FY2024 EPS Estimates for Northern Oil and Gas, Inc. Reduced by Analyst (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Equities research analysts at Northland Capmk reduced their FY2024 earnings per share estimates for shares of Northern Oil and Gas in a report issued on Wednesday, May 1st. Northland Capmk analyst D. Schafer now expects that the company will post earnings of $4.92 per share for the year, down from their prior estimate of $6.03. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.46 per share.

NOG has been the subject of several other research reports. 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 report on Wednesday, March 6th. Citigroup cut their price objective on Northern Oil and Gas from $55.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday. StockNews.com upgraded Northern Oil and Gas from a “sell” rating to a “hold” rating in a research report on Thursday. Morgan Stanley upped their price target on shares of Northern Oil and Gas from $38.00 to $41.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Finally, Raymond James decreased 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 report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.90.

Northern Oil and Gas Price Performance

NOG stock opened at $40.25 on Friday. The stock has a market cap of $4.07 billion, a PE ratio of 6.52 and a beta of 1.84. Northern Oil and Gas has a 12 month low of $29.57 and a 12 month high of $43.75. The company has a 50-day moving average price of $39.61 and a 200 day moving average price of $37.34. The company has a current ratio of 0.96, a quick ratio of 1.32 and a debt-to-equity ratio of 0.97.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings data 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 company had revenue of $396.35 million during the quarter, compared to analyst estimates of $505.67 million. During the same period in the previous year, the firm earned $1.76 earnings per share. Northern Oil and Gas’s quarterly revenue was down 31.9% compared to the same quarter last year.

Northern Oil and Gas Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Thursday, June 27th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.98%. The ex-dividend date is Thursday, June 27th. Northern Oil and Gas’s payout ratio is 25.93%.

Insider Buying and Selling

In other Northern Oil and Gas news, CEO Nicholas L. O’grady sold 3,750 shares of the 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 sale, the chief executive officer now owns 228,082 shares of the company’s stock, valued at approximately $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 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 shares were sold at an average price of $42.00, for a total transaction of $132,300.00. Following the completion of the transaction, the insider now owns 73,753 shares in the company, valued at approximately $3,097,626. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Nicholas L. O’grady sold 3,750 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 228,082 shares of the company’s stock, valued at approximately $9,346,800.36. The disclosure for this sale can be found here. Insiders sold 10,944 shares of company stock valued at $436,614 over the last 90 days. Corporate insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Northern Oil and Gas

Large investors have recently made changes to their positions in the business. Principal Securities Inc. purchased a new position in Northern Oil and Gas during the 4th quarter worth $42,000. TFO Wealth Partners LLC grew its stake in shares of Northern Oil and Gas by 112,100.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,122 shares of the company’s stock worth $42,000 after acquiring an additional 1,121 shares during the last quarter. SRS Capital Advisors Inc. increased its holdings in shares of Northern Oil and Gas by 305.9% during the fourth quarter. SRS Capital Advisors Inc. now owns 1,230 shares of the company’s stock valued at $46,000 after acquiring an additional 927 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new position in shares of Northern Oil and Gas in the 3rd quarter valued at approximately $67,000. Finally, Quadrant Capital Group LLC boosted its stake in Northern Oil and Gas by 74.7% in the 4th quarter. Quadrant Capital Group LLC now owns 2,175 shares of the company’s stock worth $81,000 after purchasing an additional 930 shares in the last quarter. 98.80% of the stock is owned by institutional investors and hedge funds.

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.