What is Zacks Research’s Forecast for NOG FY2024 Earnings?

Northern Oil and Gas, Inc. (NYSE:NOG) – Investment analysts at Zacks Research raised their FY2024 earnings per share estimates for shares of Northern Oil and Gas in a research report issued to clients and investors on Monday, November 18th. Zacks Research analyst N. Choudhury now anticipates that the company will post earnings per share of $5.47 for the year, up from their previous forecast of $5.24. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.38 per share. Zacks Research also issued estimates for Northern Oil and Gas’ Q1 2025 earnings at $1.27 EPS, Q3 2025 earnings at $1.42 EPS and Q4 2025 earnings at $1.56 EPS.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $1.40 EPS for the quarter, beating the consensus estimate of $1.20 by $0.20. The business had revenue of $753.64 million for 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%. The firm’s revenue was up 140.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.73 EPS.

A number of other brokerages also recently weighed in on NOG. StockNews.com downgraded shares of Northern Oil and Gas from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Jefferies Financial Group started 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 target price on the stock. Morgan Stanley reduced their target price on Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Piper Sandler upped their price objective on shares of Northern Oil and Gas from $40.00 to $41.00 and gave the company a “neutral” rating in a research note on Monday. Finally, Mizuho started coverage on Northern Oil and Gas in a research note on Thursday, September 19th. They issued an “outperform” rating and a $47.00 price objective on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $47.60.

Northern Oil and Gas Stock Down 0.4 %

NOG stock opened at $41.08 on Wednesday. The business’s 50 day simple moving average is $37.64 and its 200 day simple moving average is $38.50. Northern Oil and Gas has a 1-year low of $31.13 and a 1-year high of $43.80. The firm has a market capitalization of $4.10 billion, a PE ratio of 4.93 and a beta of 1.80. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.84.

Insider Activity at Northern Oil and Gas

In other news, CFO Chad W. Allen sold 1,500 shares of the stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $40.00, for a total transaction of $60,000.00. Following the sale, the chief financial officer now directly owns 83,792 shares of the company’s stock, valued at $3,351,680. This represents a 1.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, President Adam A. Dirlam sold 2,508 shares of Northern Oil and Gas stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $38.50, for a total value of $96,558.00. Following the completion of the sale, the president now owns 107,876 shares in the company, valued at approximately $4,153,226. The trade was a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,508 shares of company stock valued at $248,113 over the last ninety days. 2.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Northern Oil and Gas

Hedge funds and other institutional investors have recently bought and sold shares of the company. Legacy Investment Solutions LLC acquired a new position in shares of Northern Oil and Gas during the third quarter worth $25,000. Signaturefd LLC lifted its holdings in Northern Oil and Gas by 100.5% in the third quarter. Signaturefd LLC now owns 852 shares of the company’s stock valued at $30,000 after acquiring an additional 427 shares during the period. GAMMA Investing LLC boosted its stake in shares of Northern Oil and Gas by 91.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock worth $41,000 after acquiring an additional 528 shares in the last quarter. Quarry LP grew its stake in Northern Oil and Gas by 338.8% in the 2nd quarter. Quarry LP now owns 1,132 shares of the company’s stock valued at $42,000 after acquiring an additional 874 shares during the last quarter. Finally, Covestor Ltd boosted its stake in shares of Northern Oil and Gas by 122.6% during the third quarter. Covestor Ltd now owns 1,903 shares of the company’s stock valued at $67,000 after acquiring an additional 1,048 shares during the last quarter. 98.80% of the stock is currently owned by hedge funds and other 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.