Equities Analysts Issue Forecasts for Northern Oil and Gas, Inc.’s FY2024 Earnings (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Investment analysts at Northland Capmk reduced their FY2024 earnings per share (EPS) estimates for shares of Northern Oil and Gas in a report released on Wednesday, May 1st. Northland Capmk analyst D. Schafer now forecasts that the company will post earnings of $4.92 per share for the year, down from their prior forecast of $6.03. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.53 per share.

A number of other equities research analysts have also issued reports on NOG. Raymond James dropped their price target on Northern Oil and Gas from $51.00 to $45.00 and set a “strong-buy” rating for the company in a research report on Wednesday, January 24th. Jefferies Financial Group increased their price objective on Northern Oil and Gas from $45.00 to $51.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. Bank of America lowered Northern Oil and Gas from a “buy” rating to an “underperform” rating and set a $39.00 price objective for the company. in a research report on Friday, January 5th. 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. Finally, Piper Sandler increased their price objective on Northern Oil and Gas from $38.00 to $42.00 and gave the stock a “neutral” rating in a research report on Friday, April 19th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $47.40.

Northern Oil and Gas Stock Down 0.1 %

Shares of NOG stock opened at $39.95 on Friday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.96 and a quick ratio of 1.32. The stock’s fifty day moving average price is $39.49 and its 200 day moving average price is $37.36. The company has a market cap of $4.04 billion, a price-to-earnings ratio of 6.48 and a beta of 1.84. Northern Oil and Gas has a 1-year low of $29.57 and a 1-year high of $43.75.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $1.28 earnings per share (EPS) 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 business had revenue of $396.35 million for the quarter, compared to the consensus estimate of $505.67 million. During the same period last year, the business posted $1.76 EPS. The business’s revenue was down 31.9% compared to the same quarter last year.

Northern Oil and Gas Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 4.01%. The ex-dividend date of this dividend was Wednesday, March 27th. Northern Oil and Gas’s dividend payout ratio is presently 25.93%.

Insider Buying and Selling at Northern Oil and Gas

In other Northern Oil and Gas news, CEO Nicholas L. O’grady sold 3,750 shares of the firm’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $40.98, for a total value of $153,675.00. Following the sale, the chief executive officer now directly owns 228,082 shares in the company, valued at $9,346,800.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Northern Oil and Gas news, CEO Nicholas L. O’grady sold 3,750 shares of the firm’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $40.98, for a total value of $153,675.00. Following the sale, the chief executive officer now directly owns 228,082 shares in the company, valued at $9,346,800.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Adam A. Dirlam sold 2,088 shares of the firm’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 completion of the sale, the president now owns 122,359 shares in the company, valued at $4,649,642. The disclosure for this sale can be found here. Insiders have sold a total of 10,944 shares of company stock worth $436,614 over the last ninety days. Corporate insiders own 2.80% of the company’s stock.

Institutional Trading of Northern Oil and Gas

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Jennison Associates LLC acquired a new stake in shares of Northern Oil and Gas during the first quarter worth about $7,780,000. Capstone Investment Advisors LLC increased its position in shares of Northern Oil and Gas by 8,679.3% during the first quarter. Capstone Investment Advisors LLC now owns 512,972 shares of the company’s stock worth $20,355,000 after purchasing an additional 507,129 shares in the last quarter. Janney Montgomery Scott LLC increased its position in shares of Northern Oil and Gas by 17.0% during the first quarter. Janney Montgomery Scott LLC now owns 9,992 shares of the company’s stock worth $396,000 after purchasing an additional 1,453 shares in the last quarter. Hartline Investment Corp acquired a new stake in shares of Northern Oil and Gas during the first quarter worth about $894,000. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Northern Oil and Gas by 5.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,432,704 shares of the company’s stock worth $56,850,000 after purchasing an additional 77,537 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.