Northern Oil and Gas, Inc. to Post Q1 2024 Earnings of $1.02 Per Share, Roth Capital Forecasts (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Equities research analysts at Roth Capital increased their Q1 2024 earnings per share estimates for shares of Northern Oil and Gas in a research note issued on Tuesday, April 16th. Roth Capital analyst J. White now anticipates that the company will post earnings of $1.02 per share for the quarter, up from their prior forecast of $0.97. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.43 per share. Roth Capital also issued estimates for Northern Oil and Gas’ Q3 2024 earnings at $1.34 EPS and FY2024 earnings at $5.00 EPS.

Other research analysts also recently issued reports about the company. Citigroup cut their target price on 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 price objective 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. Jefferies Financial Group boosted their price objective on Northern Oil and Gas from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Thursday, March 21st. Stifel Nicolaus dropped their price objective on Northern Oil and Gas from $54.00 to $52.00 and set a “buy” rating on the stock in a research note on Tuesday, January 23rd. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 price objective on shares of Northern Oil and Gas in a research note on Wednesday, March 6th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Northern Oil and Gas presently has an average rating of “Moderate Buy” and a consensus target price of $47.00.

Northern Oil and Gas Trading Up 1.1 %

Shares of NOG stock opened at $42.50 on Thursday. The firm has a market capitalization of $4.29 billion, a P/E ratio of 4.23 and a beta of 1.86. Northern Oil and Gas has a twelve month low of $29.57 and a twelve month high of $43.64. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.90. The stock’s fifty day simple moving average is $38.00 and its 200 day simple moving average is $37.18.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings data on Friday, February 23rd. The company reported $1.61 earnings per share for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.03). The firm had revenue of $543.40 million for the quarter, compared to the consensus estimate of $555.31 million. Northern Oil and Gas had a return on equity of 40.86% and a net margin of 42.61%. The company’s revenue was up 21.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.43 EPS.

Northern Oil and Gas Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date is Wednesday, March 27th. Northern Oil and Gas’s dividend payout ratio (DPR) is currently 15.94%.

Insider Buying and Selling

In related news, insider James B. Evans sold 3,150 shares of the company’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $42.00, for a total transaction of $132,300.00. Following the transaction, the insider now directly 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 SEC, which can be accessed through this link. In other Northern Oil and Gas news, insider James B. Evans sold 3,150 shares of the business’s stock in a transaction that occurred on Tuesday, April 9th. The stock was 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 directly owns 73,753 shares of the company’s stock, valued at approximately $3,097,626. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Adam A. Dirlam sold 2,088 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was 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 $4,649,642. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,944 shares of company stock valued at $436,614. 3.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Northern Oil and Gas

Institutional investors have recently modified their holdings of the business. Captrust Financial Advisors grew its holdings in shares of Northern Oil and Gas by 1,349.4% in the second quarter. Captrust Financial Advisors now owns 1,145 shares of the company’s stock valued at $29,000 after acquiring an additional 1,066 shares in the last quarter. Quarry LP purchased a new position in Northern Oil and Gas in the second quarter valued at approximately $31,000. Principal Securities Inc. purchased a new position in Northern Oil and Gas in the fourth quarter valued at approximately $42,000. TFO Wealth Partners LLC lifted its stake in Northern Oil and Gas by 112,100.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,122 shares of the company’s stock valued at $42,000 after purchasing an additional 1,121 shares during the last quarter. Finally, SRS Capital Advisors Inc. lifted its stake in Northern Oil and Gas by 305.9% in the fourth quarter. SRS Capital Advisors Inc. now owns 1,230 shares of the company’s stock valued at $46,000 after purchasing an additional 927 shares during the last quarter. 98.80% of the stock is 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.