Equities Analysts Set Expectations for NOG FY2024 Earnings

Northern Oil and Gas, Inc. (NYSE:NOG) – Stock analysts at Capital One Financial increased their FY2024 earnings per share (EPS) estimates for shares of Northern Oil and Gas in a research report issued to clients and investors on Monday, November 18th. Capital One Financial analyst P. Johnston now forecasts that the company will earn $5.44 per share for the year, up from their previous forecast of $5.28. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.38 per share. Capital One Financial also issued estimates for Northern Oil and Gas’ Q4 2024 earnings at $1.31 EPS and FY2025 earnings at $5.20 EPS.

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

Several other brokerages also recently issued reports on NOG. Morgan Stanley dropped their target price on shares of Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Piper Sandler increased their target price on Northern Oil and Gas from $40.00 to $41.00 and gave the company a “neutral” rating in a research note on Monday. Jefferies Financial Group initiated coverage on Northern Oil and Gas in a report on Thursday, October 3rd. They issued a “buy” rating and a $53.00 target price for the company. Royal Bank of Canada downgraded Northern Oil and Gas from an “outperform” rating to a “sector perform” rating and upped their price target for the company from $43.00 to $45.00 in a report on Wednesday. Finally, Truist Financial lifted their price objective on Northern Oil and Gas from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Northern Oil and Gas presently has an average rating of “Moderate Buy” and an average price target of $47.50.

Northern Oil and Gas Trading Up 1.2 %

Northern Oil and Gas stock opened at $41.57 on Wednesday. Northern Oil and Gas has a 12 month low of $31.13 and a 12 month high of $43.80. 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 business’s fifty day simple moving average is $37.79 and its two-hundred day simple moving average is $38.50. The company has a market capitalization of $4.15 billion, a price-to-earnings ratio of 4.93 and a beta of 1.80.

Hedge Funds Weigh In On Northern Oil and Gas

Several institutional investors have recently added to or reduced their stakes in NOG. Dimensional Fund Advisors LP raised its holdings in shares of Northern Oil and Gas by 45.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,521,924 shares of the company’s stock worth $93,744,000 after acquiring an additional 789,985 shares in the last quarter. American Century Companies Inc. increased its position in Northern Oil and Gas by 11.0% in the second quarter. American Century Companies Inc. now owns 5,566,459 shares of the company’s stock worth $206,905,000 after purchasing an additional 552,645 shares during the last quarter. abrdn plc purchased a new stake in Northern Oil and Gas during the third quarter valued at $17,096,000. Bridgewater Associates LP lifted its position in Northern Oil and Gas by 135.6% during the third quarter. Bridgewater Associates LP now owns 511,170 shares of the company’s stock valued at $18,101,000 after purchasing an additional 294,223 shares during the last quarter. Finally, New York State Common Retirement Fund grew its stake in shares of Northern Oil and Gas by 41.4% in the 3rd quarter. New York State Common Retirement Fund now owns 940,987 shares of the company’s stock worth $33,320,000 after buying an additional 275,704 shares in the last quarter. Hedge funds and other institutional investors own 98.80% of the company’s stock.

Insider Buying and Selling at Northern Oil and Gas

In other Northern Oil and Gas news, President Adam A. Dirlam sold 2,508 shares of the stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $38.50, for a total transaction 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 represents a 2.27 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Erik J. Romslo sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $35.26, for a total value of $52,890.00. Following the transaction, the insider now owns 105,713 shares of the company’s stock, valued at approximately $3,727,440.38. The trade was a 1.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,508 shares of company stock valued at $248,113 over the last ninety days. 2.80% of the stock is currently owned by company insiders.

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.