Roth Capital Comments on Northern Oil and Gas, Inc.’s Q1 2024 Earnings (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Investment analysts at Roth Capital upped their Q1 2024 earnings per share estimates for shares of Northern Oil and Gas in a research report issued on Tuesday, April 16th. Roth Capital analyst J. White now forecasts that the company will post earnings of $1.02 per share for the quarter, up from their prior estimate of $0.97. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.42 per share. Roth Capital also issued estimates for Northern Oil and Gas’ Q3 2024 earnings at $1.34 EPS and FY2024 earnings at $5.00 EPS.

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

Several other analysts have also recently issued reports on NOG. Morgan Stanley upped their price objective on Northern Oil and Gas from $38.00 to $41.00 and gave the stock an “equal weight” rating in a report on Monday. Jefferies Financial Group boosted their target price on Northern Oil and Gas from $45.00 to $51.00 and gave the company a “buy” rating in a research report on Thursday, March 21st. Truist Financial cut their target price on Northern Oil and Gas from $56.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, April 5th. Bank of America downgraded Northern Oil and Gas from a “buy” rating to an “underperform” rating and set a $39.00 target price on the stock. in a research report on Friday, January 5th. Finally, Citigroup cut their target price on Northern Oil and Gas from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Wednesday, February 28th. Two analysts have rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $46.60.

Northern Oil and Gas Stock Down 0.9 %

Shares of NOG opened at $42.06 on Thursday. The stock has a market capitalization of $4.25 billion, a price-to-earnings ratio of 4.19 and a beta of 1.86. Northern Oil and Gas has a 1 year low of $29.57 and a 1 year high of $43.64. The business’s 50 day simple moving average is $37.80 and its 200-day simple moving average is $37.16. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.32 and a quick ratio of 1.32.

Hedge Funds Weigh In On Northern Oil and Gas

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its holdings in 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 acquiring an additional 1,048,699 shares in the last quarter. Vanguard Group Inc. boosted its holdings 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 worth $392,480,000 after acquiring an additional 2,827,642 shares in the last quarter. State Street Corp boosted its holdings 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 worth $138,625,000 after acquiring an additional 494,969 shares in the last quarter. Invesco Ltd. boosted its holdings 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 worth $152,318,000 after acquiring an additional 605,197 shares in the last quarter. Finally, American Century Companies Inc. boosted its holdings 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 worth $103,085,000 after acquiring an additional 545,297 shares in the last quarter. Hedge funds and other institutional investors own 98.80% of the company’s stock.

Insiders Place Their Bets

In other news, insider James B. Evans sold 3,150 shares of the firm’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $42.00, for a total transaction of $132,300.00. Following the transaction, the insider now owns 73,753 shares in the company, valued at $3,097,626. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Northern Oil and Gas news, President Adam A. Dirlam sold 2,088 shares of Northern Oil and Gas stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James B. Evans sold 3,150 shares of Northern Oil and Gas stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $42.00, for a total value of $132,300.00. Following the completion of the transaction, the insider now owns 73,753 shares in the company, valued at approximately $3,097,626. The disclosure for this sale can be found here. Insiders have sold a total of 10,944 shares of company stock worth $436,614 over the last quarter. Company insiders own 3.20% of the company’s stock.

Northern Oil and Gas Dividend Announcement

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

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.