Equities Analysts Issue Forecasts for NOG FY2024 Earnings

Northern Oil and Gas, Inc. (NYSE:NOG) – Analysts at Capital One Financial boosted their FY2024 earnings per share (EPS) estimates for shares of Northern Oil and Gas in a research report issued on Wednesday, January 8th. Capital One Financial analyst P. Johnston now forecasts that the company will post earnings of $5.45 per share for the year, up from their previous estimate of $5.44. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.40 per share. Capital One Financial also issued estimates for Northern Oil and Gas’ FY2025 earnings at $5.58 EPS.

Several other research analysts have also recently issued reports on NOG. Truist Financial raised their target price on shares of Northern Oil and Gas from $51.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Jefferies Financial Group initiated coverage on Northern Oil and Gas in a report on Thursday, October 3rd. They issued a “buy” rating and a $53.00 price objective for the company. Mizuho lowered Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 target price on the stock. in a report on Monday, December 16th. Royal Bank of Canada cut Northern Oil and Gas from an “outperform” rating to a “sector perform” rating and lifted their price target for the company from $43.00 to $45.00 in a research report on Wednesday, November 20th. Finally, Piper Sandler lowered their price objective on Northern Oil and Gas from $41.00 to $37.00 and set a “neutral” rating on the stock in a research report on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, four have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $47.20.

Northern Oil and Gas Stock Performance

Shares of NYSE NOG opened at $39.33 on Friday. The company has a 50 day simple moving average of $39.71 and a two-hundred day simple moving average of $38.67. The stock has a market cap of $3.93 billion, a price-to-earnings ratio of 4.72 and a beta of 1.85. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.84. Northern Oil and Gas has a 12 month low of $31.13 and a 12 month high of $44.31.

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

Northern Oil and Gas Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Monday, December 30th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 4.27%. The ex-dividend date is Monday, December 30th. Northern Oil and Gas’s payout ratio is 20.17%.

Insider Transactions at Northern Oil and Gas

In other news, President Adam A. Dirlam sold 836 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $39.00, for a total transaction of $32,604.00. Following the transaction, the president now owns 96,223 shares of the company’s stock, valued at approximately $3,752,697. The trade was a 0.86 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Northern Oil and Gas

Institutional investors have recently bought and sold shares of the company. Icon Wealth Advisors LLC acquired a new stake in shares of Northern Oil and Gas during the 3rd quarter worth approximately $828,000. American Century Companies Inc. grew its position in Northern Oil and Gas by 11.0% in the second quarter. American Century Companies Inc. now owns 5,566,459 shares of the company’s stock worth $206,905,000 after acquiring an additional 552,645 shares during the period. Qsemble Capital Management LP purchased a new position in Northern Oil and Gas in the second quarter worth approximately $625,000. Mutual of America Capital Management LLC increased its stake in Northern Oil and Gas by 16.3% during the second quarter. Mutual of America Capital Management LLC now owns 443,264 shares of the company’s stock worth $16,476,000 after acquiring an additional 62,254 shares during the last quarter. Finally, Heritage Wealth Management Inc. purchased a new stake in Northern Oil and Gas in the second quarter valued at $939,000. 98.80% of the stock is 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.