Northern Oil and Gas, Inc. to Post Q1 2024 Earnings of $1.02 Per Share, Roth Capital Forecasts (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Analysts at Roth Capital lifted their Q1 2024 earnings per share (EPS) estimates for shares of Northern Oil and Gas in a research report issued to clients and investors on Tuesday, April 16th. Roth Capital analyst J. White now anticipates that the company will post earnings of $1.02 per share for the quarter, up from their prior forecast of $0.97. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.43 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.

A number of other brokerages have also weighed in on NOG. Stifel Nicolaus decreased their target price on shares of Northern Oil and Gas from $54.00 to $52.00 and set a “buy” rating for the company in a research note on Tuesday, January 23rd. Citigroup reduced their price objective on Northern Oil and Gas from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Wednesday, February 28th. Truist Financial reduced their price objective on Northern Oil and Gas from $56.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, April 5th. 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 research note on Monday, April 15th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $46.00 price objective on shares of Northern Oil and Gas in a research note on Wednesday, March 6th. Two equities research 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.

Northern Oil and Gas Stock Performance

NOG stock opened at $42.50 on Thursday. The stock has a market capitalization of $4.29 billion, a PE ratio of 4.23 and a beta of 1.86. Northern Oil and Gas has a 12-month low of $29.57 and a 12-month high of $43.64. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.90. The stock’s 50 day simple moving average is $38.00 and its 200 day simple moving average is $37.18.

Northern Oil and Gas (NYSE:NOG) last released 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 business had revenue of $543.40 million during the quarter, compared to the consensus estimate of $555.31 million. Northern Oil and Gas had a net margin of 42.61% and a return on equity of 40.86%. The business’s revenue was up 21.9% compared to the same quarter last year. During the same period last year, the company posted $1.43 earnings per share.

Northern Oil and Gas Dividend Announcement

The firm also recently declared 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 3.77%. Northern Oil and Gas’s payout ratio is presently 15.94%.

Insiders Place Their Bets

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 value of $79,344.00. Following the completion of the sale, the president now owns 122,359 shares in the company, valued at approximately $4,649,642. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Northern Oil and Gas news, insider James B. Evans sold 3,150 shares of the 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 owns 73,753 shares of the company’s stock, valued at approximately $3,097,626. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Adam A. Dirlam sold 2,088 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $38.00, for a total transaction of $79,344.00. Following the transaction, the president now directly owns 122,359 shares of the company’s stock, valued at approximately $4,649,642. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,944 shares of company stock worth $436,614. Corporate insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Captrust Financial Advisors boosted its holdings in shares of Northern Oil and Gas by 1,349.4% during the 2nd quarter. Captrust Financial Advisors now owns 1,145 shares of the company’s stock valued at $29,000 after purchasing an additional 1,066 shares during the last quarter. Quarry LP bought a new position in shares of Northern Oil and Gas during the 2nd quarter valued at about $31,000. Principal Securities Inc. bought a new position in shares of Northern Oil and Gas during the 4th quarter valued at about $42,000. TFO Wealth Partners LLC lifted its holdings in shares of Northern Oil and Gas by 112,100.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,122 shares of the company’s stock valued at $42,000 after acquiring an additional 1,121 shares during the last quarter. Finally, SRS Capital Advisors Inc. lifted its holdings in shares of Northern Oil and Gas by 305.9% in the 4th quarter. SRS Capital Advisors Inc. now owns 1,230 shares of the company’s stock valued at $46,000 after acquiring an additional 927 shares during the last quarter. 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.