Northern Oil and Gas, Inc. (NYSE:NOG) Declares Dividend Increase – $0.42 Per Share

Northern Oil and Gas, Inc. (NYSE:NOG) declared a quarterly dividend on Tuesday, August 6th, Zacks reports. Shareholders of record on Friday, September 27th will be given a dividend of 0.42 per share on Thursday, October 31st. This represents a $1.68 annualized dividend and a yield of 4.49%. The ex-dividend date is Friday, September 27th. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.40.

Northern Oil and Gas has a dividend payout ratio of 28.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Northern Oil and Gas to earn $5.92 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 28.4%.

Northern Oil and Gas Price Performance

Shares of NYSE:NOG opened at $37.40 on Wednesday. The stock has a market capitalization of $3.75 billion, a P/E ratio of 6.06 and a beta of 1.81. The business has a 50-day moving average of $38.22 and a two-hundred day moving average of $39.16. Northern Oil and Gas has a fifty-two week low of $31.13 and a fifty-two week high of $43.80. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.89 and a quick ratio of 0.89.

Northern Oil and Gas (NYSE:NOG) last posted its earnings results on Tuesday, July 30th. The company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.26. The firm had revenue of $560.80 million during the quarter, compared to analyst estimates of $542.28 million. Northern Oil and Gas had a return on equity of 31.90% and a net margin of 27.37%. The company’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.49 EPS. On average, equities research analysts predict that Northern Oil and Gas will post 5.29 EPS for the current fiscal 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 company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $38.01, for a total transaction of $142,537.50. Following the completion of the transaction, the chief executive officer now owns 224,332 shares of the company’s stock, valued at approximately $8,526,859.32. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, President Adam A. Dirlam sold 1,392 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $37.88, for a total transaction of $52,728.96. Following the transaction, the president now directly owns 107,628 shares in the company, valued at $4,076,948.64. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Nicholas L. O’grady sold 3,750 shares of Northern Oil and Gas stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $38.01, for a total transaction of $142,537.50. Following the completion of the transaction, the chief executive officer now directly owns 224,332 shares of the company’s stock, valued at approximately $8,526,859.32. The disclosure for this sale can be found here. Company insiders own 2.80% of the company’s stock.

Analysts Set New Price Targets

NOG has been the topic of a number of research reports. Bank of America boosted their target price on shares of Northern Oil and Gas from $48.00 to $49.00 and gave the stock a “buy” rating in a research report on Wednesday, July 10th. Piper Sandler dropped their price objective on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Thursday, August 15th. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 target price on shares of Northern Oil and Gas in a research note on Wednesday, July 3rd. Morgan Stanley lowered their price target on Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Finally, StockNews.com downgraded shares of Northern Oil and Gas from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. One research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.70.

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.