Q3 2023 Earnings Forecast for Northern Oil and Gas, Inc. Issued By Capital One Financial (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG – Get Rating) – Stock analysts at Capital One Financial decreased their Q3 2023 earnings per share (EPS) estimates for shares of Northern Oil and Gas in a note issued to investors on Sunday, May 21st. Capital One Financial analyst P. Johnston now anticipates that the company will post earnings of $1.69 per share for the quarter, down from their prior forecast of $1.99. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $7.91 per share. Capital One Financial also issued estimates for Northern Oil and Gas’ FY2023 earnings at $6.79 EPS, Q1 2024 earnings at $1.68 EPS, Q4 2024 earnings at $1.64 EPS, FY2024 earnings at $6.65 EPS and FY2025 earnings at $6.29 EPS.

Northern Oil and Gas (NYSE:NOG – Get Rating) last posted its quarterly earnings data on Thursday, May 4th. The company reported $1.76 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.22. Northern Oil and Gas had a return on equity of 86.66% and a net margin of 60.39%. The firm had revenue of $582.21 million for the quarter, compared to analysts’ expectations of $395.37 million. During the same period in the previous year, the firm earned $1.58 EPS.

Several other brokerages also recently issued reports on NOG. Truist Financial lifted their target price on Northern Oil and Gas from $44.00 to $59.00 and gave the company a “buy” rating in a research note on Tuesday, April 11th. Raymond James lifted their target price on Northern Oil and Gas from $47.00 to $52.00 and gave the company a “strong-buy” rating in a research note on Friday, April 21st. StockNews.com began coverage on Northern Oil and Gas in a research note on Thursday, May 18th. They set a “sell” rating on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 target price on shares of Northern Oil and Gas in a research note on Friday, March 17th. Finally, Stifel Nicolaus lifted their target price on Northern Oil and Gas from $40.00 to $43.00 in a research note on Thursday, April 27th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has assigned 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 $46.30.

Northern Oil and Gas Stock Down 1.0 %

NOG stock opened at $31.59 on Wednesday. Northern Oil and Gas has a twelve month low of $21.45 and a twelve month high of $39.10. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 1.68. The stock has a market cap of $2.70 billion, a P/E ratio of 2.09 and a beta of 2.02. The business’s 50-day moving average price is $31.31 and its 200-day moving average price is $32.30.

Hedge Funds Weigh In On Northern Oil and Gas

Several large investors have recently modified their holdings of NOG. Centerpoint Advisors LLC increased its position in shares of Northern Oil and Gas by 256.9% during the 4th quarter. Centerpoint Advisors LLC now owns 803 shares of the company’s stock valued at $25,000 after purchasing an additional 578 shares during the last quarter. Spire Wealth Management bought a new position in shares of Northern Oil and Gas during the 1st quarter valued at approximately $28,000. Captrust Financial Advisors increased its position in shares of Northern Oil and Gas by 1,349.4% during the 2nd quarter. Captrust Financial Advisors now owns 1,145 shares of the company’s stock valued at $29,000 after purchasing an additional 1,066 shares during the last quarter. CWM LLC increased its position in shares of Northern Oil and Gas by 89.5% during the 1st quarter. CWM LLC now owns 1,080 shares of the company’s stock valued at $33,000 after purchasing an additional 510 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its position in shares of Northern Oil and Gas by 42.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 996 shares of the company’s stock valued at $34,000 after purchasing an additional 296 shares during the last quarter. Institutional investors own 96.41% of the company’s stock.

Northern Oil and Gas Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 31st. Shareholders of record on Thursday, June 29th will be paid a $0.37 dividend. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $1.48 dividend on an annualized basis and a yield of 4.69%. Northern Oil and Gas’s payout ratio is presently 8.99%.

About Northern Oil and Gas

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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.