NOG FY2024 EPS Forecast Lifted by Capital One Financial

Northern Oil and Gas, Inc. (NYSE:NOG) – Research analysts at Capital One Financial upped their FY2024 earnings estimates for Northern Oil and Gas in a note issued to investors on Wednesday, January 8th. Capital One Financial analyst P. Johnston now forecasts that the company will post earnings of $5.45 per share for the year, up from their prior estimate of $5.44. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.40 per share. Capital One Financial also issued estimates for Northern Oil and Gas’ FY2025 earnings at $5.58 EPS.

Northern Oil and Gas (NYSE:NOG) last announced its earnings results on Tuesday, November 5th. The company reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $540.23 million. During the same period in the previous year, the firm posted $1.73 earnings per share. The company’s revenue was up 140.0% on a year-over-year basis.

Other equities research analysts also recently issued reports about the stock. Jefferies Financial Group initiated coverage on shares of Northern Oil and Gas in a research note on Thursday, October 3rd. They set a “buy” rating and a $53.00 price target for the company. Morgan Stanley dropped their price target 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. Mizuho downgraded shares of Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price target for the company. in a research note on Monday, December 16th. Truist Financial boosted their price target on shares of Northern Oil and Gas from $51.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $45.00 price objective on shares of Northern Oil and Gas in a report on Friday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, five 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 stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.20.

Northern Oil and Gas Trading Up 1.3 %

NOG opened at $39.93 on Friday. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.23 and a quick ratio of 1.23. The company has a market cap of $3.99 billion, a price-to-earnings ratio of 4.79 and a beta of 1.85. The firm has a 50 day simple moving average of $39.79 and a 200 day simple moving average of $38.68. Northern Oil and Gas has a fifty-two week low of $31.13 and a fifty-two week high of $44.31.

Northern Oil and Gas Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Monday, December 30th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 4.21%. The ex-dividend date is Monday, December 30th. Northern Oil and Gas’s dividend payout ratio (DPR) is presently 20.17%.

Insider Activity

In related news, President Adam A. Dirlam sold 836 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $39.00, for a total transaction of $32,604.00. Following the completion of the transaction, the president now owns 96,223 shares in the company, valued at approximately $3,752,697. This represents a 0.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Legacy Investment Solutions LLC acquired a new position in Northern Oil and Gas during the third quarter worth $25,000. Signaturefd LLC raised its position in Northern Oil and Gas by 100.5% during the third quarter. Signaturefd LLC now owns 852 shares of the company’s stock worth $30,000 after acquiring an additional 427 shares in the last quarter. Quarry LP raised its position in 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 acquiring an additional 874 shares in the last quarter. GAMMA Investing LLC raised its position in Northern Oil and Gas by 58.6% during the third quarter. GAMMA Investing LLC now owns 1,752 shares of the company’s stock worth $62,000 after acquiring an additional 647 shares in the last quarter. Finally, Covestor Ltd raised its position in Northern Oil and Gas by 122.6% during the third quarter. Covestor Ltd now owns 1,903 shares of the company’s stock worth $67,000 after acquiring an additional 1,048 shares in the last quarter. Institutional investors and hedge funds own 98.80% of the company’s stock.

About Northern Oil and Gas

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.