Zacks Research Issues Negative Outlook for NOG Earnings

Northern Oil and Gas, Inc. (NYSE:NOG) – Equities researchers at Zacks Research reduced their Q3 2024 EPS estimates for Northern Oil and Gas in a research report issued on Wednesday, October 16th. Zacks Research analyst N. Choudhury now expects that the company will post earnings of $1.10 per share for the quarter, down from their prior forecast of $1.22. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.29 per share.

NOG has been the topic of several other reports. Truist Financial cut their target price on shares of Northern Oil and Gas from $55.00 to $44.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Bank of America increased their target price on shares of Northern Oil and Gas from $48.00 to $49.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Jefferies Financial Group started coverage on shares of Northern Oil and Gas in a report on Thursday, October 3rd. They issued a “buy” rating and a $53.00 target price on the stock. Mizuho started coverage on shares of Northern Oil and Gas in a report on Thursday, September 19th. They set an “outperform” rating and a $47.00 price objective on the stock. Finally, Royal Bank of Canada restated an “outperform” rating and set a $46.00 price objective on shares of Northern Oil and Gas in a report on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, two have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Northern Oil and Gas currently has an average rating of “Moderate Buy” and an average target price of $46.80.

Northern Oil and Gas Trading Down 0.2 %

NOG opened at $37.84 on Thursday. The firm’s fifty day moving average is $37.62 and its two-hundred day moving average is $39.07. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $3.82 billion, a PE ratio of 6.13 and a beta of 1.81. Northern Oil and Gas has a twelve month low of $31.13 and a twelve month high of $43.80.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.26. The business had revenue of $560.80 million during the quarter, compared to the consensus estimate of $542.28 million. Northern Oil and Gas had a net margin of 27.37% and a return on equity of 31.90%. Northern Oil and Gas’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.49 earnings per share.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Teachers Retirement System of The State of Kentucky lifted its stake in shares of Northern Oil and Gas by 18.3% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 31,030 shares of the company’s stock worth $1,150,000 after buying an additional 4,800 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Northern Oil and Gas by 10.5% during the 4th quarter. Wellington Management Group LLP now owns 461,090 shares of the company’s stock worth $17,093,000 after buying an additional 43,825 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Northern Oil and Gas by 36.4% during the 4th 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 during the last quarter. RFG Advisory LLC lifted its stake in shares of Northern Oil and Gas by 21.0% during the 1st quarter. RFG Advisory LLC now owns 7,439 shares of the company’s stock worth $295,000 after buying an additional 1,291 shares during the last quarter. Finally, Range Financial Group LLC lifted its stake in shares of Northern Oil and Gas by 12.6% during the 1st quarter. Range Financial Group LLC now owns 7,289 shares of the company’s stock worth $289,000 after buying an additional 816 shares during the last quarter. Institutional investors own 98.80% of the company’s stock.

Insider Activity at Northern Oil and Gas

In related news, CFO Chad W. Allen sold 1,500 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief financial officer now owns 83,792 shares of the company’s stock, valued at approximately $3,351,680. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, President Adam A. Dirlam sold 2,508 shares of Northern Oil and Gas stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $38.50, for a total value of $96,558.00. Following the completion of the transaction, the president now owns 107,876 shares of the company’s stock, valued at $4,153,226. This trade represents a 0.00 % decrease in their position. The sale 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 Northern Oil and Gas stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $40.00, for a total transaction of $60,000.00. Following the completion of 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 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,008 shares of company stock valued at $228,013. Corporate insiders own 2.80% of the company’s stock.

Northern Oil and Gas Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, September 27th will be given a $0.42 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $1.68 dividend on an annualized basis and a yield of 4.44%. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.40. Northern Oil and Gas’s dividend payout ratio (DPR) is 27.23%.

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.