NOG FY2024 EPS Estimate Lowered by Capital One Financial

Northern Oil and Gas, Inc. (NYSE:NOG) – Equities research analysts at Capital One Financial reduced their FY2024 earnings per share estimates for Northern Oil and Gas in a report issued on Tuesday, January 21st. Capital One Financial analyst P. Johnston now anticipates that the company will post earnings of $5.27 per share for the year, down from their prior estimate of $5.45. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.37 per share. Capital One Financial also issued estimates for Northern Oil and Gas’ FY2025 earnings at $5.43 EPS.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.20. The firm had revenue of $753.64 million during the quarter, compared to analysts’ expectations of $540.23 million. Northern Oil and Gas had a net margin of 33.44% and a return on equity of 27.52%. Northern Oil and Gas’s quarterly revenue was up 140.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.73 EPS.

Several other analysts also recently commented on NOG. Truist Financial upped their price objective on Northern Oil and Gas from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Piper Sandler cut their price target on Northern Oil and Gas from $41.00 to $37.00 and set a “neutral” rating for the company in a research note on Tuesday, December 17th. Mizuho lowered shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price objective on the stock. in a research report on Monday, December 16th. Jefferies Financial Group assumed coverage on shares of Northern Oil and Gas in a research report on Thursday, October 3rd. They set a “buy” rating and a $53.00 price objective for the company. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $45.00 target price on shares of Northern Oil and Gas in a report on Friday, January 10th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Northern Oil and Gas Price Performance

Shares of NOG opened at $39.85 on Thursday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.23 and a current ratio of 1.23. Northern Oil and Gas has a fifty-two week low of $31.13 and a fifty-two week high of $44.31. The firm has a 50-day simple moving average of $40.05 and a 200-day simple moving average of $38.85. The company has a market capitalization of $3.98 billion, a price-to-earnings ratio of 4.78 and a beta of 1.85.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its position in shares of Northern Oil and Gas by 45.6% in the second quarter. Dimensional Fund Advisors LP now owns 2,521,924 shares of the company’s stock valued at $93,744,000 after purchasing an additional 789,985 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its holdings in Northern Oil and Gas by 45.6% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 8,733 shares of the company’s stock valued at $325,000 after buying an additional 2,734 shares during the last quarter. Public Sector Pension Investment Board increased its position in Northern Oil and Gas by 7.6% during the second quarter. Public Sector Pension Investment Board now owns 201,331 shares of the company’s stock worth $7,483,000 after buying an additional 14,237 shares in the last quarter. Xponance Inc. increased its position in Northern Oil and Gas by 18.4% during the second quarter. Xponance Inc. now owns 6,294 shares of the company’s stock worth $234,000 after buying an additional 977 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Northern Oil and Gas by 10.2% in the second quarter. The Manufacturers Life Insurance Company now owns 56,288 shares of the company’s stock worth $2,092,000 after acquiring an additional 5,192 shares during the last quarter. Hedge funds and other institutional investors own 98.80% of the company’s stock.

Insiders Place Their Bets

In related news, President Adam A. Dirlam sold 836 shares of Northern Oil and Gas stock in a transaction on Monday, January 6th. The stock was sold at an average price of $39.00, for a total transaction of $32,604.00. Following the completion of the transaction, the president now directly owns 96,223 shares of the company’s stock, valued at approximately $3,752,697. The trade was a 0.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last three months, insiders have sold 1,836 shares of company stock worth $72,869. 2.80% of the stock is owned by company insiders.

Northern Oil and Gas Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Monday, December 30th will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 4.22%. The ex-dividend date is Monday, December 30th. Northern Oil and Gas’s dividend payout ratio is currently 20.17%.

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.