Capital One Financial Research Analysts Lift Earnings Estimates for Northern Oil and Gas, Inc. (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Research analysts at Capital One Financial boosted their Q1 2024 earnings per share (EPS) estimates for shares of Northern Oil and Gas in a research note issued to investors on Wednesday, April 17th. Capital One Financial analyst P. Johnston now expects that the company will post earnings of $1.09 per share for the quarter, up from their prior forecast of $1.07. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.42 per share.

A number of other analysts have also commented on NOG. Piper Sandler decreased their price objective on Northern Oil and Gas from $39.00 to $38.00 and set a “neutral” rating for the company in a report on Friday, February 16th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $46.00 target price on shares of Northern Oil and Gas in a report on Wednesday, March 6th. Morgan Stanley upped their target price on Northern Oil and Gas from $38.00 to $41.00 and gave the company an “equal weight” rating in a report on Monday. Bank of America lowered Northern Oil and Gas from a “buy” rating to an “underperform” rating and set a $39.00 target price for the company. in a report on Friday, January 5th. Finally, Citigroup reduced their target price on Northern Oil and Gas from $50.00 to $45.00 and set a “buy” rating for the company in a report on Wednesday, February 28th. 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $46.60.

Northern Oil and Gas Stock Performance

Shares of NOG opened at $42.06 on Thursday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.32 and a current ratio of 1.32. The stock has a 50 day moving average price of $37.80 and a two-hundred day moving average price of $37.16. The firm has a market capitalization of $4.25 billion, a P/E ratio of 4.19 and a beta of 1.86. Northern Oil and Gas has a 52 week low of $29.57 and a 52 week high of $43.64.

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

Northern Oil and Gas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Thursday, March 28th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $1.60 annualized dividend and a yield of 3.80%. Northern Oil and Gas’s payout ratio is 15.94%.

Insider Activity at Northern Oil and Gas

In related news, President Adam A. Dirlam sold 2,088 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $38.00, for a total value of $79,344.00. Following the transaction, the president now owns 122,359 shares in the company, valued at $4,649,642. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Northern Oil and Gas news, President Adam A. Dirlam sold 2,088 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $38.00, for a total transaction of $79,344.00. Following the sale, the president now owns 122,359 shares in the company, valued at $4,649,642. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider James B. Evans sold 945 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $38.00, for a total value of $35,910.00. Following the sale, the insider now owns 83,872 shares in the company, valued at approximately $3,187,136. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,944 shares of company stock worth $436,614. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Northern Oil and Gas

A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. raised its position in shares of Northern Oil and Gas by 9.6% in the second quarter. BlackRock Inc. now owns 11,963,727 shares of the company’s stock worth $410,595,000 after buying an additional 1,048,699 shares in the last quarter. Vanguard Group Inc. increased its stake in Northern Oil and Gas by 36.4% in the fourth quarter. Vanguard Group Inc. now owns 10,587,536 shares of the company’s stock valued at $392,480,000 after acquiring an additional 2,827,642 shares during the last quarter. State Street Corp increased its stake in Northern Oil and Gas by 12.3% in the first quarter. State Street Corp now owns 4,515,908 shares of the company’s stock valued at $138,625,000 after acquiring an additional 494,969 shares during the last quarter. Invesco Ltd. increased its stake in Northern Oil and Gas by 19.0% in the third quarter. Invesco Ltd. now owns 3,786,176 shares of the company’s stock valued at $152,318,000 after acquiring an additional 605,197 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in Northern Oil and Gas by 27.0% in the third quarter. American Century Companies Inc. now owns 2,562,396 shares of the company’s stock valued at $103,085,000 after acquiring an additional 545,297 shares during the last quarter. Hedge funds and other institutional investors own 98.80% 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.