Northern Oil and Gas (NYSE:NOG) Hits New 52-Week High Following Dividend Announcement

Northern Oil and Gas, Inc. (NYSE:NOG)’s stock price reached a new 52-week high during trading 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 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 issued a dividend of $0.42 per share. The ex-dividend date is Monday, December 30th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.87%. Northern Oil and Gas’s dividend payout ratio (DPR) is 20.17%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on NOG. Royal Bank of Canada lowered Northern Oil and Gas from an “outperform” rating to a “sector perform” rating and lifted their price target for the company from $43.00 to $45.00 in a research report on Wednesday, November 20th. Jefferies Financial Group started coverage on shares of Northern Oil and Gas in a research report on Thursday, October 3rd. They issued a “buy” rating and a $53.00 target price on the stock. Morgan Stanley lowered their price target 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 report on Monday, September 16th. Truist Financial raised their target price on shares of Northern Oil and Gas from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Piper Sandler boosted their price target on Northern Oil and Gas from $40.00 to $41.00 and gave the stock a “neutral” rating in a research report on Monday, November 18th. One analyst has rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

Northern Oil and Gas Trading Up 0.8 %

The firm has a market capitalization of $4.34 billion, a PE ratio of 5.22 and a beta of 1.80. The firm has a 50 day simple moving average of $38.86 and a 200 day simple moving average 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.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings data on Tuesday, November 5th. The company reported $1.40 EPS for the quarter, beating the consensus estimate of $1.20 by $0.20. Northern Oil and Gas had a return on equity of 27.52% and a net margin of 33.44%. The company had revenue of $753.64 million for the quarter, compared to analysts’ expectations of $540.23 million. During the same period last year, the firm posted $1.73 earnings per share. Northern Oil and Gas’s revenue was up 140.0% compared to the same quarter last year. Equities analysts expect that Northern Oil and Gas, Inc. will post 5.42 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Erik J. Romslo sold 1,500 shares of the company’s stock in a transaction on 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 in the company, valued at approximately $3,727,440.38. This represents a 1.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Adam A. Dirlam sold 2,508 shares of the stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $38.50, for a total value of $96,558.00. Following the completion of the transaction, the president now directly owns 107,876 shares in the company, valued at approximately $4,153,226. This represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,508 shares of company stock valued at $248,113 in the last 90 days. 2.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Northern Oil and Gas

A number of large investors have recently made changes to their positions in the company. Legacy Investment Solutions LLC purchased a new position in shares of Northern Oil and Gas in the third quarter worth approximately $25,000. Signaturefd LLC raised its position in Northern Oil and Gas by 100.5% in the third quarter. Signaturefd LLC now owns 852 shares of the company’s stock worth $30,000 after acquiring an additional 427 shares during the period. GAMMA Investing LLC boosted its stake in shares of Northern Oil and Gas by 91.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock worth $41,000 after acquiring an additional 528 shares during the last quarter. Quarry LP grew its position in shares of Northern Oil and Gas by 338.8% during the 2nd quarter. Quarry LP now owns 1,132 shares of the company’s stock valued at $42,000 after acquiring an additional 874 shares during the period. Finally, Covestor Ltd increased its stake in shares of Northern Oil and Gas by 122.6% in the 3rd quarter. Covestor Ltd now owns 1,903 shares of the company’s stock worth $67,000 after purchasing an additional 1,048 shares in the last quarter. 98.80% of the stock is currently owned by institutional investors.

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.