Capital One Financial Weighs in on Northern Oil and Gas, Inc.’s Q1 2023 Earnings (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG – Get Rating) – Research analysts at Capital One Financial dropped their Q1 2023 earnings estimates for shares of Northern Oil and Gas in a research note issued to investors on Monday, March 6th. Capital One Financial analyst P. Johnston now forecasts that the company will earn $1.60 per share for the quarter, down from their previous estimate of $2.11. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $9.13 per share. Capital One Financial also issued estimates for Northern Oil and Gas’ Q2 2023 earnings at $1.87 EPS, Q3 2023 earnings at $2.12 EPS, Q4 2023 earnings at $2.23 EPS, FY2023 earnings at $7.83 EPS and FY2024 earnings at $8.43 EPS.

Northern Oil and Gas (NYSE:NOG – Get Rating) last announced its earnings results on Friday, February 24th. The company reported $1.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.65 by ($0.22). The firm had revenue of $445.65 million during the quarter, compared to analysts’ expectations of $408.08 million. During the same quarter last year, the business earned $1.06 EPS. Northern Oil and Gas’s quarterly revenue was up 34.1% on a year-over-year basis.

A number of other research analysts have also weighed in on NOG. Royal Bank of Canada raised their price objective on Northern Oil and Gas from $42.00 to $46.00 and gave the company an “outperform” rating in a report on Monday, November 14th. Truist Financial decreased their price objective on Northern Oil and Gas from $54.00 to $44.00 and set a “buy” rating on the stock in a report on Tuesday, February 7th. Northland Securities raised their price objective on Northern Oil and Gas from $50.00 to $60.00 in a report on Monday, November 14th. Raymond James reduced their price target on Northern Oil and Gas from $55.00 to $50.00 and set a “strong-buy” rating on the stock in a report on Tuesday, February 7th. Finally, Piper Sandler reduced their price target on Northern Oil and Gas from $55.00 to $50.00 and set an “overweight” rating on the stock in a report on Tuesday. Two investment analysts have rated the stock with a hold rating, seven have assigned 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 currently has an average rating of “Moderate Buy” and a consensus target price of $45.60.

Northern Oil and Gas Trading Down 1.4 %

Shares of NYSE:NOG opened at $31.76 on Wednesday. Northern Oil and Gas has a 1 year low of $21.45 and a 1 year high of $39.10. The firm has a market capitalization of $2.71 billion, a price-to-earnings ratio of 3.86, a price-to-earnings-growth ratio of 1.38 and a beta of 2.04. The company has a debt-to-equity ratio of 2.05, a current ratio of 0.93 and a quick ratio of 0.93. The business’s 50 day moving average price is $32.00 and its 200-day moving average price is $32.39.

Northern Oil and Gas Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 28th. Stockholders of record on Thursday, March 30th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Wednesday, March 29th. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.30. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.28%. Northern Oil and Gas’s payout ratio is currently 14.60%.

Hedge Funds Weigh In On Northern Oil and Gas

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC lifted its stake in Northern Oil and Gas by 42.3% during the third quarter. Nisa Investment Advisors LLC now owns 996 shares of the company’s stock worth $34,000 after purchasing an additional 296 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Northern Oil and Gas by 3.3% during the fourth quarter. Renaissance Technologies LLC now owns 9,300 shares of the company’s stock worth $287,000 after purchasing an additional 300 shares during the last quarter. American International Group Inc. lifted its stake in Northern Oil and Gas by 1.2% during the second quarter. American International Group Inc. now owns 30,704 shares of the company’s stock worth $776,000 after purchasing an additional 354 shares during the last quarter. CWM LLC lifted its stake in Northern Oil and Gas by 46.3% during the third quarter. CWM LLC now owns 1,132 shares of the company’s stock worth $31,000 after purchasing an additional 358 shares during the last quarter. Finally, Amalgamated Bank lifted its stake in Northern Oil and Gas by 4.2% during the third quarter. Amalgamated Bank now owns 10,474 shares of the company’s stock worth $287,000 after purchasing an additional 421 shares during the last quarter. 96.41% of the stock is owned by institutional investors and hedge funds.

Northern Oil and Gas Company Profile

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Northern Oil & Gas, Inc engages in the acquisition, exploration, development, and production of crude oil and natural gas properties. It focuses on the Bakken and Three Forks formation within the Williston Basin in North Dakota and Montana. The company was founded on March 20, 2007 and is headquartered in Minnetonka, MN.