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

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 given 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 is Monday, December 30th.

Northern Oil and Gas has a payout ratio of 31.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Northern Oil and Gas to earn $5.71 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 29.4%.

Northern Oil and Gas Trading Up 0.8 %

Northern Oil and Gas stock opened at $43.46 on Friday. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.84. The firm has a 50-day moving average price of $38.86 and a two-hundred day moving average price of $38.65. The firm has a market capitalization of $4.34 billion, a price-to-earnings ratio of 5.22 and a beta of 1.80. 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 posted its earnings results on Tuesday, November 5th. The company reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.20. The firm had revenue of $753.64 million during the quarter, compared to analyst estimates of $540.23 million. Northern Oil and Gas had a net margin of 33.44% and a return on equity of 27.52%. Northern Oil and Gas’s revenue was up 140.0% on a year-over-year basis. During the same period in the previous year, the business posted $1.73 EPS. Sell-side analysts expect that Northern Oil and Gas will post 5.4 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Truist Financial boosted their price target 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. Piper Sandler boosted their price target on shares of Northern Oil and Gas from $40.00 to $41.00 and gave the stock a “neutral” rating in a research report on Monday, November 18th. Jefferies Financial Group assumed coverage on shares of Northern Oil and Gas in a research report on Thursday, October 3rd. They set a “buy” rating and a $53.00 price target on the stock. Royal Bank of Canada downgraded shares of Northern Oil and Gas from an “outperform” rating to a “sector perform” rating and boosted their price target for the stock from $43.00 to $45.00 in a research report on Wednesday, November 20th. Finally, Morgan Stanley dropped their price target on shares of Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $47.50.

Insiders Place Their Bets

In other Northern Oil and Gas news, President Adam A. Dirlam sold 2,508 shares of the stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $38.50, for a total value of $96,558.00. Following the completion of the sale, the president now directly owns 107,876 shares of the company’s stock, valued at $4,153,226. This represents a 2.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Chad W. Allen sold 1,500 shares of the stock in a transaction on Monday, October 7th. The shares were sold at an average price of $40.00, for a total transaction of $60,000.00. Following the completion of the sale, the chief financial officer now directly owns 83,792 shares of the company’s stock, valued at approximately $3,351,680. This trade represents a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,508 shares of company stock valued at $248,113 over the last ninety days. Corporate 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.