What is Zacks Research’s Forecast for NOG Q3 Earnings?

Northern Oil and Gas, Inc. (NYSE:NOG) – Zacks Research dropped their Q3 2024 earnings per share estimates for shares of Northern Oil and Gas in a research report issued to clients and investors on Wednesday, October 16th. Zacks Research analyst N. Choudhury now forecasts that the company will post earnings per share of $1.10 for the quarter, down from their previous estimate of $1.22. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.29 per share.

NOG has been the topic of several other research reports. 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 target on the stock. Jefferies Financial Group initiated coverage on Northern Oil and Gas in a report on Thursday, October 3rd. They issued a “buy” rating and a $53.00 target price on the stock. Morgan Stanley lowered their target price on Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $46.00 target price on shares of Northern Oil and Gas in a report on Wednesday, July 3rd. Finally, Bank of America upped their target price on Northern Oil and Gas from $48.00 to $49.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. One analyst has rated the stock with a sell rating, two have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Northern Oil and Gas presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.80.

Northern Oil and Gas Trading Down 1.6 %

NOG opened at $37.23 on Thursday. The firm has a market cap of $3.76 billion, a price-to-earnings ratio of 6.03 and a beta of 1.81. Northern Oil and Gas has a 52 week low of $31.13 and a 52 week high of $43.80. The business’s 50 day moving average is $37.61 and its two-hundred day moving average is $39.05. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.91.

Northern Oil and Gas (NYSE:NOG) last released its quarterly earnings results on Tuesday, July 30th. The company reported $1.46 EPS for the quarter, topping the consensus estimate of $1.20 by $0.26. The company had revenue of $560.80 million for the quarter, compared to analyst estimates of $542.28 million. Northern Oil and Gas had a return on equity of 31.90% and a net margin of 27.37%. The firm’s revenue was up 17.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.49 earnings per share.

Northern Oil and Gas Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, September 27th will be paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 4.51%. The ex-dividend date is Friday, September 27th. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.40. Northern Oil and Gas’s dividend payout ratio (DPR) is 27.23%.

Insider Buying and Selling at Northern Oil and Gas

In other Northern Oil and Gas news, insider Erik J. Romslo sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $35.26, for a total transaction of $52,890.00. Following the completion of the sale, the insider now owns 105,713 shares in the company, valued at $3,727,440.38. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, President Adam A. Dirlam sold 2,508 shares of the firm’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 sale, the president now owns 107,876 shares of the company’s stock, valued at approximately $4,153,226. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Erik J. Romslo sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $35.26, for a total value of $52,890.00. Following the completion of the sale, the insider now directly owns 105,713 shares in the company, valued at approximately $3,727,440.38. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,008 shares of company stock worth $228,013 in the last 90 days. 2.80% of the stock is owned by corporate insiders.

Institutional Trading of Northern Oil and Gas

Hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC raised its stake in Northern Oil and Gas by 91.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock valued at $41,000 after acquiring an additional 528 shares in the last quarter. Quarry LP raised its stake in Northern Oil and Gas by 338.8% during the 2nd quarter. Quarry LP now owns 1,132 shares of the company’s stock valued at $42,000 after acquiring an additional 874 shares in the last quarter. Fifth Third Bancorp raised its stake in Northern Oil and Gas by 88.2% during the 2nd quarter. Fifth Third Bancorp now owns 2,204 shares of the company’s stock valued at $82,000 after acquiring an additional 1,033 shares in the last quarter. CWM LLC raised its stake in Northern Oil and Gas by 24.8% during the 3rd quarter. CWM LLC now owns 2,237 shares of the company’s stock valued at $79,000 after acquiring an additional 444 shares in the last quarter. Finally, Heritage Family Offices LLP bought a new stake in Northern Oil and Gas during the 2nd quarter valued at $217,000. 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.