Analysts Issue Forecasts for NOG FY2024 Earnings

Northern Oil and Gas, Inc. (NYSE:NOG) – Equities research analysts at Capital One Financial boosted their FY2024 EPS estimates for shares of Northern Oil and Gas in a research note issued to investors on Monday, November 18th. Capital One Financial analyst P. Johnston now forecasts that the company will earn $5.44 per share for the year, up from their prior estimate of $5.28. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.42 per share. Capital One Financial also issued estimates for Northern Oil and Gas’ Q4 2024 earnings at $1.31 EPS and FY2025 earnings at $5.20 EPS.

A number of other brokerages have also recently weighed in on NOG. Jefferies Financial Group began coverage on shares of Northern Oil and Gas in a report on Thursday, October 3rd. They set a “buy” rating and a $53.00 target price on the stock. Truist Financial raised their target price on shares of Northern Oil and Gas from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Piper Sandler lifted their target price on Northern Oil and Gas from $40.00 to $41.00 and gave the company a “neutral” rating in a research note on Monday. Morgan Stanley dropped their price target on Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Finally, Mizuho assumed coverage on Northern Oil and Gas in a research report on Thursday, September 19th. They set an “outperform” rating and a $47.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $47.50.

Northern Oil and Gas Stock Performance

NOG stock opened at $42.32 on Wednesday. The stock’s 50 day simple moving average is $37.94 and its 200 day simple moving average is $38.52. Northern Oil and Gas has a 12-month low of $31.13 and a 12-month high of $43.80. The firm has a market cap of $4.22 billion, a P/E ratio of 4.99 and a beta of 1.80. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.84.

Northern Oil and Gas (NYSE:NOG) last released its earnings results on Tuesday, November 5th. The company reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.20. The company had revenue of $753.64 million for the quarter, compared to the consensus estimate of $540.23 million. Northern Oil and Gas had a return on equity of 27.52% and a net margin of 33.44%. Northern Oil and Gas’s quarterly revenue was up 140.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.73 EPS.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Northern Oil and Gas by 0.4% in the first quarter. Vanguard Group Inc. now owns 10,631,476 shares of the company’s stock valued at $421,857,000 after buying an additional 43,940 shares in the last quarter. UniSuper Management Pty Ltd acquired a new position in shares of Northern Oil and Gas in the 1st quarter valued at $1,046,000. Silvercrest Asset Management Group LLC boosted its position in shares of Northern Oil and Gas by 1.7% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 749,668 shares of the company’s stock valued at $29,747,000 after purchasing an additional 12,814 shares during the period. Harbor Capital Advisors Inc. increased its stake in Northern Oil and Gas by 290.5% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 84,213 shares of the company’s stock worth $3,130,000 after purchasing an additional 62,649 shares in the last quarter. Finally, Boston Partners acquired a new stake in Northern Oil and Gas during the 1st quarter valued at $885,000. Institutional investors own 98.80% of the company’s stock.

Insiders Place Their Bets

In other Northern Oil and Gas news, President Adam A. Dirlam sold 2,508 shares of the company’s stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $38.50, for a total value of $96,558.00. Following the completion of the sale, the president now directly owns 107,876 shares in the company, valued at $4,153,226. This represents a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Erik J. Romslo sold 1,500 shares of Northern Oil and Gas stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $35.26, for a total value of $52,890.00. Following the transaction, the insider now owns 105,713 shares in the company, valued at approximately $3,727,440.38. This trade represents a 1.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,508 shares of company stock worth $248,113. 2.80% of the stock is owned by company insiders.

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.