Zacks Research Has Positive Estimate for NOG FY2024 Earnings

Northern Oil and Gas, Inc. (NYSE:NOG) – Investment analysts at Zacks Research boosted their FY2024 earnings per share estimates for shares of Northern Oil and Gas in a note issued to investors on Monday, November 18th. Zacks Research analyst N. Choudhury now forecasts that the company will earn $5.47 per share for the year, up from their previous forecast of $5.24. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.42 per share. Zacks Research also issued estimates for Northern Oil and Gas’ Q1 2025 earnings at $1.27 EPS, Q3 2025 earnings at $1.42 EPS and Q4 2025 earnings at $1.56 EPS.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $1.40 EPS for the quarter, topping the consensus estimate of $1.20 by $0.20. Northern Oil and Gas had a net margin of 33.44% and a return on equity of 27.52%. The company had revenue of $753.64 million for the quarter, compared to the consensus estimate of $540.23 million. During the same quarter last year, the firm posted $1.73 EPS. The firm’s revenue was up 140.0% compared to the same quarter last year.

Other equities analysts also recently issued research reports about the company. Piper Sandler increased their price target on Northern Oil and Gas from $40.00 to $41.00 and gave the stock a “neutral” rating in a research report on Monday. Truist Financial lifted their price target on Northern Oil and Gas from $44.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, November 7th. StockNews.com cut Northern Oil and Gas from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Morgan Stanley lowered their target price on shares of Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Finally, Royal Bank of Canada downgraded Northern Oil and Gas from an “outperform” rating to a “sector perform” rating and boosted their price target for the company from $43.00 to $45.00 in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.50.

Northern Oil and Gas Stock Performance

Northern Oil and Gas stock opened at $42.32 on Wednesday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.23 and a current ratio of 1.23. The company has a market capitalization of $4.22 billion, a PE ratio of 4.99 and a beta of 1.80. The company has a 50 day moving average price of $37.94 and a 200-day moving average price of $38.52. Northern Oil and Gas has a fifty-two week low of $31.13 and a fifty-two week high of $43.80.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of NOG. Legacy Investment Solutions LLC acquired a new position in Northern Oil and Gas in the third quarter valued at approximately $25,000. Signaturefd LLC raised its position in Northern Oil and Gas by 100.5% in the third quarter. Signaturefd LLC now owns 852 shares of the company’s stock valued at $30,000 after purchasing an additional 427 shares during the period. GAMMA Investing LLC lifted its stake in shares of Northern Oil and Gas by 91.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock valued at $41,000 after purchasing an additional 528 shares during the last quarter. Quarry LP increased its position in shares of Northern Oil and Gas by 338.8% during the 2nd quarter. Quarry LP now owns 1,132 shares of the company’s stock worth $42,000 after purchasing an additional 874 shares during the last quarter. Finally, Covestor Ltd raised its holdings in Northern Oil and Gas by 122.6% in the 3rd quarter. Covestor Ltd now owns 1,903 shares of the company’s stock valued at $67,000 after buying an additional 1,048 shares during the period. Hedge funds and other institutional investors own 98.80% of the company’s stock.

Insiders Place Their Bets

In other news, President Adam A. Dirlam sold 2,508 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $38.50, for a total value of $96,558.00. Following the transaction, the president now directly owns 107,876 shares of the company’s stock, valued at approximately $4,153,226. This trade represents a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Chad W. Allen sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $40.00, for a total value of $60,000.00. Following the transaction, the chief financial officer now owns 83,792 shares in the company, valued at approximately $3,351,680. This represents a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,508 shares of company stock worth $248,113. Company insiders own 2.80% 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.