Zacks Research Weighs in on Northern Oil and Gas, Inc.’s Q2 2024 Earnings (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOGFree Report) – Research analysts at Zacks Research decreased their Q2 2024 earnings per share (EPS) estimates for shares of Northern Oil and Gas in a research report issued on Wednesday, June 5th. Zacks Research analyst N. Choudhury now forecasts that the company will earn $1.17 per share for the quarter, down from their prior forecast of $1.23. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.03 per share. Zacks Research also issued estimates for Northern Oil and Gas’ Q3 2024 earnings at $1.26 EPS, Q4 2024 earnings at $1.27 EPS, FY2024 earnings at $4.99 EPS, Q1 2025 earnings at $1.45 EPS, Q2 2025 earnings at $1.22 EPS, Q3 2025 earnings at $1.45 EPS and FY2025 earnings at $5.56 EPS.

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

NOG has been the subject of several other research reports. Truist Financial upped their price target on shares of Northern Oil and Gas from $55.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Citigroup reduced their target price on Northern Oil and Gas from $55.00 to $50.00 and set a “buy” rating on the stock in a report on Friday, May 3rd. Piper Sandler upped their price target on Northern Oil and Gas from $42.00 to $43.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 14th. StockNews.com raised Northern Oil and Gas from a “sell” rating to a “hold” rating in a research note on Thursday, May 2nd. Finally, Jefferies Financial Group increased their target price on shares of 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. One 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 stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $48.00.

Check Out Our Latest Report on Northern Oil and Gas

Northern Oil and Gas Trading Down 0.2 %

Shares of NOG stock opened at $37.78 on Friday. Northern Oil and Gas has a 1-year low of $31.13 and a 1-year high of $43.75. The firm’s 50-day simple moving average is $40.82 and its 200-day simple moving average is $37.67. The firm has a market cap of $3.82 billion, a P/E ratio of 6.12 and a beta of 1.76. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.96 and a quick ratio of 0.96.

Northern Oil and Gas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Thursday, June 27th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 4.24%. The ex-dividend date is Thursday, June 27th. Northern Oil and Gas’s dividend payout ratio (DPR) is 25.93%.

Insider Activity

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. In other Northern Oil and Gas news, insider James B. Evans sold 945 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $38.00, for a total value of $35,910.00. Following the transaction, the insider now directly owns 83,872 shares of the company’s stock, valued at approximately $3,187,136. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 value of $153,675.00. Following the transaction, the chief executive officer now owns 228,082 shares of the company’s stock, valued at $9,346,800.36. The disclosure for this sale can be found here. Insiders have sold 11,325 shares of company stock worth $458,106 over the last 90 days. Company insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Northern Oil and Gas by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 10,631,476 shares of the company’s stock valued at $421,857,000 after purchasing an additional 43,940 shares in the last quarter. Invesco Ltd. raised its stake in Northern Oil and Gas by 19.0% during the third quarter. Invesco Ltd. now owns 3,786,176 shares of the company’s stock valued at $152,318,000 after buying an additional 605,197 shares in the last quarter. American Century Companies Inc. lifted its holdings in Northern Oil and Gas by 27.0% during the 3rd quarter. American Century Companies Inc. now owns 2,562,396 shares of the company’s stock worth $103,085,000 after buying an additional 545,297 shares during the last quarter. Westfield Capital Management Co. LP grew its position in shares of Northern Oil and Gas by 13.8% in the 1st quarter. Westfield Capital Management Co. LP now owns 1,749,749 shares of the company’s stock worth $69,430,000 after acquiring an additional 212,030 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its holdings in shares of Northern Oil and Gas by 13.8% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,445,517 shares of the company’s stock valued at $58,153,000 after acquiring an additional 175,000 shares during the last quarter. 98.80% of the stock is currently owned by institutional investors.

About Northern Oil and Gas

(Get Free Report)

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.

Featured Stories

Earnings History and Estimates for Northern Oil and Gas (NYSE:NOG)

Receive News & Ratings for Northern Oil and Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northern Oil and Gas and related companies with MarketBeat.com's FREE daily email newsletter.