Capital One Financial Weighs in on Northern Oil and Gas, Inc.’s Q1 2024 Earnings (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Equities research analysts at Capital One Financial raised their Q1 2024 EPS estimates for shares of Northern Oil and Gas in a report released on Thursday, April 11th. Capital One Financial analyst P. Johnston now expects that the company will post earnings per share of $1.07 for the quarter, up from their prior forecast of $1.06. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.42 per share. Capital One Financial also issued estimates for Northern Oil and Gas’ Q2 2024 earnings at $1.30 EPS and Q3 2024 earnings at $1.45 EPS.

Other analysts have also recently issued reports about the company. Citigroup lowered their target price on Northern Oil and Gas from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Wednesday, February 28th. Morgan Stanley lowered their target price on Northern Oil and Gas from $39.00 to $38.00 and set an “equal weight” rating for the company in a research note on Thursday, March 28th. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 target price on shares of Northern Oil and Gas in a research note on Wednesday, March 6th. Stifel Nicolaus lowered their target price on Northern Oil and Gas from $54.00 to $52.00 and set a “buy” rating for the company in a research note on Tuesday, January 23rd. Finally, Bank of America cut Northern Oil and Gas from a “buy” rating to an “underperform” rating and set a $39.00 target price for the company. in a research note on Friday, January 5th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $46.30.

Northern Oil and Gas Stock Performance

Shares of NYSE:NOG opened at $42.64 on Friday. The company has a market capitalization of $4.33 billion, a price-to-earnings ratio of 4.25 and a beta of 1.86. The firm’s 50 day simple moving average is $36.97 and its 200 day simple moving average is $37.08. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.32 and a quick ratio of 1.32. Northern Oil and Gas has a fifty-two week low of $29.57 and a fifty-two week high of $43.64.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings results on Friday, February 23rd. The company reported $1.61 earnings per share for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.03). The firm had revenue of $543.40 million during the quarter, compared to analyst estimates of $555.31 million. Northern Oil and Gas had a net margin of 42.61% and a return on equity of 40.86%. The business’s revenue was up 21.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.43 earnings per share.

Northern Oil and Gas Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th will be paid a dividend of $0.40 per share. The ex-dividend date is Wednesday, March 27th. This represents a $1.60 annualized dividend and a dividend yield of 3.75%. Northern Oil and Gas’s dividend payout ratio is currently 15.94%.

Insider Transactions at Northern Oil and Gas

In related news, insider James B. Evans sold 945 shares of the firm’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $38.00, for a total value of $35,910.00. Following the completion of the transaction, the insider now directly owns 83,872 shares of the company’s stock, valued at $3,187,136. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider James B. Evans sold 945 shares of the firm’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $38.00, for a total value of $35,910.00. Following the completion of the transaction, the insider now directly owns 83,872 shares of the company’s stock, valued at $3,187,136. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Adam A. Dirlam sold 2,088 shares of the firm’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $38.00, for a total transaction of $79,344.00. Following the completion of the transaction, the president now directly owns 122,359 shares of the company’s stock, valued at $4,649,642. The disclosure for this sale can be found here. Insiders sold 10,944 shares of company stock valued at $436,614 in the last ninety days. 3.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Northern Oil and Gas

Several hedge funds and other institutional investors have recently made changes to their positions in NOG. BlackRock Inc. lifted its holdings in shares of Northern Oil and Gas by 137.7% during the first quarter. BlackRock Inc. now owns 10,915,028 shares of the company’s stock worth $331,271,000 after buying an additional 6,322,462 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Northern Oil and Gas by 36.4% during the fourth quarter. Vanguard Group Inc. now owns 10,587,536 shares of the company’s stock worth $392,480,000 after buying an additional 2,827,642 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Northern Oil and Gas by 1,356.2% during the second quarter. Alliancebernstein L.P. now owns 979,729 shares of the company’s stock worth $33,624,000 after buying an additional 912,449 shares in the last quarter. State Street Corp lifted its holdings in shares of Northern Oil and Gas by 29.0% during the first quarter. State Street Corp now owns 3,301,013 shares of the company’s stock worth $93,518,000 after buying an additional 742,371 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Northern Oil and Gas by 19.0% during the third quarter. Invesco Ltd. now owns 3,786,176 shares of the company’s stock worth $152,318,000 after buying an additional 605,197 shares in the last quarter. 98.80% of the stock is owned by institutional investors.

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.