Equities Analysts Issue Forecasts for NOG FY2024 Earnings

Northern Oil and Gas, Inc. (NYSE:NOG) – Stock analysts at Capital One Financial dropped their FY2024 earnings per share estimates for shares of Northern Oil and Gas in a research report issued to clients and investors on Tuesday, January 21st. Capital One Financial analyst P. Johnston now anticipates that the company will earn $5.27 per share for the year, down from their prior estimate of $5.45. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.34 per share. Capital One Financial also issued estimates for Northern Oil and Gas’ FY2025 earnings at $5.43 EPS.

Other equities research analysts also recently issued reports about the company. Truist Financial upped their price objective on Northern Oil and Gas from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Royal Bank of Canada restated a “sector perform” rating and set a $45.00 price target on shares of Northern Oil and Gas in a report on Friday, January 10th. Mizuho lowered shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price objective for the company. in a research note on Monday, December 16th. Jefferies Financial Group started coverage on shares of Northern Oil and Gas in a research note on Thursday, October 3rd. They issued a “buy” rating and a $53.00 target price on the stock. Finally, Piper Sandler dropped their price target on shares of Northern Oil and Gas from $41.00 to $37.00 and set a “neutral” rating for the company in a research note on Tuesday, December 17th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $47.78.

Northern Oil and Gas Stock Down 3.8 %

Shares of NYSE:NOG opened at $37.94 on Thursday. The company has a market cap of $3.79 billion, a price-to-earnings ratio of 4.55 and a beta of 1.85. Northern Oil and Gas has a 12 month low of $31.13 and a 12 month high of $44.31. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.84. The company has a 50-day moving average price of $39.96 and a 200 day moving average price of $38.85.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of NOG. Legacy Investment Solutions LLC bought a new stake in Northern Oil and Gas during the 3rd quarter valued at $25,000. Signaturefd LLC raised its holdings in shares of Northern Oil and Gas by 100.5% in the third quarter. Signaturefd LLC now owns 852 shares of the company’s stock valued at $30,000 after acquiring an additional 427 shares in the last quarter. Quarry LP raised its holdings in shares of Northern Oil and Gas by 338.8% in the second quarter. Quarry LP now owns 1,132 shares of the company’s stock valued at $42,000 after acquiring an additional 874 shares in the last quarter. Blue Trust Inc. lifted its stake in Northern Oil and Gas by 177.2% in the fourth quarter. Blue Trust Inc. now owns 1,253 shares of the company’s stock worth $44,000 after acquiring an additional 801 shares during the period. Finally, Avior Wealth Management LLC grew its holdings in Northern Oil and Gas by 23.3% during the 4th quarter. Avior Wealth Management LLC now owns 1,372 shares of the company’s stock worth $51,000 after acquiring an additional 259 shares in the last quarter. Institutional investors own 98.80% of the company’s stock.

Insider Buying and Selling at Northern Oil and Gas

In other news, President Adam A. Dirlam sold 836 shares of Northern Oil and Gas stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $39.00, for a total transaction of $32,604.00. Following the completion of the sale, the president now owns 96,223 shares of the company’s stock, valued at approximately $3,752,697. The trade was a 0.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold a total of 1,836 shares of company stock valued at $72,869 in the last three months. Company insiders own 2.80% of the company’s stock.

Northern Oil and Gas Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Monday, December 30th will be issued a dividend of $0.42 per share. The ex-dividend date is Monday, December 30th. This represents a $1.68 dividend on an annualized basis and a yield of 4.43%. Northern Oil and Gas’s payout ratio is 20.17%.

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.