NOG FY2024 EPS Estimate Lifted by Capital One Financial

Northern Oil and Gas, Inc. (NYSE:NOG) – Stock analysts at Capital One Financial increased their FY2024 EPS estimates for Northern Oil and Gas in a research report issued on Tuesday, February 18th. Capital One Financial analyst P. Johnston now anticipates that the company will post earnings of $5.33 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 $5.27 per share. Capital One Financial also issued estimates for Northern Oil and Gas’ Q4 2024 earnings at $1.19 EPS.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $1.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.16). Northern Oil and Gas had a net margin of 33.44% and a return on equity of 27.52%. The business had revenue of $545.47 million during the quarter, compared to analyst estimates of $552.34 million.

Several other equities research analysts also recently weighed in on the company. Piper Sandler decreased their price objective on Northern Oil and Gas from $37.00 to $35.00 and set a “neutral” rating for the company in a report on Wednesday, January 29th. Truist Financial lifted their price objective on Northern Oil and Gas from $52.00 to $55.00 and gave the company a “buy” rating in a report on Monday, January 13th. Mizuho downgraded Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 target price for the company. in a report on Monday, December 16th. Finally, Royal Bank of Canada decreased their price target on Northern Oil and Gas from $45.00 to $40.00 and set a “sector perform” rating on the stock in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $47.00.

Northern Oil and Gas Stock Performance

NYSE NOG opened at $35.48 on Thursday. The company has a market capitalization of $3.54 billion, a PE ratio of 4.26 and a beta of 1.81. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.23 and a quick ratio of 1.23. Northern Oil and Gas has a 1 year low of $33.17 and a 1 year high of $44.31. The company has a fifty day moving average of $37.62 and a two-hundred day moving average of $38.30.

Northern Oil and Gas Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Friday, March 28th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 5.07%. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Friday, March 28th. Northern Oil and Gas’s dividend payout ratio is 20.17%.

Insider Activity at Northern Oil and Gas

In other Northern Oil and Gas news, President Adam A. Dirlam sold 836 shares of Northern Oil and Gas stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $39.00, for a total value of $32,604.00. Following the completion of the sale, the president now owns 96,223 shares in the company, valued at $3,752,697. The trade was a 0.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Northern Oil and Gas

A number of large investors have recently bought and sold shares of the stock. Raymond James Financial Inc. acquired a new stake in Northern Oil and Gas during the fourth quarter worth about $21,691,000. abrdn plc acquired a new position in shares of Northern Oil and Gas during the third quarter worth $17,096,000. Channing Capital Management LLC boosted its position in Northern Oil and Gas by 26.8% in the 4th quarter. Channing Capital Management LLC now owns 1,766,623 shares of the company’s stock valued at $65,648,000 after buying an additional 373,917 shares during the last quarter. Bridgewater Associates LP grew its stake in Northern Oil and Gas by 135.6% during the 3rd quarter. Bridgewater Associates LP now owns 511,170 shares of the company’s stock valued at $18,101,000 after purchasing an additional 294,223 shares in the last quarter. Finally, New York State Common Retirement Fund grew its position in shares of Northern Oil and Gas by 41.4% during the third quarter. New York State Common Retirement Fund now owns 940,987 shares of the company’s stock worth $33,320,000 after buying an additional 275,704 shares in the last quarter. Hedge funds and other institutional investors own 98.80% of the company’s stock.

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.