Research Analysts Set Expectations for Northern Oil and Gas, Inc.’s FY2024 Earnings (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Stock analysts at Northland Capmk issued their FY2024 earnings per share estimates for shares of Northern Oil and Gas in a report released on Thursday, August 1st. Northland Capmk analyst D. Schafer anticipates that the company will earn $5.47 per share for the year. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.12 per share. Northland Capmk also issued estimates for Northern Oil and Gas’ Q4 2024 earnings at $1.50 EPS and FY2025 earnings at $7.06 EPS.

Northern Oil and Gas (NYSE:NOG) last issued its earnings results on Tuesday, July 30th. The company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.26. Northern Oil and Gas had a return on equity of 31.90% and a net margin of 27.37%. The company had revenue of $560.80 million for the quarter, compared to analyst estimates of $542.28 million. During the same period in the prior year, the firm posted $1.49 EPS. The business’s revenue was up 17.7% compared to the same quarter last year.

Several other brokerages have also weighed in on NOG. Piper Sandler upped their target price on Northern Oil and Gas from $42.00 to $43.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 14th. Truist Financial increased their price objective on Northern Oil and Gas from $54.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Citigroup lowered their price objective on Northern Oil and Gas from $55.00 to $50.00 and set a “buy” rating on the stock in a report on Friday, May 3rd. Morgan Stanley increased their price objective on 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. Finally, StockNews.com lowered Northern Oil and Gas from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.90.

Northern Oil and Gas Stock Performance

Shares of NOG stock opened at $36.42 on Monday. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.89 and a quick ratio of 0.96. Northern Oil and Gas has a fifty-two week low of $31.13 and a fifty-two week high of $43.80. The stock’s 50-day moving average is $38.92 and its two-hundred day moving average is $38.32. The firm has a market cap of $3.68 billion, a P/E ratio of 5.90 and a beta of 1.79.

Insiders Place Their Bets

In other Northern Oil and Gas news, President Adam A. Dirlam sold 1,392 shares of Northern Oil and Gas stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $40.86, for a total value of $56,877.12. Following the transaction, the president now directly owns 109,020 shares of the company’s stock, valued at approximately $4,454,557.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, President Adam A. Dirlam sold 1,392 shares of Northern Oil and Gas stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $40.86, for a total transaction of $56,877.12. Following the sale, the president now owns 109,020 shares of the company’s stock, valued at approximately $4,454,557.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Nicholas L. O’grady sold 3,750 shares of Northern Oil and Gas stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $38.01, for a total value of $142,537.50. Following the sale, the chief executive officer now directly owns 224,332 shares in the company, valued at approximately $8,526,859.32. The disclosure for this sale can be found here. Insiders have sold a total of 6,534 shares of company stock valued at $252,144 in the last three months. Company insiders own 2.80% of the company’s stock.

Institutional Trading of Northern Oil and Gas

Several institutional investors have recently modified their holdings of NOG. Emerald Advisers LLC boosted its stake in Northern Oil and Gas by 17.6% in the 2nd quarter. Emerald Advisers LLC now owns 566,999 shares of the company’s stock valued at $21,075,000 after buying an additional 84,751 shares in the last quarter. Emerald Mutual Fund Advisers Trust boosted its stake in Northern Oil and Gas by 18.5% in the 2nd quarter. Emerald Mutual Fund Advisers Trust now owns 453,414 shares of the company’s stock valued at $16,853,000 after buying an additional 70,709 shares in the last quarter. Arizona State Retirement System boosted its stake in Northern Oil and Gas by 2.2% in the 2nd quarter. Arizona State Retirement System now owns 25,415 shares of the company’s stock valued at $945,000 after buying an additional 555 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Northern Oil and Gas by 1.1% in the 2nd quarter. Victory Capital Management Inc. now owns 866,344 shares of the company’s stock valued at $32,202,000 after buying an additional 9,241 shares in the last quarter. Finally, Hodges Capital Management Inc. boosted its stake in Northern Oil and Gas by 8.7% in the 2nd quarter. Hodges Capital Management Inc. now owns 42,480 shares of the company’s stock valued at $1,579,000 after buying an additional 3,400 shares in the last quarter. Institutional investors and hedge funds own 98.80% of the company’s stock.

About Northern Oil and Gas

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.