Zacks Research Brokers Increase Earnings Estimates for NOG

Northern Oil and Gas, Inc. (NYSE:NOG) – Research analysts at Zacks Research increased their FY2024 earnings per share (EPS) estimates for Northern Oil and Gas in a report released on Monday, November 18th. Zacks Research analyst N. Choudhury now forecasts that the company will post earnings per share of $5.47 for the year, up from their prior estimate of $5.24. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.42 per share. Zacks Research also issued estimates for Northern Oil and Gas’ Q1 2025 earnings at $1.27 EPS, Q3 2025 earnings at $1.42 EPS and Q4 2025 earnings at $1.56 EPS.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings results on Tuesday, November 5th. The company reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.20. Northern Oil and Gas had a return on equity of 27.52% and a net margin of 33.44%. The firm had revenue of $753.64 million for the quarter, compared to analysts’ expectations of $540.23 million. During the same quarter last year, the firm posted $1.73 EPS. The company’s revenue was up 140.0% compared to the same quarter last year.

Other equities analysts have also issued research reports about the stock. Morgan Stanley decreased their price target on shares of Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Jefferies Financial Group started coverage on Northern Oil and Gas in a research report on Thursday, October 3rd. They set a “buy” rating and a $53.00 price target on the stock. Piper Sandler upped their price objective on Northern Oil and Gas from $40.00 to $41.00 and gave the stock a “neutral” rating in a report on Monday. Truist Financial raised their price objective on Northern Oil and Gas from $44.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Finally, Royal Bank of Canada cut shares of Northern Oil and Gas from an “outperform” rating to a “sector perform” rating and upped their price objective for the company from $43.00 to $45.00 in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Northern Oil and Gas currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

Northern Oil and Gas Trading Up 1.8 %

Shares of NOG opened at $42.32 on Wednesday. Northern Oil and Gas has a 1-year low of $31.13 and a 1-year high of $43.80. The company has a market capitalization of $4.22 billion, a P/E ratio of 4.99 and a beta of 1.80. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.23 and a quick ratio of 1.23. The firm’s 50 day simple moving average is $37.94 and its 200 day simple moving average is $38.52.

Institutional Trading of Northern Oil and Gas

A number of institutional investors and hedge funds have recently modified their holdings of the business. Legacy Investment Solutions LLC purchased a new position in shares of Northern Oil and Gas during the 3rd quarter worth $25,000. Signaturefd LLC increased its position in Northern Oil and Gas by 100.5% in the third quarter. Signaturefd LLC now owns 852 shares of the company’s stock worth $30,000 after purchasing an additional 427 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Northern Oil and Gas by 91.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock worth $41,000 after buying an additional 528 shares during the last quarter. Quarry LP lifted its stake in shares of Northern Oil and Gas by 338.8% in the 2nd quarter. Quarry LP now owns 1,132 shares of the company’s stock valued at $42,000 after purchasing an additional 874 shares during the last quarter. Finally, Covestor Ltd boosted its holdings in shares of Northern Oil and Gas by 122.6% in the 3rd quarter. Covestor Ltd now owns 1,903 shares of the company’s stock worth $67,000 after purchasing an additional 1,048 shares during the period. Institutional investors own 98.80% of the company’s stock.

Insider Buying and Selling

In related news, President Adam A. Dirlam sold 2,508 shares of the business’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $38.50, for a total transaction of $96,558.00. Following the sale, the president now owns 107,876 shares of the company’s stock, valued at $4,153,226. The trade was a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Chad W. Allen sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $40.00, for a total value of $60,000.00. Following the transaction, the chief financial officer now directly owns 83,792 shares of the company’s stock, valued at approximately $3,351,680. This trade represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,508 shares of company stock valued at $248,113 over the last quarter. 2.80% of the stock is owned by company insiders.

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.