Q2 2024 EPS Estimates for Northern Oil and Gas, Inc. (NYSE:NOG) Lowered by Analyst

Northern Oil and Gas, Inc. (NYSE:NOG) – Analysts at Capital One Financial decreased their Q2 2024 earnings per share estimates for shares of Northern Oil and Gas in a research report issued on Tuesday, April 30th. Capital One Financial analyst P. Johnston now forecasts that the company will earn $1.18 per share for the quarter, down from their prior forecast of $1.30. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.46 per share. Capital One Financial also issued estimates for Northern Oil and Gas’ Q3 2024 earnings at $1.29 EPS and FY2024 earnings at $5.07 EPS.

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

Several other analysts have also recently commented on NOG. Stifel Nicolaus increased their price target on shares of 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. Morgan Stanley upped their price target on Northern Oil and Gas from $38.00 to $41.00 and gave the company an “equal weight” rating in a research note on Monday, April 15th. Royal Bank of Canada reiterated an “outperform” rating and issued a $46.00 price objective on shares of Northern Oil and Gas in a research report on Wednesday, March 6th. Citigroup cut their target price on shares of 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, Truist Financial boosted their price target on shares of Northern Oil and Gas from $55.00 to $56.00 and gave the stock a “buy” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on 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 Stock Up 0.7 %

Shares of NYSE:NOG opened at $40.25 on Friday. Northern Oil and Gas has a 12 month low of $29.57 and a 12 month high of $43.75. The firm has a market cap of $4.07 billion, a P/E ratio of 6.52 and a beta of 1.84. The company has a quick ratio of 1.32, a current ratio of 0.96 and a debt-to-equity ratio of 0.97. The company’s 50-day moving average price is $39.61 and its two-hundred day moving average price is $37.34.

Northern Oil and Gas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Thursday, June 27th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.98%. The ex-dividend date of this dividend is Thursday, June 27th. Northern Oil and Gas’s dividend payout ratio is currently 25.93%.

Insider Buying and Selling

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 stock was sold at an average price of $38.00, for a total value of $35,910.00. Following the completion of the transaction, the insider now directly owns 83,872 shares of the company’s stock, valued at $3,187,136. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related 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 value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider James B. Evans sold 945 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $38.00, for a total transaction of $35,910.00. Following the completion of the transaction, the insider now directly owns 83,872 shares of the company’s stock, valued at $3,187,136. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,944 shares of company stock valued at $436,614. 2.80% of the stock is owned by company insiders.

Institutional Trading of Northern Oil and Gas

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Northern Oil and Gas by 36.4% during the fourth quarter. Vanguard Group Inc. now owns 10,587,536 shares of the company’s stock worth $392,480,000 after buying an additional 2,827,642 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Northern Oil and Gas by 19.0% in the third quarter. Invesco Ltd. now owns 3,786,176 shares of the company’s stock valued at $152,318,000 after purchasing an additional 605,197 shares during the last quarter. American Century Companies Inc. lifted its position in shares of Northern Oil and Gas by 27.0% in the third quarter. American Century Companies Inc. now owns 2,562,396 shares of the company’s stock worth $103,085,000 after purchasing an additional 545,297 shares in the last quarter. Westfield Capital Management Co. LP boosted its holdings in Northern Oil and Gas by 9.3% during the fourth quarter. Westfield Capital Management Co. LP now owns 1,537,719 shares of the company’s stock worth $57,003,000 after purchasing an additional 131,448 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. grew its position in Northern Oil and Gas by 13.8% in the third quarter. Adage Capital Partners GP L.L.C. now owns 1,445,517 shares of the company’s stock valued at $58,153,000 after purchasing an additional 175,000 shares in the last quarter. 98.80% of the stock is currently owned by 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.