Capital One Financial Research Analysts Lift Earnings Estimates for Northern Oil and Gas, Inc. (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Analysts at Capital One Financial upped their Q1 2024 earnings estimates for shares of Northern Oil and Gas in a research report issued to clients and investors on Wednesday, April 17th. Capital One Financial analyst P. Johnston now expects that the company will post earnings per share of $1.09 for the quarter, up from their prior estimate of $1.07. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.42 per share.

Several other equities research analysts have also recently issued reports on NOG. Stifel Nicolaus reduced their price objective on shares of Northern Oil and Gas from $54.00 to $52.00 and set a “buy” rating on the stock in a research report on Tuesday, January 23rd. Piper Sandler reduced their price objective on shares of 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. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price target on shares of Northern Oil and Gas in a research report on Wednesday, March 6th. Citigroup reduced their price target on shares of Northern Oil and Gas from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Wednesday, February 28th. Finally, Bank of America lowered shares of Northern Oil and Gas from a “buy” rating to an “underperform” rating and set a $39.00 price objective for the company. in a research note on Friday, January 5th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Northern Oil and Gas currently has an average rating of “Moderate Buy” and a consensus target price of $46.60.

Northern Oil and Gas Price Performance

NYSE NOG opened at $42.45 on Thursday. Northern Oil and Gas has a 12 month low of $29.57 and a 12 month high of $43.64. The stock has a market cap of $4.29 billion, a price-to-earnings ratio of 4.23 and a beta of 1.86. The company’s 50 day moving average is $37.61 and its two-hundred day moving average is $37.12. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.90.

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

Institutional Trading of Northern Oil and Gas

A number of hedge funds have recently added to or reduced their stakes in NOG. Captrust Financial Advisors lifted its stake in Northern Oil and Gas by 1,349.4% in the second quarter. Captrust Financial Advisors now owns 1,145 shares of the company’s stock worth $29,000 after acquiring an additional 1,066 shares during the period. Quarry LP purchased a new stake in Northern Oil and Gas in the second quarter worth about $31,000. Principal Securities Inc. purchased a new stake in Northern Oil and Gas in the fourth quarter worth about $42,000. TFO Wealth Partners LLC lifted its stake in Northern Oil and Gas by 112,100.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,122 shares of the company’s stock worth $42,000 after acquiring an additional 1,121 shares during the period. Finally, SRS Capital Advisors Inc. lifted its stake in Northern Oil and Gas by 305.9% in the fourth quarter. SRS Capital Advisors Inc. now owns 1,230 shares of the company’s stock worth $46,000 after acquiring an additional 927 shares during the period. 98.80% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, President Adam A. Dirlam sold 2,088 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $38.00, for a total transaction of $79,344.00. Following the completion of the sale, the president now directly owns 122,359 shares of the company’s stock, valued at $4,649,642. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Nicholas L. O’grady sold 3,750 shares of the business’s stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $40.98, for a total transaction of $153,675.00. Following the completion of the sale, the chief executive officer now directly owns 228,082 shares of the company’s stock, valued at $9,346,800.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Adam A. Dirlam sold 2,088 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $38.00, for a total transaction of $79,344.00. Following the sale, the president now directly owns 122,359 shares of the company’s stock, valued at $4,649,642. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,944 shares of company stock valued at $436,614. 3.20% of the stock is currently owned by company insiders.

Northern Oil and Gas Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date of this dividend is Wednesday, March 27th. Northern Oil and Gas’s dividend payout ratio is currently 15.94%.

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.