FY2023 Earnings Estimate for Northern Oil and Gas, Inc. Issued By Northland Capmk (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Investment analysts at Northland Capmk boosted their FY2023 earnings per share (EPS) estimates for Northern Oil and Gas in a note issued to investors on Friday, November 3rd. Northland Capmk analyst D. Schafer now expects that the company will post earnings of $6.73 per share for the year, up from their previous estimate of $6.70. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $7.31 per share.

Several other research firms have also recently weighed in on NOG. Royal Bank of Canada boosted their price target on Northern Oil and Gas from $42.00 to $46.00 and gave the stock an “outperform” rating in a research note on Thursday, August 24th. Truist Financial boosted their price target on Northern Oil and Gas from $54.00 to $56.00 and gave the stock a “buy” rating in a research note on Monday, August 7th. Northland Securities boosted their price target on Northern Oil and Gas from $48.00 to $54.00 and gave the stock an “outperform” rating in a research note on Monday, August 21st. Piper Sandler cut Northern Oil and Gas from an “overweight” rating to a “neutral” rating and set a $46.00 price target for the company. in a research note on Monday, August 14th. Finally, Jefferies Financial Group boosted their price target on Northern Oil and Gas from $41.00 to $50.00 and gave the stock a “buy” rating in a research note on Monday, August 7th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $50.33.

Northern Oil and Gas Trading Up 0.1 %

Northern Oil and Gas stock opened at $38.74 on Monday. The company has a current ratio of 0.78, a quick ratio of 1.02 and a debt-to-equity ratio of 1.46. The business’s fifty day simple moving average is $40.10 and its two-hundred day simple moving average is $36.69. Northern Oil and Gas has a 12 month low of $25.56 and a 12 month high of $43.64. The company has a market capitalization of $3.60 billion, a price-to-earnings ratio of 4.99 and a beta of 1.91.

Northern Oil and Gas (NYSE:NOG) last released its earnings results on Thursday, November 2nd. The company reported $1.73 EPS for the quarter, missing the consensus estimate of $1.76 by ($0.03). Northern Oil and Gas had a return on equity of 49.08% and a net margin of 38.96%. The company had revenue of $313.97 million during the quarter, compared to the consensus estimate of $503.98 million. During the same period last year, the firm posted $1.80 earnings per share.

Institutional Trading of Northern Oil and Gas

Several institutional investors have recently made changes to their positions in the business. BlackRock Inc. grew its position in shares of Northern Oil and Gas by 9.6% during the second quarter. BlackRock Inc. now owns 11,963,727 shares of the company’s stock worth $410,595,000 after purchasing an additional 1,048,699 shares in the last quarter. FMR LLC grew its position in shares of Northern Oil and Gas by 5.5% during the first quarter. FMR LLC now owns 6,803,857 shares of the company’s stock worth $206,497,000 after purchasing an additional 354,002 shares in the last quarter. State Street Corp grew its position in shares of Northern Oil and Gas by 12.3% during the first quarter. State Street Corp now owns 4,515,908 shares of the company’s stock worth $138,625,000 after purchasing an additional 494,969 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Northern Oil and Gas by 0.5% during the third quarter. Vanguard Group Inc. now owns 3,743,683 shares of the company’s stock worth $102,615,000 after purchasing an additional 20,217 shares in the last quarter. Finally, Copeland Capital Management LLC grew its position in shares of Northern Oil and Gas by 3.9% during the second quarter. Copeland Capital Management LLC now owns 2,529,105 shares of the company’s stock worth $86,799,000 after purchasing an additional 94,702 shares in the last quarter. Hedge funds and other institutional investors own 98.80% of the company’s stock.

Insider Activity at Northern Oil and Gas

In other news, CEO Nicholas L. O’grady sold 28,950 shares of the firm’s stock in a transaction dated Monday, October 9th. The stock was sold at an average price of $39.96, for a total value of $1,156,842.00. Following the transaction, the chief executive officer now owns 147,697 shares of the company’s stock, valued at $5,901,972.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Nicholas L. O’grady sold 28,950 shares of the firm’s stock in a transaction dated Monday, October 9th. The stock was sold at an average price of $39.96, for a total value of $1,156,842.00. Following the transaction, the chief executive officer now owns 147,697 shares of the company’s stock, valued at $5,901,972.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Erik J. Romslo sold 7,500 shares of the firm’s stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $40.73, for a total value of $305,475.00. Following the completion of the transaction, the insider now directly owns 80,036 shares in the company, valued at approximately $3,259,866.28. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 47,424 shares of company stock worth $1,906,237. 3.20% of the stock is owned by insiders.

Northern Oil and Gas Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 31st. Investors of record on Thursday, December 28th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date is Wednesday, December 27th. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.38. Northern Oil and Gas’s dividend payout ratio is 20.59%.

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.