Northern Oil and Gas, Inc. Announces Quarterly Dividend of $0.40 (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) declared a quarterly dividend on Thursday, May 2nd, Zacks reports. Investors of record on Thursday, June 27th will be paid a dividend of 0.40 per share on Wednesday, July 31st. This represents a $1.60 annualized dividend and a yield of 3.98%. The ex-dividend date is Thursday, June 27th.

Northern Oil and Gas has a dividend payout ratio of 26.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect Northern Oil and Gas to earn $6.35 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 25.2%.

Northern Oil and Gas Stock Up 0.7 %

NOG traded up $0.28 during midday trading on Friday, hitting $40.25. The company had a trading volume of 1,098,395 shares, compared to its average volume of 1,445,874. The stock’s 50 day moving average price is $39.61 and its 200 day moving average price is $37.36. Northern Oil and Gas has a 52 week low of $29.57 and a 52 week high of $43.75. The company has a market capitalization of $4.07 billion, a price-to-earnings ratio of 6.53 and a beta of 1.84. The company has a quick ratio of 1.32, a current ratio of 0.96 and a debt-to-equity ratio of 0.97.

Northern Oil and Gas (NYSE:NOG) last issued its earnings results on Tuesday, April 30th. The company reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.18 by $0.10. The business had revenue of $396.35 million during the quarter, compared to analyst estimates of $505.67 million. Northern Oil and Gas had a return on equity of 34.06% and a net margin of 30.01%. The firm’s revenue was down 31.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.76 EPS. On average, research analysts anticipate that Northern Oil and Gas will post 5.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Nicholas L. O’grady sold 3,750 shares of the stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $40.98, for a total transaction of $153,675.00. Following the completion of the transaction, the chief executive officer now directly owns 228,082 shares of the company’s stock, valued at approximately $9,346,800.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Northern Oil and Gas news, CEO Nicholas L. O’grady sold 3,750 shares of the firm’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $40.98, for a total value of $153,675.00. Following the completion of the sale, the chief executive officer now directly owns 228,082 shares of the company’s stock, valued at $9,346,800.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider James B. Evans sold 3,150 shares of the company’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $42.00, for a total value of $132,300.00. Following the transaction, the insider now directly owns 73,753 shares in the company, valued at approximately $3,097,626. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,944 shares of company stock worth $436,614. Insiders own 2.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on NOG shares. Citigroup decreased their price target on shares of Northern Oil and Gas from $55.00 to $50.00 and set a “buy” rating for the company in a research note on Friday. Jefferies Financial Group raised their target price on Northern Oil and Gas from $45.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, March 21st. Bank of America cut Northern Oil and Gas from a “buy” rating to an “underperform” rating and set a $39.00 target price on the stock. in a research report on Friday, January 5th. 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, March 6th. Finally, Stifel Nicolaus raised their price target on shares of Northern Oil and Gas from $54.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.90.

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.