Northern Oil and Gas, Inc. (NYSE:NOG) to Post Q2 2024 Earnings of $1.11 Per Share, Northland Capmk Forecasts

Northern Oil and Gas, Inc. (NYSE:NOG) – Equities research analysts at Northland Capmk issued their Q2 2024 earnings estimates for shares of Northern Oil and Gas in a note issued to investors on Wednesday, May 1st. Northland Capmk analyst D. Schafer expects that the company will earn $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.

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

A number of other analysts have also commented on NOG. Citigroup dropped their price target on 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. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 target price on shares of Northern Oil and Gas in a research note on Wednesday, March 6th. Truist Financial increased their price target on shares of Northern Oil and Gas from $55.00 to $56.00 and gave the company a “buy” rating in a research report on Wednesday. Piper Sandler raised 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, April 19th. Finally, StockNews.com raised shares of Northern Oil and Gas from a “sell” rating to a “hold” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.40.

Northern Oil and Gas Price Performance

Shares of NYSE NOG opened at $39.67 on Thursday. The company has a market capitalization of $4.01 billion, a PE ratio of 6.43 and a beta of 1.84. The company has a quick ratio of 1.32, a current ratio of 0.96 and a debt-to-equity ratio of 0.97. The stock’s 50 day moving average price is $39.38 and its 200-day moving average price is $37.35. Northern Oil and Gas has a twelve month low of $29.57 and a twelve month high of $43.75.

Hedge Funds Weigh In On Northern Oil and Gas

Hedge funds have recently bought and sold shares of the company. Principal Securities Inc. purchased a new stake in Northern Oil and Gas in the 4th quarter worth approximately $42,000. TFO Wealth Partners LLC increased its holdings in shares of Northern Oil and Gas by 112,100.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,122 shares of the company’s stock worth $42,000 after purchasing an additional 1,121 shares during the period. SRS Capital Advisors Inc. raised its position in shares of Northern Oil and Gas by 305.9% in the fourth quarter. SRS Capital Advisors Inc. now owns 1,230 shares of the company’s stock worth $46,000 after buying an additional 927 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new stake in Northern Oil and Gas during the third quarter valued at $67,000. Finally, Quadrant Capital Group LLC grew its position in Northern Oil and Gas by 74.7% during the fourth quarter. Quadrant Capital Group LLC now owns 2,175 shares of the company’s stock worth $81,000 after buying an additional 930 shares in the last quarter. Hedge funds and other institutional investors own 98.80% of the company’s stock.

Insider Transactions at Northern Oil and Gas

In related news, insider James B. Evans sold 3,150 shares of Northern Oil and Gas stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $42.00, for a total value of $132,300.00. Following the completion of the transaction, the insider now directly owns 73,753 shares in the company, valued at approximately $3,097,626. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider James B. Evans sold 3,150 shares of the stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $42.00, for a total transaction of $132,300.00. Following the sale, the insider now owns 73,753 shares of the company’s stock, valued at approximately $3,097,626. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 stock was 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 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 over the last quarter. Corporate insiders own 2.80% of the company’s stock.

Northern Oil and Gas Announces Dividend

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

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.