Northern Oil and Gas, Inc. (NYSE:NOG) to Post FY2024 Earnings of $5.18 Per Share, Capital One Financial Forecasts

Northern Oil and Gas, Inc. (NYSE:NOG) – Investment analysts at Capital One Financial raised their FY2024 EPS estimates for Northern Oil and Gas in a research note issued to investors on Wednesday, April 17th. Capital One Financial analyst P. Johnston now forecasts that the company will earn $5.18 per share for the year, up from their prior estimate of $5.16. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.43 per share.

NOG has been the subject of a number of other research reports. Jefferies Financial Group boosted 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. Bank of America lowered shares of 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 report on Friday, January 5th. Truist Financial cut their price objective on shares of Northern Oil and Gas from $56.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, April 5th. Stifel Nicolaus cut their price objective on shares of Northern Oil and Gas from $54.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday, January 23rd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price objective on shares of Northern Oil and Gas in a research report on Wednesday, March 6th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $46.60.

Northern Oil and Gas Stock Down 0.9 %

Northern Oil and Gas stock opened at $42.06 on Friday. The firm has a market cap of $4.25 billion, a price-to-earnings ratio of 4.19 and a beta of 1.86. 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. The firm has a fifty day moving average price of $37.80 and a two-hundred day moving average price of $37.16.

Northern Oil and Gas (NYSE:NOG) last released its 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 for the quarter, compared to analyst estimates of $555.31 million. Northern Oil and Gas had a return on equity of 40.86% and a net margin of 42.61%. The firm’s revenue was up 21.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.43 EPS.

Northern Oil and Gas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders 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 yield of 3.80%. Northern Oil and Gas’s dividend payout ratio is 15.94%.

Insider Activity

In other news, 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 $9,346,800.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, 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 directly owns 228,082 shares in the company, valued at $9,346,800.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Adam A. Dirlam sold 2,088 shares of the stock in a transaction that occurred 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 owns 122,359 shares in the company, valued at $4,649,642. The disclosure for this sale can be found here. Insiders have sold 10,944 shares of company stock valued at $436,614 over the last three months. 3.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Northern Oil and Gas

Hedge funds have recently bought and sold shares of the company. Jump Financial LLC acquired a new stake in shares of Northern Oil and Gas during the third quarter worth $4,462,000. Wellington Management Group LLP raised its holdings in shares of Northern Oil and Gas by 11.6% during the third quarter. Wellington Management Group LLP now owns 417,265 shares of the company’s stock worth $16,787,000 after acquiring an additional 43,527 shares during the period. Sei Investments Co. raised its holdings in shares of Northern Oil and Gas by 38.6% during the third quarter. Sei Investments Co. now owns 419,762 shares of the company’s stock worth $16,888,000 after acquiring an additional 116,983 shares during the period. Swiss National Bank grew its position in Northern Oil and Gas by 10.0% in the third quarter. Swiss National Bank now owns 173,800 shares of the company’s stock valued at $6,992,000 after purchasing an additional 15,800 shares in the last quarter. Finally, TD Asset Management Inc lifted its position in Northern Oil and Gas by 44.1% during the 3rd quarter. TD Asset Management Inc now owns 25,800 shares of the company’s stock worth $1,038,000 after buying an additional 7,900 shares in the last quarter. 98.80% of the stock is currently 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.