Q2 2024 Earnings Forecast for Northern Oil and Gas, Inc. Issued By Capital One Financial (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Stock analysts at Capital One Financial dropped their Q2 2024 earnings per share (EPS) estimates for shares of Northern Oil and Gas in a research report issued to clients and investors on Tuesday, April 30th. Capital One Financial analyst P. Johnston now expects that the company will post earnings of $1.18 per share for the quarter, down from their previous forecast of $1.30. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.53 per share. Capital One Financial also issued estimates for Northern Oil and Gas’ Q3 2024 earnings at $1.29 EPS and FY2024 earnings at $5.07 EPS.

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

A number of other brokerages have also recently weighed in on NOG. Stifel Nicolaus lifted their target price on Northern Oil and Gas from $54.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price objective on shares of Northern Oil and Gas in a research note on Wednesday, March 6th. Citigroup dropped 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 research report on Friday. StockNews.com raised shares of Northern Oil and Gas from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, Morgan Stanley boosted their price objective on shares of Northern Oil and Gas from $38.00 to $41.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $47.90.

Northern Oil and Gas Stock Up 0.7 %

Shares of NOG opened at $40.26 on Friday. Northern Oil and Gas has a fifty-two week low of $29.57 and a fifty-two week high of $43.75. The company’s fifty day moving average is $39.61 and its two-hundred day moving average is $37.36. The firm has a market cap of $4.07 billion, a PE ratio of 6.53 and a beta of 1.84. The company has a quick ratio of 1.32, a current ratio of 0.96 and a debt-to-equity ratio of 0.97.

Institutional Investors Weigh In On Northern Oil and Gas

Several hedge funds and other institutional investors have recently modified their holdings of NOG. Private Advisor Group LLC grew its stake in Northern Oil and Gas by 4.8% in the third quarter. Private Advisor Group LLC now owns 6,118 shares of the company’s stock worth $246,000 after purchasing an additional 282 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors grew its position in shares of Northern Oil and Gas by 1.3% in the 4th 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. PNC Financial Services Group Inc. increased its holdings in shares of Northern Oil and Gas by 1.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 29,761 shares of the company’s stock valued at $1,197,000 after acquiring an additional 306 shares during the last quarter. Kestra Advisory Services LLC raised its position in shares of Northern Oil and Gas by 1.1% during the 3rd quarter. Kestra Advisory Services LLC now owns 27,673 shares of the company’s stock valued at $1,113,000 after acquiring an additional 309 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its stake in Northern Oil and Gas by 3.1% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 11,197 shares of the company’s stock worth $450,000 after purchasing an additional 332 shares during the last quarter. Institutional investors own 98.80% of the company’s stock.

Insiders Place Their Bets

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

Northern Oil and Gas Dividend Announcement

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

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.