Northern Oil and Gas ( NYSE: NOG ) said it will ask its board to implement a 20% increase to its quarterly stock dividend to $0.30/share for Q4.
Northern ( NOG ) said it repurchased and retired an additional $10M of its 8.125% senior unsecured notes due 2028 during Q3, and it has bought back ~359K common shares during the quarter at an average $24.22/share.
The company also closed its previously announced purchase of non-operated properties in the Midland Basin for $110M in cash.
Northern ( NOG ) is now projected to end 2022 with $1.02B in net debt, which would give it 0.9x leverage, and "appears to have reasonable upside in a long-term $75 WTI oil scenario," Elephant Analytics writes in an analysis posted on Seeking Alpha .
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Northern Oil and Gas to seek 20% dividend increase