Q2 2024 EPS Estimates for Northern Oil and Gas, Inc. Raised by Analyst (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Research analysts at Capital One Financial boosted their Q2 2024 earnings estimates for shares of Northern Oil and Gas in a report released on Monday, July 1st. Capital One Financial analyst P. Johnston now anticipates that the company will post earnings of $1.21 per share for the quarter, up from their prior estimate of $1.18. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.03 per share. Capital One Financial also issued estimates for Northern Oil and Gas’ Q3 2024 earnings at $1.30 EPS and FY2024 earnings at $5.38 EPS.

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

NOG has been the subject of several other reports. Royal Bank of Canada restated an “outperform” rating and set a $46.00 target price on shares of Northern Oil and Gas in a research report on Wednesday, March 6th. Bank of America reiterated a “buy” rating and issued a $48.00 price target on shares of Northern Oil and Gas in a research report on Friday, June 14th. Truist Financial lifted their target price on shares of Northern Oil and Gas from $55.00 to $56.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Jefferies Financial Group raised their price target on Northern Oil and Gas from $45.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, March 21st. Finally, Piper Sandler upped their price objective 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. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Northern Oil and Gas has a consensus rating of “Moderate Buy” and an average target price of $48.90.

Northern Oil and Gas Trading Up 1.4 %

NYSE:NOG opened at $37.70 on Tuesday. The company has a market cap of $3.81 billion, a PE ratio of 6.11 and a beta of 1.80. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.97. The company has a 50 day simple moving average of $39.44 and a two-hundred day simple moving average of $37.79. Northern Oil and Gas has a 12 month low of $31.13 and a 12 month high of $43.75.

Northern Oil and Gas Announces Dividend

The business 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 dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $1.60 dividend on an annualized basis and a yield of 4.24%. Northern Oil and Gas’s dividend payout ratio (DPR) is presently 25.93%.

Insider Activity

In other news, CEO Nicholas L. O’grady sold 3,750 shares of the business’s stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $40.98, for a total transaction of $153,675.00. Following the transaction, the chief executive officer now owns 228,082 shares of the company’s stock, valued at approximately $9,346,800.36. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Northern Oil and Gas news, CEO Nicholas L. O’grady sold 3,750 shares of the business’s stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $40.98, for a total transaction of $153,675.00. Following the completion of the transaction, the chief executive officer now 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 can be accessed through this link. Also, President Adam A. Dirlam sold 1,392 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $40.86, for a total value of $56,877.12. Following the transaction, the president now owns 109,020 shares of the company’s stock, valued at approximately $4,454,557.20. The disclosure for this sale can be found here. Insiders sold 8,292 shares of company stock valued at $342,852 in the last ninety days. Insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in NOG. Mariner LLC increased its position in shares of Northern Oil and Gas by 2.7% during the third quarter. Mariner LLC now owns 19,828 shares of the company’s stock worth $798,000 after acquiring an additional 515 shares during the period. Northern Trust Corp lifted its holdings in shares of Northern Oil and Gas by 9.2% in the 3rd quarter. Northern Trust Corp now owns 1,019,582 shares of the company’s stock worth $41,018,000 after buying an additional 86,253 shares during the period. Natixis Advisors L.P. grew its position in shares of Northern Oil and Gas by 65.3% during the 3rd quarter. Natixis Advisors L.P. now owns 90,793 shares of the company’s stock worth $3,652,000 after buying an additional 35,854 shares in the last quarter. Alpine Global Management LLC bought a new position in shares of Northern Oil and Gas during the 3rd quarter worth $603,000. Finally, AQR Capital Management LLC increased its stake in shares of Northern Oil and Gas by 112.5% during the third quarter. AQR Capital Management LLC now owns 121,235 shares of the company’s stock valued at $4,877,000 after buying an additional 64,183 shares during the period. Hedge funds and other institutional investors own 98.80% of the company’s stock.

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.