Northern Oil and Gas (NYSE:NOG) Hits New 1-Year High After Dividend Announcement

Northern Oil and Gas, Inc. (NYSE:NOG)’s stock price hit a new 52-week high on Wednesday following a dividend announcement from the company. The stock traded as high as $44.31 and last traded at $44.08, with a volume of 91929 shares trading hands. 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 issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Monday, December 30th. This represents a $1.68 annualized dividend and a yield of 3.87%. Northern Oil and Gas’s dividend payout ratio is presently 20.17%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on NOG. Piper Sandler increased their price target on Northern Oil and Gas from $40.00 to $41.00 and gave the stock a “neutral” rating in a report on Monday, November 18th. Mizuho assumed coverage on shares of Northern Oil and Gas in a report on Thursday, September 19th. They set an “outperform” rating and a $47.00 target price on the stock. Truist Financial upped their price target on shares of Northern Oil and Gas from $44.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Royal Bank of Canada lowered shares of Northern Oil and Gas from an “outperform” rating to a “sector perform” rating and raised their price objective for the stock from $43.00 to $45.00 in a report on Wednesday, November 20th. Finally, Morgan Stanley reduced their target price on shares of Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating for the company in a research note 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’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Northern Oil and Gas Stock Up 0.8 %

The firm has a fifty day moving average of $38.86 and a 200-day moving average of $38.65. 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 market cap of $4.34 billion, a P/E ratio of 5.22 and a beta of 1.80.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $1.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.20. The company had revenue of $753.64 million for the quarter, compared to analysts’ expectations of $540.23 million. Northern Oil and Gas had a return on equity of 27.52% and a net margin of 33.44%. The business’s revenue was up 140.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.73 EPS. On average, equities research analysts anticipate that Northern Oil and Gas, Inc. will post 5.42 earnings per share for the current year.

Insider Activity

In other news, CFO Chad W. Allen sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $40.00, for a total value 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 $3,351,680. This trade represents a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, President Adam A. Dirlam sold 2,508 shares of the business’s stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $38.50, for a total value of $96,558.00. Following the transaction, the president now directly owns 107,876 shares in the company, valued at $4,153,226. The trade was a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,508 shares of company stock valued at $248,113 in the last quarter. Company insiders own 2.80% of the company’s stock.

Institutional Trading of Northern Oil and Gas

Hedge funds have recently modified their holdings of the stock. Legacy Investment Solutions LLC acquired a new position in Northern Oil and Gas in the 3rd quarter valued at about $25,000. Signaturefd LLC grew its position in shares of Northern Oil and Gas by 100.5% in the third quarter. Signaturefd LLC now owns 852 shares of the company’s stock valued at $30,000 after purchasing an additional 427 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Northern Oil and Gas by 91.5% during the second quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock worth $41,000 after purchasing an additional 528 shares during the period. Quarry LP lifted its holdings in Northern Oil and Gas by 338.8% during the 2nd quarter. Quarry LP now owns 1,132 shares of the company’s stock worth $42,000 after purchasing an additional 874 shares during the last quarter. Finally, Covestor Ltd boosted its stake in Northern Oil and Gas by 122.6% in the 3rd quarter. Covestor Ltd now owns 1,903 shares of the company’s stock valued at $67,000 after purchasing an additional 1,048 shares during the period. Institutional investors and hedge funds own 98.80% 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.