Northern Oil and Gas, Inc. Forecasted to Post FY2024 Earnings of $4.92 Per Share (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Investment analysts at Northland Capmk dropped their FY2024 earnings per share estimates for Northern Oil and Gas in a report released on Wednesday, May 1st. Northland Capmk analyst D. Schafer now expects that the company will post earnings of $4.92 per share for the year, down from their previous forecast of $6.03. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.53 per share.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.10. The company had revenue of $396.35 million during the quarter, compared to analyst estimates of $505.67 million. Northern Oil and Gas had a net margin of 30.01% and a return on equity of 34.06%. The business’s revenue for the quarter was down 31.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.76 EPS.

A number of other research analysts also recently weighed in on the company. Raymond James lowered their price target on Northern Oil and Gas from $51.00 to $45.00 and set a “strong-buy” rating on the stock in a report on Wednesday, January 24th. Royal Bank of Canada reissued an “outperform” rating and set a $46.00 target price on shares of Northern Oil and Gas in a research report on Wednesday, March 6th. Bank of America cut 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. Citigroup dropped their price target on Northern Oil and Gas from $55.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday. Finally, Stifel Nicolaus boosted their price target on Northern Oil and Gas from $54.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $47.90.

Northern Oil and Gas Price Performance

NYSE NOG opened at $40.26 on Friday. The stock’s 50-day moving average price is $39.61 and its two-hundred day moving average price is $37.36. Northern Oil and Gas has a 1 year low of $29.57 and a 1 year high of $43.75. The company has a current ratio of 0.96, a quick ratio of 1.32 and a debt-to-equity ratio of 0.97. The company has a market cap of $4.07 billion, a PE ratio of 6.53 and a beta of 1.84.

Northern Oil and Gas Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Investors of record on Thursday, March 28th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.60 annualized dividend and a yield of 3.97%. Northern Oil and Gas’s dividend payout ratio (DPR) is 25.93%.

Insider Activity

In other Northern Oil and Gas news, insider James B. Evans sold 3,150 shares of Northern Oil and Gas stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $42.00, for a total transaction of $132,300.00. Following the completion of the sale, the insider now owns 73,753 shares of the company’s stock, valued at approximately $3,097,626. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider James B. Evans sold 3,150 shares of the business’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $42.00, for a total value of $132,300.00. Following the completion of the transaction, the insider now owns 73,753 shares of the company’s stock, valued at approximately $3,097,626. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Adam A. Dirlam sold 2,088 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 $79,344.00. Following the transaction, the president now owns 122,359 shares in the company, valued at approximately $4,649,642. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,944 shares of company stock valued at $436,614. Company insiders own 2.80% of the company’s stock.

Institutional Trading of Northern Oil and Gas

A number of institutional investors have recently made changes to their positions in NOG. Private Advisor Group LLC increased its stake in shares of Northern Oil and Gas by 4.8% during the 3rd quarter. Private Advisor Group LLC now owns 6,118 shares of the company’s stock worth $246,000 after purchasing an additional 282 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its stake in shares of Northern Oil and Gas by 1.3% in the 4th quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 22,191 shares of the company’s stock valued at $823,000 after purchasing an additional 290 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Northern Oil and Gas by 1.0% during the 3rd quarter. PNC Financial Services Group Inc. now owns 29,761 shares of the company’s stock valued at $1,197,000 after acquiring an additional 306 shares in the last quarter. Kestra Advisory Services LLC grew its holdings in shares of Northern Oil and Gas by 1.1% during the third quarter. Kestra Advisory Services LLC now owns 27,673 shares of the company’s stock worth $1,113,000 after purchasing an additional 309 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its stake in shares of Northern Oil and Gas by 3.1% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 11,197 shares of the company’s stock valued at $450,000 after acquiring an additional 332 shares during the last quarter. Institutional investors own 98.80% of the company’s stock.

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.