Northern Oil and Gas, Inc. (NYSE:NOG) to Issue $0.45 Quarterly Dividend

Key Points

• Northern Oil and Gas, Inc. announced a quarterly dividend of $0.45 per share, payable on October 31st, which represents a dividend yield of 6.7%.
• The company reported earnings of $1.37 per share for the last quarter, exceeding expectations by $0.50, with a revenue of $706.81 million, up 26% year-over-year.
• Northern Oil and Gas maintains a dividend payout ratio of 48.4%, indicating it has sufficient earnings to cover the dividend, with projections suggesting this will decrease to 32.5% in the coming year.

Northern Oil and Gas, Inc. (NYSE:NOG - Get Free Report) announced a quarterly dividend on Friday, August 1st, RTT News reports. Investors of record on Monday, September 29th will be given a dividend of 0.45 per share on Friday, October 31st. This represents a c) dividend on an annualized basis and a yield of 7.0%. The ex-dividend date is Monday, September 29th.

Northern Oil and Gas has a payout ratio of 48.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Northern Oil and Gas to earn $5.53 per share next year, which means the company should continue to be able to cover its $1.80 annual dividend with an expected future payout ratio of 32.5%.

Northern Oil and Gas Trading Up 2.2%

NOG traded up $0.55 on Tuesday, reaching $25.66. 1,382,400 shares of the company's stock were exchanged, compared to its average volume of 1,833,096. The company has a market cap of $2.53 billion, a price-to-earnings ratio of 4.23 and a beta of 1.55. Northern Oil and Gas has a twelve month low of $19.88 and a twelve month high of $44.31. The company's 50 day moving average is $29.02 and its 200-day moving average is $29.40. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.92 and a current ratio of 1.21.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $1.37 earnings per share for the quarter, topping analysts' consensus estimates of $0.87 by $0.50. The firm had revenue of $706.81 million during the quarter, compared to analysts' expectations of $555.54 million. Northern Oil and Gas had a return on equity of 22.12% and a net margin of 23.62%. Northern Oil and Gas's quarterly revenue was up 26.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.46 EPS. Equities analysts predict that Northern Oil and Gas will post 5.18 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Citigroup upped their price target on Northern Oil and Gas from $34.00 to $38.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Bank of America upped their price target on Northern Oil and Gas from $29.00 to $33.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. Royal Bank Of Canada decreased their price target on Northern Oil and Gas from $34.00 to $33.00 and set a "sector perform" rating for the company in a report on Monday, July 14th. Piper Sandler reduced their target price on Northern Oil and Gas from $31.00 to $25.00 and set a "neutral" rating for the company in a research note on Monday. Finally, Raymond James Financial reiterated a "strong-buy" rating on shares of Northern Oil and Gas in a research note on Tuesday, May 13th. Five investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $38.11.

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.