Research Analysts Offer Predictions for Northern Oil and Gas, Inc.’s Q1 2024 Earnings (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Investment analysts at Zacks Research dropped their Q1 2024 earnings per share estimates for shares of Northern Oil and Gas in a report issued on Tuesday, March 26th. Zacks Research analyst N. Choudhury now forecasts that the company will post earnings per share of $1.27 for the quarter, down from their previous estimate of $1.29. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.68 per share. Zacks Research also issued estimates for Northern Oil and Gas’ Q2 2024 earnings at $1.33 EPS, Q3 2024 earnings at $1.43 EPS, FY2024 earnings at $5.49 EPS, Q1 2025 earnings at $1.41 EPS, Q2 2025 earnings at $1.52 EPS, Q3 2025 earnings at $1.62 EPS, Q4 2025 earnings at $1.54 EPS, FY2025 earnings at $6.09 EPS and FY2026 earnings at $6.28 EPS.

Several other equities research analysts have also commented on the company. Royal Bank of Canada restated 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. Truist Financial dropped their price target on shares of Northern Oil and Gas from $58.00 to $56.00 and set a “buy” rating on the stock in a research note on Friday, February 16th. Citigroup decreased 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. Piper Sandler cut their price objective on Northern Oil and Gas from $39.00 to $38.00 and set a “neutral” rating for the company in a research note on Friday, February 16th. Finally, Raymond James lowered their price target on Northern Oil and Gas from $51.00 to $45.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, January 24th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Northern Oil and Gas presently has an average rating of “Moderate Buy” and a consensus target price of $46.40.

Northern Oil and Gas Price Performance

Shares of NYSE:NOG opened at $39.67 on Wednesday. The company has a market cap of $4.00 billion, a PE ratio of 3.95 and a beta of 1.85. Northern Oil and Gas has a twelve month low of $29.18 and a twelve month high of $43.64. The company’s 50 day moving average is $35.36 and its 200 day moving average is $37.02. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.90.

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

Hedge Funds Weigh In On Northern Oil and Gas

A number of large investors have recently modified their holdings of the business. Quadrant Capital Group LLC boosted its stake in shares of Northern Oil and Gas by 259.2% during the 2nd quarter. Quadrant Capital Group LLC now owns 740 shares of the company’s stock worth $25,000 after acquiring an additional 534 shares in the last quarter. Captrust Financial Advisors boosted its position in Northern Oil and Gas by 1,349.4% during the second quarter. Captrust Financial Advisors now owns 1,145 shares of the company’s stock worth $29,000 after purchasing an additional 1,066 shares in the last quarter. Quarry LP acquired a new stake in Northern Oil and Gas in the second quarter valued at $31,000. Principal Securities Inc. purchased a new position in shares of Northern Oil and Gas in the fourth quarter valued at $42,000. Finally, TFO Wealth Partners LLC raised its stake in shares of Northern Oil and Gas by 112,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,122 shares of the company’s stock worth $42,000 after buying an additional 1,121 shares during the last quarter. 98.80% of the stock is owned by hedge funds and other institutional investors.

Insider Activity 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 Tuesday, January 9th. The shares were sold at an average price of $35.63, for a total transaction of $133,612.50. Following the transaction, the chief executive officer now directly owns 220,825 shares of the company’s stock, valued at approximately $7,867,994.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Northern Oil and Gas news, CEO Nicholas L. O’grady sold 3,750 shares of the stock in a transaction that occurred on Tuesday, January 9th. The stock was sold at an average price of $35.63, for a total transaction of $133,612.50. Following the completion of the sale, the chief executive officer now directly owns 220,825 shares of the company’s stock, valued at approximately $7,867,994.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Adam A. Dirlam sold 2,088 shares of the business’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 directly owns 122,359 shares in the company, valued at approximately $4,649,642. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,794 shares of company stock worth $284,252. Corporate insiders own 3.20% of the company’s stock.

Northern Oil and Gas Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th will be given a dividend of $0.40 per share. The ex-dividend date is Wednesday, March 27th. This represents a $1.60 annualized dividend and a dividend yield of 4.03%. Northern Oil and Gas’s dividend payout ratio is presently 15.94%.

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.