Northern Oil and Gas, Inc. (NOG) to Issue Quarterly Dividend of $0.45 on April 30th

Northern Oil and Gas, Inc. (NYSE:NOG) declared a quarterly dividend on Tuesday, January 28th, Wall Street Journal reports. Stockholders of record on Friday, March 28th will be paid a dividend of 0.45 per share on Wednesday, April 30th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 5.86%. The ex-dividend date is Friday, March 28th. This is a 7.1% increase 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% per year over the last three years. Northern Oil and Gas has a payout ratio of 37.3% meaning its dividend is sufficiently covered by earnings. Analysts expect Northern Oil and Gas to earn $5.53 per share next year, which means the company should continue to be able to cover its $1.80 annual dividend with an expected future payout ratio of 32.5%.

Northern Oil and Gas Trading Down 0.8 %

Shares of NYSE:NOG opened at $30.70 on Wednesday. Northern Oil and Gas has a 52-week low of $26.60 and a 52-week high of $44.31. The company has a debt-to-equity ratio of 1.02, a quick ratio of 1.23 and a current ratio of 0.92. The company has a market capitalization of $3.04 billion, a P/E ratio of 5.97 and a beta of 1.84. The company has a 50-day simple moving average of $33.92 and a 200 day simple moving average of $36.93.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings data on Wednesday, February 19th. The company reported $1.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.16). The business had revenue of $545.47 million during the quarter, compared to analyst estimates of $552.34 million. Northern Oil and Gas had a net margin of 23.38% and a return on equity of 24.41%. Sell-side analysts forecast that Northern Oil and Gas will post 5.18 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Piper Sandler dropped their price objective on shares of Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 29th. Truist Financial increased their price target on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the company a “buy” rating in a report on Monday, January 13th. Mizuho cut Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price objective for the company. in a report on Monday, December 16th. Citigroup lowered their target price on Northern Oil and Gas from $55.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. Finally, Royal Bank of Canada reduced their price target on Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating for the company in a research note on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $46.89.

Northern Oil and Gas declared that its board has approved a share buyback program on Tuesday, March 11th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to purchase up to 3.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, President Adam A. Dirlam sold 836 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $39.00, for a total value of $32,604.00. Following the transaction, the president now owns 96,223 shares in the company, valued at approximately $3,752,697. This trade represents a 0.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Bahram Akradi purchased 40,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was bought at an average cost of $28.03 per share, with a total value of $1,121,200.00. Following the purchase, the director now owns 1,662,016 shares of the company’s stock, valued at $46,586,308.48. This represents a 2.47 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 2.80% of the company’s stock.

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.