Q1 2024 EPS Estimates for Northern Oil and Gas, Inc. Increased by Analyst (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Research analysts at Capital One Financial increased their Q1 2024 EPS estimates for Northern Oil and Gas in a research note issued to investors on Wednesday, April 17th. Capital One Financial analyst P. Johnston now forecasts that the company will earn $1.09 per share for the quarter, up from their previous estimate of $1.07. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.43 per share.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings results on Friday, February 23rd. The company reported $1.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.64 by ($0.03). The company had revenue of $543.40 million during the quarter, compared to analyst estimates of $555.31 million. Northern Oil and Gas had a net margin of 42.61% and a return on equity of 40.86%. The company’s revenue was up 21.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.43 earnings per share.

A number of other analysts have also recently weighed in on the stock. Truist Financial dropped their target price on shares of Northern Oil and Gas from $56.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, April 5th. Raymond James dropped 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 report on Wednesday, January 24th. Stifel Nicolaus dropped their price objective on shares of Northern Oil and Gas from $54.00 to $52.00 and set a “buy” rating on the stock in a report on Tuesday, January 23rd. Citigroup dropped their price objective on shares of Northern Oil and Gas from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Wednesday, February 28th. Finally, Piper Sandler increased their price objective on shares of Northern Oil and Gas from $38.00 to $42.00 and gave the stock a “neutral” rating in a report on Friday. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $47.00.

Northern Oil and Gas Stock Up 1.1 %

Shares of NYSE:NOG opened at $42.50 on Thursday. The stock has a market capitalization of $4.29 billion, a price-to-earnings ratio of 4.23 and a beta of 1.86. Northern Oil and Gas has a 1-year low of $29.57 and a 1-year high of $43.64. The company’s fifty day moving average is $38.00 and its two-hundred day moving average is $37.18. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.32 and a current ratio of 1.32.

Northern Oil and Gas Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Thursday, March 28th will be given a $0.40 dividend. The ex-dividend date is Wednesday, March 27th. This represents a $1.60 dividend on an annualized basis and a yield of 3.77%. Northern Oil and Gas’s dividend payout ratio is presently 15.94%.

Insider Activity at Northern Oil and Gas

In related news, insider James B. Evans sold 945 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $38.00, for a total value of $35,910.00. Following the completion of the transaction, the insider now owns 83,872 shares in the company, valued at approximately $3,187,136. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider James B. Evans sold 3,150 shares of the firm’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $42.00, for a total transaction of $132,300.00. Following the completion of the transaction, the insider now owns 73,753 shares in the company, valued at approximately $3,097,626. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider James B. Evans sold 945 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $38.00, for a total transaction of $35,910.00. Following the transaction, the insider now 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 worth $436,614 in the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Northern Oil and Gas

Several large investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC boosted its position in shares of Northern Oil and Gas by 5.7% during 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 purchasing an additional 77,537 shares in the last quarter. Hennion & Walsh Asset Management Inc. bought a new position in shares of Northern Oil and Gas during the 1st quarter valued at about $267,000. Doliver Advisors LP boosted its position in shares of Northern Oil and Gas by 5.6% during the 1st quarter. Doliver Advisors LP now owns 28,072 shares of the company’s stock valued at $1,114,000 after purchasing an additional 1,490 shares in the last quarter. Range Financial Group LLC lifted its stake in Northern Oil and Gas by 12.6% during the first quarter. Range Financial Group LLC now owns 7,289 shares of the company’s stock valued at $289,000 after buying an additional 816 shares in the last quarter. Finally, RFG Advisory LLC lifted its stake in Northern Oil and Gas by 21.0% during the first quarter. RFG Advisory LLC now owns 7,439 shares of the company’s stock valued at $295,000 after buying an additional 1,291 shares in the last quarter. Institutional investors own 98.80% of the company’s stock.

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.