Northern Oil and Gas, Inc. Expected to Post Q3 2024 Earnings of $1.31 Per Share (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Research analysts at Capital One Financial reduced their Q3 2024 earnings per share estimates for Northern Oil and Gas in a report issued on Tuesday, September 17th. Capital One Financial analyst P. Johnston now expects that the company will earn $1.31 per share for the quarter, down from their prior forecast of $1.42. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.41 per share. Capital One Financial also issued estimates for Northern Oil and Gas’ Q4 2024 earnings at $1.46 EPS, FY2024 earnings at $5.51 EPS and FY2025 earnings at $5.32 EPS.

Other research analysts have also recently issued research reports about the company. Mizuho assumed coverage on Northern Oil and Gas in a research report on Thursday. They issued an “outperform” rating and a $47.00 price target for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price objective on shares of Northern Oil and Gas in a research note on Wednesday, July 3rd. Truist Financial raised their price target on Northern Oil and Gas from $54.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. StockNews.com lowered Northern Oil and Gas from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Finally, Bank of America lifted their price objective on Northern Oil and Gas from $48.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.70.

Northern Oil and Gas Price Performance

Shares of NYSE NOG opened at $37.11 on Friday. The stock has a fifty day moving average price of $38.37 and a 200 day moving average price of $39.09. The company has a market cap of $3.75 billion, a PE ratio of 6.01 and a beta of 1.81. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.89 and a quick ratio of 0.89. Northern Oil and Gas has a 1-year low of $31.13 and a 1-year high of $43.80.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.26. Northern Oil and Gas had a return on equity of 31.90% and a net margin of 27.37%. The business had revenue of $560.80 million during the quarter, compared to the consensus estimate of $542.28 million. During the same period in the prior year, the company earned $1.49 earnings per share. The company’s revenue was up 17.7% compared to the same quarter last year.

Institutional Trading of Northern Oil and Gas

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its position in 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. TFO Wealth Partners LLC grew its stake in shares of Northern Oil and Gas by 112,100.0% during 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. Quarry LP grew its stake in shares of Northern Oil and Gas by 338.8% during the second quarter. Quarry LP now owns 1,132 shares of the company’s stock worth $42,000 after purchasing an additional 874 shares during the period. Principal Securities Inc. bought a new position in Northern Oil and Gas during the fourth quarter worth about $42,000. Finally, Quadrant Capital Group LLC lifted its holdings 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 acquiring an additional 930 shares in the last quarter. Institutional investors and hedge funds own 98.80% of the company’s stock.

Insider Buying and Selling

In related news, President Adam A. Dirlam sold 1,392 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $37.88, for a total value of $52,728.96. Following the completion of the sale, the president now directly owns 107,628 shares of the company’s stock, valued at approximately $4,076,948.64. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Nicholas L. O’grady sold 3,750 shares of the stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $38.01, for a total transaction of $142,537.50. Following the transaction, the chief executive officer now owns 224,332 shares of the company’s stock, valued at approximately $8,526,859.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Adam A. Dirlam sold 1,392 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $37.88, for a total value of $52,728.96. Following the completion of the sale, the president now directly owns 107,628 shares in the company, valued at approximately $4,076,948.64. The disclosure for this sale can be found here. Company insiders own 2.80% of the company’s stock.

Northern Oil and Gas Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 4.53%. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.40. The ex-dividend date is Friday, September 27th. Northern Oil and Gas’s dividend payout ratio is currently 27.23%.

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.