Northern Oil and Gas, Inc. (NYSE:NOG) Forecasted to Earn Q1 2024 Earnings of $1.07 Per Share

Northern Oil and Gas, Inc. (NYSE:NOG) – Analysts at Capital One Financial raised their Q1 2024 earnings per share estimates for shares of Northern Oil and Gas in a report issued on Thursday, April 11th. Capital One Financial analyst P. Johnston now expects that the company will post earnings of $1.07 per share for the quarter, up from their prior forecast of $1.06. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.42 per share. Capital One Financial also issued estimates for Northern Oil and Gas’ Q2 2024 earnings at $1.30 EPS and Q3 2024 earnings at $1.45 EPS.

Other equities analysts also recently issued research reports about the company. Truist Financial cut their target price on Northern Oil and Gas from $56.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, April 5th. Morgan Stanley cut their target price on Northern Oil and Gas from $39.00 to $38.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 28th. Royal Bank of Canada restated an “outperform” rating and set a $46.00 price objective on shares of Northern Oil and Gas in a report on Wednesday, March 6th. Jefferies Financial Group boosted their price objective on Northern Oil and Gas from $45.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, March 21st. Finally, Stifel Nicolaus dropped their price objective on Northern Oil and Gas from $54.00 to $52.00 and set a “buy” rating for the company in a report on Tuesday, January 23rd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $46.30.

Northern Oil and Gas Stock Performance

NYSE NOG opened at $42.64 on Friday. The company has a market cap of $4.33 billion, a P/E ratio of 4.25 and a beta of 1.86. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.32 and a current ratio of 1.32. The business’s 50 day moving average price is $36.97 and its 200-day moving average price is $37.10. Northern Oil and Gas has a fifty-two week low of $29.57 and a fifty-two week high of $43.64.

Northern Oil and Gas (NYSE:NOG) last released its earnings results on Friday, February 23rd. The company reported $1.61 earnings per share for the quarter, missing the consensus estimate of $1.64 by ($0.03). The company had revenue of $543.40 million for the quarter, compared to the consensus estimate of $555.31 million. Northern Oil and Gas had a net margin of 42.61% and a return on equity of 40.86%. The business’s revenue for the quarter was up 21.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.43 EPS.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. increased its holdings in shares of Northern Oil and Gas by 9.6% in the second quarter. BlackRock Inc. now owns 11,963,727 shares of the company’s stock valued at $410,595,000 after purchasing an additional 1,048,699 shares during the period. Vanguard Group Inc. increased its holdings in shares of Northern Oil and Gas by 36.4% in the fourth quarter. Vanguard Group Inc. now owns 10,587,536 shares of the company’s stock valued at $392,480,000 after purchasing an additional 2,827,642 shares during the period. State Street Corp increased its holdings in shares of Northern Oil and Gas by 12.3% in the first quarter. State Street Corp now owns 4,515,908 shares of the company’s stock valued at $138,625,000 after purchasing an additional 494,969 shares during the period. Invesco Ltd. increased its holdings in shares of Northern Oil and Gas by 19.0% in the third quarter. Invesco Ltd. now owns 3,786,176 shares of the company’s stock valued at $152,318,000 after purchasing an additional 605,197 shares during the period. Finally, American Century Companies Inc. increased its holdings in shares of Northern Oil and Gas by 27.0% in the third quarter. American Century Companies Inc. now owns 2,562,396 shares of the company’s stock valued at $103,085,000 after purchasing an additional 545,297 shares during the period. 98.80% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Northern Oil and Gas news, President Adam A. Dirlam sold 2,088 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $38.00, for a total value of $79,344.00. Following the completion of the sale, the president now directly owns 122,359 shares in the company, valued at approximately $4,649,642. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider James B. Evans sold 945 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $38.00, for a total transaction of $35,910.00. Following the completion of the sale, the insider now directly owns 83,872 shares in the company, valued at approximately $3,187,136. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Adam A. Dirlam sold 2,088 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $38.00, for a total value of $79,344.00. Following the sale, the president now owns 122,359 shares of the company’s stock, valued at $4,649,642. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,944 shares of company stock worth $436,614. 3.20% of the stock is currently owned by company insiders.

Northern Oil and Gas Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.75%. The ex-dividend date of this dividend is Wednesday, March 27th. Northern Oil and Gas’s dividend payout ratio is 15.94%.

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.