Zacks Research Analysts Cut Earnings Estimates for Northern Oil and Gas, Inc. (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Zacks Research dropped their Q1 2024 earnings estimates for Northern Oil and Gas in a research note issued to investors on Wednesday, April 10th. Zacks Research analyst N. Choudhury now anticipates that the company will post earnings of $1.14 per share for the quarter, down from their prior estimate of $1.27. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.42 per share. Zacks Research also issued estimates for Northern Oil and Gas’ Q2 2024 earnings at $1.25 EPS, Q3 2024 earnings at $1.41 EPS, Q4 2024 earnings at $1.42 EPS, FY2024 earnings at $5.21 EPS, Q1 2025 earnings at $1.33 EPS, Q2 2025 earnings at $1.45 EPS, Q3 2025 earnings at $1.54 EPS, Q4 2025 earnings at $1.45 EPS, FY2025 earnings at $5.78 EPS and Q1 2026 earnings at $1.26 EPS.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings data on Friday, February 23rd. The company reported $1.61 earnings per share for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.03). Northern Oil and Gas had a return on equity of 40.86% and a net margin of 42.61%. The business had revenue of $543.40 million for the quarter, compared to analysts’ expectations of $555.31 million. During the same period last year, the business earned $1.43 earnings per share. The company’s revenue for the quarter was up 21.9% on a year-over-year basis.

Several other brokerages also recently weighed in on NOG. Royal Bank of Canada restated an “outperform” rating and set a $46.00 target price on shares of Northern Oil and Gas in a research note on Wednesday, March 6th. Piper Sandler lowered their target price on Northern Oil and Gas from $39.00 to $38.00 and set a “neutral” rating on the stock in a research report on Friday, February 16th. Raymond James lowered their price target on Northern Oil and Gas from $51.00 to $45.00 and set a “strong-buy” rating on the stock in a report on Wednesday, January 24th. Jefferies Financial Group upped their price objective on shares of Northern Oil and Gas from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. Finally, Morgan Stanley lowered their target price on shares of Northern Oil and Gas from $39.00 to $38.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $46.30.

Northern Oil and Gas Price Performance

Shares of NYSE NOG opened at $42.64 on Thursday. The firm’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 1 year low of $29.57 and a 1 year high of $43.64. The firm 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.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Private Advisor Group LLC lifted its position in Northern Oil and Gas by 4.8% in the 3rd quarter. Private Advisor Group LLC now owns 6,118 shares of the company’s stock worth $246,000 after buying an additional 282 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors raised its holdings in shares of Northern Oil and Gas by 1.3% during the fourth quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 22,191 shares of the company’s stock worth $823,000 after acquiring an additional 290 shares in the last quarter. Renaissance Technologies LLC boosted its position in Northern Oil and Gas by 3.3% during the fourth quarter. Renaissance Technologies LLC now owns 9,300 shares of the company’s stock valued at $287,000 after purchasing an additional 300 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in Northern Oil and Gas by 1.0% during the third quarter. PNC Financial Services Group Inc. now owns 29,761 shares of the company’s stock valued at $1,197,000 after purchasing an additional 306 shares during the last quarter. Finally, Kestra Advisory Services LLC grew its stake in Northern Oil and Gas by 1.1% in the third quarter. Kestra Advisory Services LLC now owns 27,673 shares of the company’s stock valued at $1,113,000 after purchasing an additional 309 shares in the last quarter. 98.80% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Northern Oil and Gas news, CEO Nicholas L. O’grady sold 3,750 shares of the firm’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $40.98, for a total value of $153,675.00. Following the completion of the transaction, the chief executive officer now directly owns 228,082 shares in the company, valued at $9,346,800.36. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Nicholas L. O’grady sold 3,750 shares of Northern Oil and Gas stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $40.98, for a total transaction of $153,675.00. Following the transaction, the chief executive officer now owns 228,082 shares in the company, valued at $9,346,800.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider James B. Evans sold 945 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $38.00, for a total value of $35,910.00. Following the sale, the insider now owns 83,872 shares of the company’s stock, valued at $3,187,136. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,944 shares of company stock worth $436,614. Company insiders own 3.20% of the company’s stock.

Northern Oil and Gas Announces Dividend

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

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.