Northern Oil and Gas, Inc. to Post Q2 2024 Earnings of $1.21 Per Share, Capital One Financial Forecasts (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Research analysts at Capital One Financial upped their Q2 2024 earnings estimates for shares of Northern Oil and Gas in a report issued on Monday, July 1st. Capital One Financial analyst P. Johnston now anticipates that the company will post earnings per share of $1.21 for the quarter, up from their prior forecast of $1.18. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.03 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.

A number of other equities analysts also recently commented on the stock. StockNews.com upgraded shares of Northern Oil and Gas from a “sell” rating to a “hold” rating in a research note on Thursday, May 2nd. Morgan Stanley boosted their target price on shares of 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. Citigroup lowered their target price on shares of Northern Oil and Gas from $55.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. Stifel Nicolaus boosted their target price on shares of Northern Oil and Gas from $54.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Finally, Truist Financial boosted their target price on shares of Northern Oil and Gas from $55.00 to $56.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Northern Oil and Gas presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.90.

Northern Oil and Gas Stock Performance

Shares of NOG stock opened at $38.07 on Tuesday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.97. The firm has a fifty day moving average price of $39.34 and a 200 day moving average price of $37.80. The company has a market cap of $3.85 billion, a P/E ratio of 6.17 and a beta of 1.80. Northern Oil and Gas has a 12 month low of $31.13 and a 12 month high of $43.75.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Northern Oil and Gas by 0.4% during the first quarter. Vanguard Group Inc. now owns 10,631,476 shares of the company’s stock worth $421,857,000 after acquiring an additional 43,940 shares during the period. American Century Companies Inc. grew its position in Northern Oil and Gas by 27.0% during the third quarter. American Century Companies Inc. now owns 2,562,396 shares of the company’s stock worth $103,085,000 after buying an additional 545,297 shares during the period. Westfield Capital Management Co. LP grew its position in Northern Oil and Gas by 13.8% during the first quarter. Westfield Capital Management Co. LP now owns 1,749,749 shares of the company’s stock worth $69,430,000 after buying an additional 212,030 shares during the period. Adage Capital Partners GP L.L.C. grew its position in Northern Oil and Gas by 13.8% during the third quarter. Adage Capital Partners GP L.L.C. now owns 1,445,517 shares of the company’s stock worth $58,153,000 after buying an additional 175,000 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its position in Northern Oil and Gas by 5.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,432,704 shares of the company’s stock worth $56,850,000 after buying an additional 77,537 shares during the period. 98.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Nicholas L. O’grady sold 3,750 shares of the company’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $40.98, for a total value of $153,675.00. Following the completion of the sale, the chief executive officer now directly owns 228,082 shares of the company’s stock, valued at $9,346,800.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, President Adam A. Dirlam sold 1,392 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $37.88, for a total transaction of $52,728.96. Following the transaction, the president now directly owns 107,628 shares in the company, valued at $4,076,948.64. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Nicholas L. O’grady sold 3,750 shares of the business’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $40.98, for a total transaction of $153,675.00. Following the transaction, the chief executive officer now owns 228,082 shares in the company, valued at $9,346,800.36. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,684 shares of company stock valued at $395,581. Insiders own 2.80% of the company’s stock.

Northern Oil and Gas Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Thursday, June 27th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.20%. Northern Oil and Gas’s payout ratio is 25.93%.

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.