Brokers Issue Forecasts for Northern Oil and Gas, Inc.’s Q1 2024 Earnings (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Investment analysts at Zacks Research reduced their Q1 2024 earnings per share estimates for Northern Oil and Gas in a report released on Wednesday, April 10th. Zacks Research analyst N. Choudhury now expects that the company will earn $1.14 per share for the quarter, down from their previous estimate of $1.27. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.42 per share. Zacks Research also issued estimates for Northern Oil and Gas’ Q2 2024 earnings at $1.25 EPS, Q3 2024 earnings at $1.41 EPS, Q4 2024 earnings at $1.42 EPS, FY2024 earnings at $5.21 EPS, Q1 2025 earnings at $1.33 EPS, Q2 2025 earnings at $1.45 EPS, Q3 2025 earnings at $1.54 EPS, Q4 2025 earnings at $1.45 EPS, FY2025 earnings at $5.78 EPS and Q1 2026 earnings at $1.26 EPS.

Northern Oil and Gas (NYSE:NOG) last released its earnings results on Friday, February 23rd. The company reported $1.61 earnings per share for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.03). Northern Oil and Gas had a net margin of 42.61% and a return on equity of 40.86%. The firm had revenue of $543.40 million for the quarter, compared to analyst estimates of $555.31 million. During the same period in the prior year, the company posted $1.43 EPS. The business’s revenue for the quarter was up 21.9% compared to the same quarter last year.

Other equities analysts have also issued research reports about the stock. Morgan Stanley dropped their target price on shares of Northern Oil and Gas from $39.00 to $38.00 and set an “equal weight” rating on the stock in a report on Thursday, March 28th. Piper Sandler cut their target price on Northern Oil and Gas from $39.00 to $38.00 and set a “neutral” rating on the stock in a research report on Friday, February 16th. Raymond James lowered their target price on Northern Oil and Gas from $51.00 to $45.00 and set a “strong-buy” rating for the company in a report on Wednesday, January 24th. Stifel Nicolaus reduced their price objective on shares of Northern Oil and Gas from $54.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday, January 23rd. Finally, Jefferies Financial Group lifted their price objective on shares of Northern Oil and Gas from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Thursday, March 21st. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $46.30.

Northern Oil and Gas Stock Performance

NYSE:NOG opened at $42.64 on Thursday. Northern Oil and Gas has a 52 week low of $29.57 and a 52 week high of $43.64. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.32 and a current ratio of 1.32. The firm’s fifty day moving average is $36.97 and its 200-day moving average is $37.10. The firm has a market cap of $4.33 billion, a P/E ratio of 4.25 and a beta of 1.86.

Northern Oil and Gas Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date of this dividend is Wednesday, March 27th. Northern Oil and Gas’s dividend payout ratio is currently 15.94%.

Insider Transactions at Northern Oil and Gas

In related news, insider James B. Evans sold 945 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $38.00, for a total transaction of $35,910.00. Following the completion of the sale, the insider now owns 83,872 shares in the company, valued at $3,187,136. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Northern Oil and Gas news, President Adam A. Dirlam sold 2,088 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $38.00, for a total value of $79,344.00. Following the completion of the sale, the president now owns 122,359 shares in the company, valued at approximately $4,649,642. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider James B. Evans sold 945 shares of Northern Oil and Gas stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $38.00, for a total transaction of $35,910.00. Following the transaction, the insider now directly owns 83,872 shares in the company, valued at approximately $3,187,136. The disclosure for this sale can be found here. Insiders sold a total of 10,944 shares of company stock valued at $436,614 over the last ninety days. 3.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Northern Oil and Gas

Institutional investors have recently modified their holdings of the business. Quarry LP purchased a new position in Northern Oil and Gas in the second quarter worth $31,000. TFO Wealth Partners LLC raised its stake in shares of Northern Oil and Gas by 112,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,122 shares of the company’s stock worth $42,000 after purchasing an additional 1,121 shares during the period. Principal Securities Inc. purchased a new position in shares of Northern Oil and Gas in the 4th quarter worth about $42,000. Captrust Financial Advisors grew its position in Northern Oil and Gas by 1,349.4% during the second quarter. Captrust Financial Advisors now owns 1,145 shares of the company’s stock valued at $29,000 after buying an additional 1,066 shares during the period. Finally, SRS Capital Advisors Inc. grew its position in Northern Oil and Gas by 305.9% during the fourth quarter. SRS Capital Advisors Inc. now owns 1,230 shares of the company’s stock valued at $46,000 after buying an additional 927 shares during the period. 98.80% of the stock is owned by institutional investors.

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.