Q1 2024 EPS Estimates for Northern Oil and Gas, Inc. Increased by Analyst (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Equities research analysts at Capital One Financial lifted their Q1 2024 EPS estimates for Northern Oil and Gas in a research note issued to investors on Wednesday, April 17th. Capital One Financial analyst P. Johnston now forecasts that the company will post earnings of $1.09 per share for the quarter, up from their prior estimate of $1.07. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.43 per share.

Northern Oil and Gas (NYSE:NOG) last posted its earnings results on Friday, February 23rd. The company reported $1.61 earnings per share for the quarter, missing the consensus estimate of $1.64 by ($0.03). The firm had revenue of $543.40 million during 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%. The business’s revenue for the quarter was up 21.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.43 earnings per share.

Several other equities analysts have also weighed in on the stock. Raymond James decreased their target price on shares of 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. Citigroup decreased their target price on shares of Northern Oil and Gas from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Wednesday, February 28th. Morgan Stanley boosted their target price on shares of Northern Oil and Gas from $38.00 to $41.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Truist Financial decreased their price objective on shares of Northern Oil and Gas from $56.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, April 5th. Finally, Jefferies Financial Group upped their price objective on shares of Northern Oil and Gas from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Northern Oil and Gas has a consensus rating of “Moderate Buy” and an average price target of $47.00.

Northern Oil and Gas Stock Performance

NYSE:NOG opened at $42.50 on Thursday. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.32 and a quick ratio of 1.32. The firm has a market capitalization 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 $38.00 and its two-hundred day moving average is $37.18. Northern Oil and Gas has a 1-year low of $29.57 and a 1-year high of $43.64.

Institutional Investors Weigh In On Northern Oil and Gas

A number of large investors have recently modified their holdings of the company. Private Advisor Group LLC increased its position in shares of Northern Oil and Gas by 4.8% in the 3rd quarter. Private Advisor Group LLC now owns 6,118 shares of the company’s stock valued at $246,000 after purchasing an additional 282 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors grew its position 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 buying an additional 290 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Northern Oil and Gas by 3.3% in the 4th quarter. Renaissance Technologies LLC now owns 9,300 shares of the company’s stock valued at $287,000 after buying an additional 300 shares during the last quarter. PNC Financial Services Group Inc. grew its position in shares of Northern Oil and Gas by 1.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 29,761 shares of the company’s stock valued at $1,197,000 after buying an additional 306 shares during the last quarter. Finally, Kestra Advisory Services LLC grew its position in shares of Northern Oil and Gas by 1.1% in the 3rd quarter. Kestra Advisory Services LLC now owns 27,673 shares of the company’s stock valued at $1,113,000 after buying an additional 309 shares during the last quarter. 98.80% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, President Adam A. Dirlam sold 2,088 shares of the company’s stock in a transaction that occurred 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 approximately $4,649,642. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, President Adam A. Dirlam sold 2,088 shares of the company’s stock in a transaction that occurred 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 approximately $4,649,642. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Nicholas L. O’grady sold 3,750 shares of the company’s stock in a transaction that occurred on 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 directly 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 valued at $436,614 in the last ninety days. Company insiders own 3.20% of the company’s stock.

Northern Oil and Gas Dividend Announcement

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

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.