Northland Capmk Comments on Northern Oil and Gas, Inc.’s Q2 2024 Earnings (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Research analysts at Northland Capmk issued their Q2 2024 EPS estimates for Northern Oil and Gas in a note issued to investors on Wednesday, May 1st. Northland Capmk analyst D. Schafer forecasts that the company will post earnings of $1.11 per share for the quarter. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.53 per share. Northland Capmk also issued estimates for Northern Oil and Gas’ Q3 2024 earnings at $1.22 EPS, Q4 2024 earnings at $1.30 EPS and FY2025 earnings at $6.13 EPS.

A number of other analysts have also issued reports on NOG. StockNews.com raised Northern Oil and Gas from a “sell” rating to a “hold” rating in a research note on Thursday. Citigroup lowered their target price on shares of Northern Oil and Gas from $55.00 to $50.00 and set a “buy” rating for the company in a report on Friday. Jefferies Financial Group increased their price target on shares of Northern Oil and Gas from $45.00 to $51.00 and gave the stock a “buy” rating in a research note on Thursday, March 21st. Raymond James lowered their price objective on shares of Northern Oil and Gas from $51.00 to $45.00 and set a “strong-buy” rating for the company in a research note on Wednesday, January 24th. Finally, Truist Financial increased their target price on Northern Oil and Gas from $55.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Northern Oil and Gas has a consensus rating of “Moderate Buy” and an average price target of $47.90.

Northern Oil and Gas Price Performance

NOG stock opened at $40.26 on Thursday. The stock has a market capitalization of $4.07 billion, a price-to-earnings ratio of 6.53 and a beta of 1.84. The stock’s fifty day simple moving average is $39.61 and its 200-day simple moving average is $37.36. Northern Oil and Gas has a 52-week low of $29.57 and a 52-week high of $43.75. The company has a quick ratio of 1.32, a current ratio of 0.96 and a debt-to-equity ratio of 0.97.

Northern Oil and Gas (NYSE:NOG) last released its earnings results on Tuesday, April 30th. The company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.18 by $0.10. Northern Oil and Gas had a net margin of 30.01% and a return on equity of 34.06%. The firm had revenue of $396.35 million during the quarter, compared to analysts’ expectations of $505.67 million. During the same period in the previous year, the company earned $1.76 EPS. Northern Oil and Gas’s revenue for the quarter was down 31.9% on a year-over-year basis.

Northern Oil and Gas Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.97%. The ex-dividend date was Wednesday, March 27th. Northern Oil and Gas’s payout ratio is 25.93%.

Insider Activity

In related news, insider James B. Evans sold 3,150 shares of the business’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 transaction of $132,300.00. Following the transaction, the insider now directly owns 73,753 shares of the company’s stock, valued at approximately $3,097,626. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Nicholas L. O’grady sold 3,750 shares of the firm’s stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $40.98, for a total transaction of $153,675.00. Following the completion of the sale, the chief executive officer now directly owns 228,082 shares of the company’s stock, valued at approximately $9,346,800.36. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider James B. Evans sold 3,150 shares of Northern Oil and Gas 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 sale, the insider now directly owns 73,753 shares in the company, valued at approximately $3,097,626. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,944 shares of company stock worth $436,614. 2.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Northern Oil and Gas

Several large investors have recently modified their holdings of the business. Principal Securities Inc. purchased a new position in Northern Oil and Gas in the fourth quarter valued at about $42,000. TFO Wealth Partners LLC raised its position in shares of Northern Oil and Gas by 112,100.0% in 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 in the last quarter. SRS Capital Advisors Inc. boosted its stake in shares of 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 buying an additional 927 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in shares of Northern Oil and Gas during the third quarter worth approximately $67,000. Finally, Quadrant Capital Group LLC increased its stake in shares of Northern Oil and Gas by 74.7% in the fourth quarter. Quadrant Capital Group LLC now owns 2,175 shares of the company’s stock worth $81,000 after buying an additional 930 shares during the last quarter. 98.80% of the stock is currently owned by institutional investors and hedge funds.

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.