Brokers Issue Forecasts for Northern Oil and Gas, Inc.’s Q2 2024 Earnings (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Research analysts at Northland Capmk issued their Q2 2024 earnings estimates for Northern Oil and Gas in a note issued to investors on Wednesday, May 1st. Northland Capmk analyst D. Schafer forecasts that the company will post earnings of $1.11 per share for the quarter. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.53 per share. Northland Capmk also issued estimates for Northern Oil and Gas’ Q3 2024 earnings at $1.22 EPS, Q4 2024 earnings at $1.30 EPS and FY2025 earnings at $6.13 EPS.

Several other equities analysts have also issued reports on the company. Truist Financial upped their price target on Northern Oil and Gas from $55.00 to $56.00 and gave the company a “buy” rating in a research note on Wednesday. Raymond James cut their target price on shares of Northern Oil and Gas from $51.00 to $45.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, January 24th. Jefferies Financial Group lifted their price target on shares of 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. StockNews.com raised shares of Northern Oil and Gas from a “sell” rating to a “hold” rating in a research note on Thursday. Finally, Stifel Nicolaus raised their price objective on shares of Northern Oil and Gas from $54.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $47.40.

Northern Oil and Gas Stock Down 2.7 %

Shares of NOG opened at $39.67 on Thursday. The business’s fifty day moving average price is $39.38 and its two-hundred day moving average price is $37.35. The firm has a market capitalization of $4.01 billion, a price-to-earnings ratio of 6.43 and a beta of 1.84. Northern Oil and Gas has a 52 week low of $29.57 and a 52 week high of $43.75. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.32 and a current ratio of 0.96.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings results on Tuesday, April 30th. The company reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.18 by $0.10. Northern Oil and Gas had a net margin of 30.01% and a return on equity of 34.06%. The business had revenue of $396.35 million during the quarter, compared to analyst estimates of $505.67 million. During the same quarter last year, the business posted $1.76 earnings per share. Northern Oil and Gas’s revenue for the quarter was down 31.9% compared to the same quarter last year.

Northern Oil and Gas Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.03%. Northern Oil and Gas’s dividend payout ratio is 25.93%.

Insider Activity

In related news, insider James B. Evans sold 945 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $38.00, for a total transaction of $35,910.00. Following the sale, the insider now owns 83,872 shares of the company’s stock, valued at approximately $3,187,136. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, President Adam A. Dirlam sold 2,088 shares of the company’s stock in a transaction that occurred 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 transaction, the president now owns 122,359 shares in the company, valued at $4,649,642. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James B. Evans sold 945 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $38.00, for a total transaction of $35,910.00. Following the sale, the insider now directly owns 83,872 shares of the company’s stock, valued at approximately $3,187,136. The disclosure for this sale can be found here. Insiders sold 10,944 shares of company stock valued at $436,614 in the last quarter. Company insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On Northern Oil and Gas

Several institutional investors have recently added to or reduced their stakes in NOG. Capstone Investment Advisors LLC raised its stake in shares of Northern Oil and Gas by 8,679.3% in the 1st quarter. Capstone Investment Advisors LLC now owns 512,972 shares of the company’s stock valued at $20,355,000 after purchasing an additional 507,129 shares during the period. Janney Montgomery Scott LLC grew its holdings 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 buying an additional 1,453 shares in the last quarter. Hartline Investment Corp bought a new position in shares of Northern Oil and Gas during the first quarter worth about $894,000. Allspring Global Investments Holdings LLC raised its position in Northern Oil and Gas by 5.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,432,704 shares of the company’s stock valued at $56,850,000 after buying an additional 77,537 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Northern Oil and Gas by 1.1% in the 1st quarter. Principal Financial Group Inc. now owns 1,422,435 shares of the company’s stock valued at $56,442,000 after acquiring an additional 16,081 shares in the last quarter. 98.80% of the stock is owned by 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.