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

Northern Oil and Gas, Inc. (NYSE:NOG) – Equities research analysts at Capital One Financial upped their Q2 2024 earnings estimates for shares of Northern Oil and Gas in a research note issued on Monday, July 1st. Capital One Financial analyst P. Johnston now expects that the company will earn $1.21 per share for the quarter, up from their prior estimate of $1.18. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.01 per share. Capital One Financial also issued estimates for Northern Oil and Gas’ Q3 2024 earnings at $1.30 EPS and FY2024 earnings at $5.38 EPS.

NOG has been the topic of several other reports. Morgan Stanley increased their price objective on shares of Northern Oil and Gas from $38.00 to $41.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Jefferies Financial Group increased their price objective on shares of Northern Oil and Gas from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Thursday, March 21st. Stifel Nicolaus increased their price objective on shares of Northern Oil and Gas from $54.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Piper Sandler increased their price objective on shares of Northern Oil and Gas from $42.00 to $43.00 and gave the stock a “neutral” rating in a report on Tuesday, May 14th. Finally, StockNews.com upgraded shares of Northern Oil and Gas from a “sell” rating to a “hold” rating in a report on Thursday, May 2nd. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Northern Oil and Gas currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.90.

Northern Oil and Gas Price Performance

Northern Oil and Gas stock opened at $38.86 on Tuesday. Northern Oil and Gas has a 12-month low of $31.13 and a 12-month high of $43.75. The stock has a market capitalization of $3.93 billion, a P/E ratio of 6.30 and a beta of 1.80. The firm’s 50-day moving average is $39.26 and its two-hundred day moving average is $37.80. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.96 and a quick ratio of 0.96.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings results on Tuesday, April 30th. The company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.10. Northern Oil and Gas had a net margin of 30.01% and a return on equity of 34.06%. The company had revenue of $396.35 million for the quarter, compared to analysts’ expectations of $505.67 million. During the same period last year, the company earned $1.76 EPS. The firm’s revenue for the quarter was down 31.9% compared to the same quarter last year.

Northern Oil and Gas Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Thursday, June 27th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date is Thursday, June 27th. Northern Oil and Gas’s dividend payout ratio is presently 25.93%.

Insiders Place Their Bets

In other Northern Oil and Gas news, President Adam A. Dirlam sold 1,392 shares of Northern Oil and Gas stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $40.86, for a total value of $56,877.12. Following the completion of the transaction, the president now owns 109,020 shares of the company’s stock, valued at $4,454,557.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider James B. Evans sold 3,150 shares of the business’s stock in a transaction on 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 owns 73,753 shares of the company’s stock, valued at $3,097,626. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, President Adam A. Dirlam sold 1,392 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $40.86, for a total transaction of $56,877.12. Following the transaction, the president now directly owns 109,020 shares of the company’s stock, valued at approximately $4,454,557.20. The disclosure for this sale can be found here. Insiders sold a total of 5,934 shares of company stock valued at $241,906 over the last 90 days. 2.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Northern Oil and Gas

Hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC raised its stake in shares of Northern Oil and Gas by 91.5% during the second quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock valued at $41,000 after purchasing an additional 528 shares in the last quarter. Principal Securities Inc. bought a new stake in Northern Oil and Gas in the fourth quarter worth about $42,000. TFO Wealth Partners LLC raised its position in Northern Oil and Gas by 112,100.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,122 shares of the company’s stock worth $42,000 after acquiring an additional 1,121 shares in the last quarter. SRS Capital Advisors Inc. raised its position in Northern Oil and Gas by 305.9% in the fourth quarter. SRS Capital Advisors Inc. now owns 1,230 shares of the company’s stock worth $46,000 after acquiring an additional 927 shares in the last quarter. Finally, Quadrant Capital Group LLC raised its position in Northern Oil and Gas by 74.7% in the fourth quarter. Quadrant Capital Group LLC now owns 2,175 shares of the company’s stock worth $81,000 after acquiring an additional 930 shares in the last quarter. 98.80% of the stock is currently owned by institutional investors.

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.