Equities Analysts Offer Predictions for Northern Oil and Gas, Inc.’s Q1 2023 Earnings (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG – Get Rating) – Zacks Research decreased their Q1 2023 earnings estimates for shares of Northern Oil and Gas in a report issued on Tuesday, March 14th. Zacks Research analyst N. Choudhury now expects that the company will post earnings per share of $1.57 for the quarter, down from their previous estimate of $1.64. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $8.63 per share. Zacks Research also issued estimates for Northern Oil and Gas’ Q2 2023 earnings at $1.85 EPS, Q3 2023 earnings at $2.15 EPS, Q1 2024 earnings at $2.12 EPS, Q2 2024 earnings at $1.92 EPS, Q3 2024 earnings at $2.22 EPS, Q4 2024 earnings at $2.20 EPS, FY2024 earnings at $8.46 EPS and FY2025 earnings at $9.29 EPS.

Northern Oil and Gas (NYSE:NOG – Get Rating) last released its earnings results on Friday, February 24th. The company reported $1.43 EPS for the quarter, missing the consensus estimate of $1.65 by ($0.22). The business had revenue of $445.65 million for the quarter, compared to analysts’ expectations of $408.08 million. The company’s revenue for the quarter was up 34.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.06 earnings per share.

NOG has been the topic of several other research reports. Truist Financial lowered their price objective on shares of Northern Oil and Gas from $54.00 to $44.00 and set a “buy” rating on the stock in a research note on Tuesday, February 7th. StockNews.com cut shares of Northern Oil and Gas from a “hold” rating to a “sell” rating in a research note on Friday, March 10th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 price objective on shares of Northern Oil and Gas in a research note on Friday. Citigroup lifted their price objective on shares of Northern Oil and Gas from $36.00 to $46.00 in a research note on Friday, November 25th. Finally, Bank of America raised shares of Northern Oil and Gas from a “neutral” rating to a “buy” rating and set a $38.00 price objective on the stock in a research note on Friday, January 6th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $45.11.

Northern Oil and Gas Stock Down 2.1 %

Northern Oil and Gas stock opened at $26.38 on Friday. The stock has a market cap of $2.25 billion, a price-to-earnings ratio of 3.21, a PEG ratio of 1.17 and a beta of 2.04. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 2.05. The company’s 50-day moving average price is $31.83 and its two-hundred day moving average price is $32.24. Northern Oil and Gas has a 52 week low of $21.45 and a 52 week high of $39.10.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. FMR LLC boosted its holdings in shares of Northern Oil and Gas by 28.3% during the second quarter. FMR LLC now owns 5,809,993 shares of the company’s stock worth $146,761,000 after purchasing an additional 1,282,999 shares during the period. Angelo Gordon & CO. L.P. boosted its holdings in shares of Northern Oil and Gas by 400.6% during the fourth quarter. Angelo Gordon & CO. L.P. now owns 5,113,784 shares of the company’s stock worth $157,607,000 after purchasing an additional 4,092,342 shares during the period. BlackRock Inc. boosted its holdings in shares of Northern Oil and Gas by 7.9% during the first quarter. BlackRock Inc. now owns 4,438,695 shares of the company’s stock worth $125,127,000 after purchasing an additional 326,123 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Northern Oil and Gas by 0.5% during the third quarter. Vanguard Group Inc. now owns 3,743,683 shares of the company’s stock worth $102,615,000 after purchasing an additional 20,217 shares during the period. Finally, State Street Corp boosted its holdings in shares of Northern Oil and Gas by 3.7% during the second quarter. State Street Corp now owns 3,423,896 shares of the company’s stock worth $87,138,000 after purchasing an additional 122,883 shares during the period. 96.41% of the stock is owned by hedge funds and other institutional investors.

Northern Oil and Gas Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 28th. Stockholders of record on Thursday, March 30th will be given a $0.34 dividend. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.30. This represents a $1.36 annualized dividend and a dividend yield of 5.16%. The ex-dividend date is Wednesday, March 29th. Northern Oil and Gas’s dividend payout ratio (DPR) is 14.60%.

Northern Oil and Gas Company Profile

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Northern Oil & Gas, Inc engages in the acquisition, exploration, development, and production of crude oil and natural gas properties. It focuses on the Bakken and Three Forks formation within the Williston Basin in North Dakota and Montana. The company was founded on March 20, 2007 and is headquartered in Minnetonka, MN.