Research Analysts Issue Forecasts for NOG FY2024 Earnings

Northern Oil and Gas, Inc. (NYSE:NOG) – Investment analysts at Zacks Research increased their FY2024 earnings per share estimates for Northern Oil and Gas in a report issued on Monday, November 18th. Zacks Research analyst N. Choudhury now forecasts that the company will earn $5.47 per share for the year, up from their previous estimate of $5.24. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.38 per share. Zacks Research also issued estimates for Northern Oil and Gas’ Q1 2025 earnings at $1.27 EPS, Q3 2025 earnings at $1.42 EPS and Q4 2025 earnings at $1.56 EPS.

Northern Oil and Gas (NYSE:NOG) last released its earnings results on Tuesday, November 5th. The company reported $1.40 EPS for the quarter, beating the consensus estimate of $1.20 by $0.20. The company had revenue of $753.64 million during the quarter, compared to analysts’ expectations of $540.23 million. Northern Oil and Gas had a return on equity of 27.52% and a net margin of 33.44%. The business’s revenue for the quarter was up 140.0% on a year-over-year basis. During the same period last year, the firm earned $1.73 EPS.

Several other brokerages also recently commented on NOG. StockNews.com downgraded shares of Northern Oil and Gas from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Royal Bank of Canada downgraded Northern Oil and Gas from an “outperform” rating to a “sector perform” rating and raised their price objective for the stock from $43.00 to $45.00 in a research note on Wednesday. Jefferies Financial Group initiated coverage on Northern Oil and Gas in a report on Thursday, October 3rd. They set a “buy” rating and a $53.00 target price on the stock. Morgan Stanley dropped their price target on Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Finally, Truist Financial boosted their price objective on Northern Oil and Gas from $44.00 to $51.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

Northern Oil and Gas Stock Performance

Shares of Northern Oil and Gas stock opened at $41.57 on Wednesday. Northern Oil and Gas has a 52 week low of $31.13 and a 52 week high of $43.80. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.23 and a current ratio of 1.23. The stock has a market capitalization of $4.15 billion, a price-to-earnings ratio of 4.93 and a beta of 1.80. The firm has a fifty day moving average of $37.79 and a two-hundred day moving average of $38.50.

Insider Transactions at Northern Oil and Gas

In other Northern Oil and Gas news, President Adam A. Dirlam sold 2,508 shares of the stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $38.50, for a total transaction of $96,558.00. Following the completion of the sale, the president now owns 107,876 shares of the company’s stock, valued at $4,153,226. This represents a 2.27 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Chad W. Allen sold 1,500 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $40.00, for a total value of $60,000.00. Following the completion of the sale, the chief financial officer now owns 83,792 shares of the company’s stock, valued at approximately $3,351,680. This trade represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,508 shares of company stock worth $248,113 over the last quarter. Corporate insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP increased its position in shares of Northern Oil and Gas by 45.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,521,924 shares of the company’s stock valued at $93,744,000 after purchasing an additional 789,985 shares during the last quarter. American Century Companies Inc. increased its position in Northern Oil and Gas by 11.0% during the second quarter. American Century Companies Inc. now owns 5,566,459 shares of the company’s stock valued at $206,905,000 after acquiring an additional 552,645 shares during the last quarter. abrdn plc bought a new stake in shares of Northern Oil and Gas during the third quarter worth $17,096,000. Bridgewater Associates LP lifted its holdings in shares of Northern Oil and Gas by 135.6% in the 3rd quarter. Bridgewater Associates LP now owns 511,170 shares of the company’s stock worth $18,101,000 after buying an additional 294,223 shares during the period. Finally, New York State Common Retirement Fund boosted its position in Northern Oil and Gas by 41.4% during the 3rd quarter. New York State Common Retirement Fund now owns 940,987 shares of the company’s stock valued at $33,320,000 after acquiring an additional 275,704 shares in the last quarter. 98.80% of the stock is owned by hedge funds and other institutional investors.

Northern Oil and Gas Company Profile

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.