Northern Oil and Gas, Inc. (NYSE:NOG) Forecasted to Post Q1 2024 Earnings of $1.02 Per Share

Northern Oil and Gas, Inc. (NYSE:NOG) – Stock analysts at Roth Capital lifted their Q1 2024 earnings estimates for shares of Northern Oil and Gas in a research report issued to clients and investors on Tuesday, April 16th. Roth Capital analyst J. White now expects that the company will post earnings per share of $1.02 for the quarter, up from their prior estimate of $0.97. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.42 per share. Roth Capital also issued estimates for Northern Oil and Gas’ Q3 2024 earnings at $1.34 EPS and FY2024 earnings at $5.00 EPS.

Several other research analysts have also weighed in on NOG. Stifel Nicolaus decreased 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 report on Tuesday, January 23rd. Truist Financial decreased their price objective on shares of Northern Oil and Gas from $56.00 to $55.00 and set a “buy” rating for the company in a report on Friday, April 5th. Jefferies Financial Group lifted their price target on shares of Northern Oil and Gas from $45.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, March 21st. Bank of America lowered shares of Northern Oil and Gas from a “buy” rating to an “underperform” rating and set a $39.00 price target for the company. in a report on Friday, January 5th. Finally, Piper Sandler decreased their price target on shares of Northern Oil and Gas from $39.00 to $38.00 and set a “neutral” rating for the company in a report on Friday, February 16th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $46.60.

Northern Oil and Gas Price Performance

Shares of NOG stock opened at $42.45 on Thursday. The firm has a market cap of $4.29 billion, a P/E ratio of 4.23 and a beta of 1.86. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.32 and a quick ratio of 1.32. Northern Oil and Gas has a 1-year low of $29.57 and a 1-year high of $43.64. The firm has a fifty day moving average of $37.61 and a two-hundred day moving average of $37.12.

Northern Oil and Gas (NYSE:NOG) last released its quarterly 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). The firm had revenue of $543.40 million for the quarter, compared to analyst estimates of $555.31 million. Northern Oil and Gas had a net margin of 42.61% and a return on equity of 40.86%. Northern Oil and Gas’s revenue for the quarter was up 21.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.43 earnings per share.

Institutional Trading of Northern Oil and Gas

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quarry LP bought a new stake in shares of Northern Oil and Gas during the 2nd quarter worth about $31,000. TFO Wealth Partners LLC raised its position 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 buying an additional 1,121 shares in the last quarter. Principal Securities Inc. bought a new stake in shares of Northern Oil and Gas during the 4th quarter worth about $42,000. Captrust Financial Advisors raised 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 worth $29,000 after buying an additional 1,066 shares in the last quarter. Finally, SRS Capital Advisors Inc. raised its position in shares of Northern Oil and Gas by 305.9% during the 4th quarter. SRS Capital Advisors Inc. now owns 1,230 shares of the company’s stock worth $46,000 after buying an additional 927 shares in the last quarter. 98.80% of the stock is currently owned by institutional investors.

Insider Activity at Northern Oil and Gas

In related news, insider James B. Evans sold 945 shares of Northern Oil and Gas stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $38.00, for a total value of $35,910.00. Following the sale, the insider now directly owns 83,872 shares in the company, valued at approximately $3,187,136. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Northern Oil and Gas news, insider James B. Evans sold 945 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $38.00, for a total transaction of $35,910.00. Following the sale, the insider now directly owns 83,872 shares in the company, valued at approximately $3,187,136. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Nicholas L. O’grady sold 3,750 shares of the business’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $40.98, for a total transaction of $153,675.00. Following the sale, the chief executive officer now owns 228,082 shares in the company, valued at $9,346,800.36. The disclosure for this sale can be found here. Insiders have sold a total of 10,944 shares of company stock worth $436,614 in the last ninety days. 3.20% of the stock is owned by insiders.

Northern Oil and Gas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Thursday, March 28th will be given a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $1.60 annualized dividend and a yield of 3.77%. Northern Oil and Gas’s dividend payout ratio is presently 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.