Research Analysts Issue Forecasts for Northern Oil and Gas, Inc.’s Q3 2024 Earnings (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Equities researchers at Capital One Financial decreased their Q3 2024 earnings per share (EPS) estimates for Northern Oil and Gas in a research note issued to investors on Tuesday, September 17th. Capital One Financial analyst P. Johnston now forecasts that the company will earn $1.31 per share for the quarter, down from their previous 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.

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

Several other brokerages also recently weighed in on NOG. Piper Sandler reduced their price objective on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “neutral” rating for the company in a research report on Thursday, August 15th. Morgan Stanley reduced 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 report on Monday, September 16th. Mizuho initiated coverage on Northern Oil and Gas in a report on Thursday. They set an “outperform” rating and a $47.00 price objective on the stock. Truist Financial lifted their target price on Northern Oil and Gas from $54.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, Bank of America upped their target price on Northern Oil and Gas from $48.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.70.

Northern Oil and Gas Stock Performance

Shares of NOG opened at $37.11 on Friday. The company has a market capitalization of $3.75 billion, a price-to-earnings ratio of 6.01 and a beta of 1.81. Northern Oil and Gas has a 52-week low of $31.13 and a 52-week high of $43.80. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.91. The stock has a 50 day moving average price of $38.37 and a 200 day moving average price of $39.12.

Northern Oil and Gas Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, September 27th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 4.53%. This is a boost 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 (DPR) is presently 27.23%.

Insider Buying and Selling at Northern Oil and Gas

In other news, President Adam A. Dirlam sold 1,392 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $37.88, for a total transaction of $52,728.96. Following the completion of the sale, the president now owns 107,628 shares in the company, valued at $4,076,948.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, President Adam A. Dirlam sold 1,392 shares of Northern Oil and Gas stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $37.88, for a total value of $52,728.96. Following the sale, the president now owns 107,628 shares of the company’s stock, valued at $4,076,948.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Nicholas L. O’grady sold 3,750 shares of the business’s 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 in the company, valued at $8,526,859.32. The disclosure for this sale can be found here. Company insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Northern Oil and Gas

Large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in Northern Oil and Gas by 36.4% during the fourth quarter. Vanguard Group Inc. now owns 10,587,536 shares of the company’s stock worth $392,480,000 after acquiring an additional 2,827,642 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Northern Oil and Gas by 45.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,521,924 shares of the company’s stock worth $93,744,000 after purchasing an additional 789,985 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Northern Oil and Gas by 11.0% during the 2nd quarter. American Century Companies Inc. now owns 5,566,459 shares of the company’s stock worth $206,905,000 after purchasing an additional 552,645 shares in the last quarter. Capstone Investment Advisors LLC grew its stake in shares of Northern Oil and Gas by 8,679.3% during the 1st quarter. Capstone Investment Advisors LLC now owns 512,972 shares of the company’s stock worth $20,355,000 after purchasing an additional 507,129 shares during the period. Finally, Westfield Capital Management Co. LP increased its holdings in shares of Northern Oil and Gas by 13.8% in the 1st quarter. Westfield Capital Management Co. LP now owns 1,749,749 shares of the company’s stock valued at $69,430,000 after purchasing an additional 212,030 shares in the last quarter. 98.80% of the stock is owned by hedge funds and other 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.