Northern Oil and Gas, Inc. (NOG) to Issue Quarterly Dividend of $0.40 on July 31st

Northern Oil and Gas, Inc. (NYSE:NOG) announced a quarterly dividend on Thursday, May 2nd, Zacks reports. Stockholders of record on Thursday, June 27th will be given a dividend of 0.40 per share on Wednesday, July 31st. This represents a $1.60 annualized dividend and a dividend 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. Research 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 Trading Up 0.7 %

NYSE:NOG traded up $0.28 during mid-day trading on Friday, hitting $40.25. 1,098,395 shares of the stock traded hands, compared to its average volume of 1,445,874. The company has a quick ratio of 1.32, a current ratio of 0.96 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $4.07 billion, a price-to-earnings ratio of 6.52 and a beta of 1.84. Northern Oil and Gas has a 52 week low of $29.57 and a 52 week high of $43.75. The firm’s 50 day moving average is $39.61 and its two-hundred day moving average is $37.36.

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

Insider Buying and Selling

In other Northern Oil and Gas news, insider James B. Evans sold 3,150 shares of the company’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $42.00, for a total transaction of $132,300.00. Following the transaction, the insider now owns 73,753 shares in the company, valued at approximately $3,097,626. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider James B. Evans sold 3,150 shares of the business’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $42.00, for a total transaction of $132,300.00. Following the sale, the insider now directly owns 73,753 shares of the company’s stock, valued at $3,097,626. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction, the chief executive officer now owns 228,082 shares of the company’s stock, valued at approximately $9,346,800.36. The disclosure for this sale can be found here. Insiders sold 10,944 shares of company stock worth $436,614 in the last three months. Corporate insiders own 2.80% of the company’s stock.

Wall Street Analyst Weigh In

NOG has been the subject of several research analyst reports. 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. Morgan Stanley upped their price target on shares of Northern Oil and Gas from $38.00 to $41.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Jefferies Financial Group increased their price objective on shares of Northern Oil and Gas from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Thursday, March 21st. Stifel Nicolaus boosted their price objective on shares of Northern Oil and Gas from $54.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Finally, StockNews.com raised Northern Oil and Gas from a “sell” rating to a “hold” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Northern Oil and Gas currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.90.

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.