Northern Oil and Gas, Inc. (NYSE:NOG) Forecasted to Earn Q2 2023 Earnings of $1.54 Per Share

Northern Oil and Gas, Inc. (NYSE:NOG – Get Rating) – Equities research analysts at Capital One Financial dropped their Q2 2023 EPS estimates for Northern Oil and Gas in a report issued on Sunday, May 21st. Capital One Financial analyst P. Johnston now expects that the company will earn $1.54 per share for the quarter, down from their prior forecast of $1.71. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $7.91 per share. Capital One Financial also issued estimates for Northern Oil and Gas’ Q4 2023 earnings at $1.80 EPS, Q2 2024 earnings at $1.67 EPS and Q3 2024 earnings at $1.67 EPS.

NOG has been the topic of a number of other reports. StockNews.com assumed coverage on Northern Oil and Gas in a research report on Thursday, May 18th. They set a “sell” rating on the stock. Piper Sandler reduced their target price on Northern Oil and Gas from $50.00 to $47.00 in a research note on Thursday, May 18th. Stifel Nicolaus boosted their price target on shares of Northern Oil and Gas from $40.00 to $43.00 in a report on Thursday, April 27th. Truist Financial increased their price objective on shares of Northern Oil and Gas from $44.00 to $59.00 and gave the company a “buy” rating in a report on Tuesday, April 11th. Finally, Raymond James boosted their target price on shares of Northern Oil and Gas from $47.00 to $52.00 and gave the stock a “strong-buy” rating in a research note on Friday, April 21st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $46.30.

Northern Oil and Gas Trading Down 1.0 %

Shares of Northern Oil and Gas stock opened at $31.59 on Tuesday. The stock has a market cap of $2.70 billion, a PE ratio of 2.11 and a beta of 2.02. The firm has a fifty day moving average price of $31.31 and a 200 day moving average price of $32.30. Northern Oil and Gas has a 1 year low of $21.45 and a 1 year high of $39.10. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.15 and a quick ratio of 1.15.

Northern Oil and Gas (NYSE:NOG – Get Rating) last issued its earnings results on Thursday, May 4th. The company reported $1.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.22. Northern Oil and Gas had a return on equity of 86.66% and a net margin of 60.39%. The company had revenue of $582.21 million during the quarter, compared to analyst estimates of $395.37 million. During the same quarter last year, the business posted $1.58 EPS.

Northern Oil and Gas Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 31st. Investors of record on Thursday, June 29th will be issued a $0.37 dividend. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.69%. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.34. Northern Oil and Gas’s payout ratio is 8.99%.

Institutional Trading of Northern Oil and Gas

Large investors have recently modified their holdings of the stock. MetLife Investment Management LLC grew its holdings in Northern Oil and Gas by 2.5% during the 3rd quarter. MetLife Investment Management LLC now owns 34,451 shares of the company’s stock worth $944,000 after acquiring an additional 837 shares in the last quarter. Barclays PLC raised its stake in Northern Oil and Gas by 47.0% in the third quarter. Barclays PLC now owns 88,040 shares of the company’s stock valued at $2,413,000 after buying an additional 28,169 shares in the last quarter. Van Den Berg Management I Inc. raised its stake in Northern Oil and Gas by 7.0% in the third quarter. Van Den Berg Management I Inc. now owns 33,109 shares of the company’s stock valued at $908,000 after buying an additional 2,179 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in shares of Northern Oil and Gas by 153.6% during the 4th quarter. Janney Montgomery Scott LLC now owns 19,656 shares of the company’s stock worth $606,000 after acquiring an additional 11,906 shares in the last quarter. Finally, First National Bank of Omaha increased its holdings in shares of Northern Oil and Gas by 5.0% in the 4th quarter. First National Bank of Omaha now owns 18,772 shares of the company’s stock valued at $579,000 after acquiring an additional 898 shares during the last quarter. Hedge funds and other institutional investors own 96.41% of the company’s stock.

About Northern Oil and Gas

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Northern Oil & Gas, Inc engages in the acquisition, exploration, development, and production of crude oil and natural gas properties. It focuses on the Bakken and Three Forks formation within the Williston Basin in North Dakota and Montana. The company was founded on March 20, 2007 and is headquartered in Minnetonka, MN.