Northern Oil and Gas (NYSE:NOG) Reaches New 12-Month High Following Dividend Announcement

Shares of Northern Oil and Gas, Inc. (NYSE:NOG) hit a new 52-week high during trading on Wednesday after the company announced a dividend. The stock traded as high as $44.31 and last traded at $44.08, with a volume of 91929 shares traded. The stock had previously closed at $43.13.

The newly announced dividend which will be paid on Friday, January 31st. Shareholders of record on Monday, December 30th will be paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 3.87%. The ex-dividend date is Monday, December 30th. Northern Oil and Gas’s payout ratio is 20.17%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on NOG. Mizuho initiated coverage on shares of Northern Oil and Gas in a research report on Thursday, September 19th. They issued an “outperform” rating and a $47.00 price target for the company. Truist Financial upped their target price on shares of Northern Oil and Gas from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Piper Sandler raised their price target on Northern Oil and Gas from $40.00 to $41.00 and gave the company a “neutral” rating in a report on Monday, November 18th. Royal Bank of Canada cut Northern Oil and Gas from an “outperform” rating to a “sector perform” rating and increased their target price for the stock from $43.00 to $45.00 in a research report on Wednesday, November 20th. Finally, 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 report on Monday, September 16th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Northern Oil and Gas presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

Northern Oil and Gas Stock Up 0.8 %

The business has a 50-day moving average price of $38.86 and a 200 day moving average price of $38.65. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $4.34 billion, a P/E ratio of 5.22 and a beta of 1.80.

Northern Oil and Gas (NYSE:NOG) last released its quarterly 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. Northern Oil and Gas had a net margin of 33.44% and a return on equity of 27.52%. The company had revenue of $753.64 million for the quarter, compared to the consensus estimate of $540.23 million. During the same quarter in the prior year, the firm earned $1.73 earnings per share. Northern Oil and Gas’s revenue was up 140.0% on a year-over-year basis. On average, equities analysts expect that Northern Oil and Gas, Inc. will post 5.42 EPS for the current fiscal year.

Insider Activity at Northern Oil and Gas

In other 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 sale, the president now owns 107,876 shares of the company’s stock, valued at approximately $4,153,226. This represents a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Erik J. Romslo sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $35.26, for a total transaction of $52,890.00. Following the completion of the sale, the insider now owns 105,713 shares of the company’s stock, valued at $3,727,440.38. This trade represents a 1.40 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,508 shares of company stock valued at $248,113. Insiders own 2.80% of the company’s stock.

Institutional Trading of Northern Oil and Gas

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. American Century Companies Inc. increased its stake in Northern Oil and Gas by 11.0% in the second quarter. American Century Companies Inc. now owns 5,566,459 shares of the company’s stock worth $206,905,000 after purchasing an additional 552,645 shares during the period. Dimensional Fund Advisors LP increased its stake in Northern Oil and Gas by 45.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,521,924 shares of the company’s stock worth $93,744,000 after buying an additional 789,985 shares during the period. Geode Capital Management LLC lifted its holdings in Northern Oil and Gas by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,283,777 shares of the company’s stock valued at $80,884,000 after buying an additional 100,761 shares in the last quarter. Copeland Capital Management LLC boosted its position in Northern Oil and Gas by 0.6% in the 3rd quarter. Copeland Capital Management LLC now owns 2,096,714 shares of the company’s stock valued at $74,245,000 after buying an additional 12,079 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Northern Oil and Gas by 4.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,220,044 shares of the company’s stock valued at $45,349,000 after buying an additional 49,632 shares during the period. 98.80% of the stock is owned by hedge funds and other institutional investors.

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.