FY2024 EPS Estimates for Northern Oil and Gas, Inc. Reduced by Analyst (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Stock analysts at Capital One Financial dropped their FY2024 EPS estimates for shares of Northern Oil and Gas in a research note issued on Thursday, April 11th. Capital One Financial analyst P. Johnston now forecasts that the company will post earnings per share of $5.16 for the year, down from their prior estimate of $5.21. 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 $1.34 EPS and FY2025 earnings at $5.60 EPS.

Northern Oil and Gas (NYSE:NOG) last issued its earnings results on Friday, February 23rd. The company reported $1.61 earnings per share for the quarter, missing the consensus estimate of $1.64 by ($0.03). Northern Oil and Gas had a return on equity of 40.86% and a net margin of 42.61%. The company had revenue of $543.40 million for the quarter, compared to analyst estimates of $555.31 million. During the same quarter in the prior year, the firm earned $1.43 earnings per share. The company’s revenue for the quarter was up 21.9% on a year-over-year basis.

Several other equities analysts have also commented on the company. Citigroup dropped their target price 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. Truist Financial reduced their price objective on shares of Northern Oil and Gas from $56.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, April 5th. Raymond James dropped their target price on shares of Northern Oil and Gas from $51.00 to $45.00 and set a “strong-buy” rating for the company in a report on Wednesday, January 24th. Piper Sandler dropped their price objective on shares of 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, Royal Bank of Canada restated an “outperform” rating and set a $46.00 target price on shares of Northern Oil and Gas in a research report on Wednesday, March 6th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $46.60.

Northern Oil and Gas Stock Down 0.7 %

Shares of NYSE NOG opened at $42.35 on Monday. The firm has a market cap of $4.28 billion, a price-to-earnings ratio of 4.22 and a beta of 1.86. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.90. Northern Oil and Gas has a 52-week low of $29.57 and a 52-week high of $43.64. The business’s 50 day moving average is $37.19 and its two-hundred day moving average is $37.07.

Northern Oil and Gas Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.78%. The ex-dividend date is Wednesday, March 27th. Northern Oil and Gas’s payout ratio is currently 15.94%.

Insider Transactions at Northern Oil and Gas

In related news, insider James B. Evans sold 3,150 shares of the business’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $42.00, for a total transaction of $132,300.00. Following the completion of 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 SEC, which is available through this link. In other Northern Oil and Gas news, insider James B. Evans sold 3,150 shares of the business’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $42.00, for a total transaction of $132,300.00. Following the completion of the transaction, the insider now directly owns 73,753 shares of the company’s stock, valued at approximately $3,097,626. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James B. Evans sold 945 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $38.00, for a total transaction of $35,910.00. Following the transaction, the insider now directly owns 83,872 shares of the company’s stock, valued at $3,187,136. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,944 shares of company stock valued at $436,614. Insiders own 3.60% of the company’s stock.

Institutional Trading of Northern Oil and Gas

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. increased its stake in Northern Oil and Gas by 137.7% in the 1st quarter. BlackRock Inc. now owns 10,915,028 shares of the company’s stock valued at $331,271,000 after buying an additional 6,322,462 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Northern Oil and Gas by 36.4% during the 4th quarter. Vanguard Group Inc. now owns 10,587,536 shares of the company’s stock worth $392,480,000 after buying an additional 2,827,642 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of Northern Oil and Gas by 1,356.2% during the 2nd quarter. Alliancebernstein L.P. now owns 979,729 shares of the company’s stock worth $33,624,000 after buying an additional 912,449 shares during the period. State Street Corp raised its stake in Northern Oil and Gas by 29.0% during the 1st quarter. State Street Corp now owns 3,301,013 shares of the company’s stock valued at $93,518,000 after purchasing an additional 742,371 shares during the last quarter. Finally, Invesco Ltd. raised its stake in Northern Oil and Gas by 19.0% during the 3rd quarter. Invesco Ltd. now owns 3,786,176 shares of the company’s stock valued at $152,318,000 after purchasing an additional 605,197 shares during the last quarter. 98.80% of the stock is currently owned by institutional investors.

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.