Northern Oil Approves Dividend, Names Nicholas O'Grady As CEO
Zacks Investment Research | Dec 17, 2019 11:00PM ET
Northern Oil and Gas, Inc. (NYSE:NOG) recently announced the initiation of a quarterly dividend, which is likely to begin in April next year. This shareholder-friendly move puts the stock on offer to dividend-seeking investors and is expected to boost the sentiments of existing stockholders. The company’s board of directors cleared a dividend of 1.5 cents per share on its common stock, reflecting a 2.9% annualized dividend yield, per the company’s closing price as of Dec 17.
Headquartered in Wayzata, MN, this oil and gas E&P company’s declaration of its first cash dividend since Northern Oil’s business foundation in 2006 reflects its willingness to return funds to its shareholders. Northern Oil’s board chairman Bahram Akradi believes that notwithstanding the stock price appreciation, strength in its financial assets will help the company hike its dividend, thereby maintaining a similar target yield over time. As it is, the company boasts a strong financial position with low per-unit costs and attractive hedges.
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