Roth Capital Comments on Northern Oil and Gas, Inc.’s Q1 2024 Earnings (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Stock analysts at Roth Capital upped their Q1 2024 earnings per share estimates for Northern Oil and Gas in a research note issued on Tuesday, April 16th. Roth Capital analyst J. White now expects that the company will post earnings of $1.02 per share for the quarter, up from their prior estimate of $0.97. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.42 per share. Roth Capital also issued estimates for Northern Oil and Gas’ Q3 2024 earnings at $1.34 EPS and FY2024 earnings at $5.00 EPS.

NOG has been the subject of several other reports. Citigroup lowered their price objective on Northern Oil and Gas from $50.00 to $45.00 and set a “buy” rating for the company in a report on Wednesday, February 28th. Bank of America lowered Northern Oil and Gas from a “buy” rating to an “underperform” rating and set a $39.00 price objective for the company. in a report on Friday, January 5th. Piper Sandler reduced their price objective on Northern Oil and Gas from $39.00 to $38.00 and set a “neutral” rating for the company in a research report on Friday, February 16th. Jefferies Financial Group boosted their price objective on Northern Oil and Gas from $45.00 to $51.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. Finally, Truist Financial reduced their price objective on Northern Oil and Gas from $56.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, April 5th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $46.60.

Northern Oil and Gas Stock Down 0.9 %

Shares of Northern Oil and Gas stock opened at $42.06 on Thursday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.90. The firm has a market cap of $4.25 billion, a P/E ratio of 4.19 and a beta of 1.86. Northern Oil and Gas has a fifty-two week low of $29.57 and a fifty-two week high of $43.64. The business has a 50-day moving average price of $37.80 and a 200 day moving average price of $37.16.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings data 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 firm had revenue of $543.40 million during 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 firm’s quarterly revenue was up 21.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.43 earnings per share.

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 given 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 3.80%. Northern Oil and Gas’s dividend payout ratio (DPR) is 15.94%.

Insiders Place Their Bets

In other Northern Oil and Gas news, insider James B. Evans sold 3,150 shares of the company’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $42.00, for a total value of $132,300.00. Following the completion of the sale, the insider now directly owns 73,753 shares in the company, valued at $3,097,626. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider James B. Evans sold 3,150 shares of the stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $42.00, for a total transaction of $132,300.00. Following the completion of the sale, the insider now owns 73,753 shares in the company, valued at approximately $3,097,626. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Adam A. Dirlam sold 2,088 shares of the stock in a transaction on Friday, March 15th. The shares were 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 approximately $4,649,642. The disclosure for this sale can be found here. Insiders sold 10,944 shares of company stock worth $436,614 over the last ninety days. Company insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Northern Oil and Gas

Institutional investors and hedge funds have recently modified their holdings of the stock. Captrust Financial Advisors lifted its position in shares of Northern Oil and Gas by 1,349.4% during the 2nd quarter. Captrust Financial Advisors now owns 1,145 shares of the company’s stock valued at $29,000 after acquiring an additional 1,066 shares during the last quarter. Quarry LP acquired a new stake in shares of Northern Oil and Gas during the 2nd quarter valued at $31,000. Principal Securities Inc. acquired a new stake in shares of Northern Oil and Gas during the 4th quarter valued at $42,000. TFO Wealth Partners LLC raised its stake in Northern Oil and Gas by 112,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,122 shares of the company’s stock valued at $42,000 after purchasing an additional 1,121 shares during the period. Finally, SRS Capital Advisors Inc. raised its stake in Northern Oil and Gas by 305.9% during the 4th quarter. SRS Capital Advisors Inc. now owns 1,230 shares of the company’s stock valued at $46,000 after purchasing an additional 927 shares during the period. Institutional investors and hedge funds own 98.80% of the company’s stock.

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.