moving average price of $39.80 and a 200 day moving average price of $38.83. The firm has a market cap of $3.77 billion, a PE ratio of 4.54 and a beta of 1.85.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.20. Northern Oil and Gas had a return on equity of 27.52% and a net margin of 33.44%. The firm had revenue of $753.64 million for the quarter, compared to analyst estimates of $540.23 million. During the same period in the previous year, the firm earned $1.73 earnings per share. The company’s revenue was up 140.0% compared to the same quarter last year. On average, equities analysts anticipate that Northern Oil and Gas will post 5.34 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Mizuho lowered Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price target on the stock. in a research note on Monday, December 16th. Jefferies Financial Group started coverage on Northern Oil and Gas in a research report on Thursday, October 3rd. They set a “buy” rating and a $53.00 target price on the stock. Truist Financial upped their target price on Northern Oil and Gas from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $45.00 target price on shares of Northern Oil and Gas in a research report on Friday, January 10th. Finally, Piper Sandler lowered their target price on Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a research report on Wednesday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $47.56.

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 on Monday, January 6th. The stock was sold at an average price of $39.00, for a total transaction of $32,604.00. Following the transaction, the president now owns 96,223 shares of the company’s stock, valued at $3,752,697. This represents a 0.86 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 1,836 shares of company stock worth $72,869 in the last quarter. 2.80% of the stock is currently owned by company insiders.

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.