Capital One Financial Equities Analysts Increase Earnings Estimates for Northern Oil and Gas, Inc. (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Investment analysts at Capital One Financial increased their Q2 2024 earnings per share estimates for Northern Oil and Gas in a report released on Monday, July 1st. Capital One Financial analyst P. Johnston now expects that the company will earn $1.21 per share for the quarter, up from their previous estimate of $1.18. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.01 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.

Several other equities research analysts have also recently weighed in on the company. Jefferies Financial Group increased their price target on Northern Oil and Gas from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Thursday, March 21st. Morgan Stanley raised their target price 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. StockNews.com raised Northern Oil and Gas from a “sell” rating to a “hold” rating in a research note on Thursday, May 2nd. Truist Financial raised their target price on 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. Finally, Citigroup decreased their target price on 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. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $48.90.

Northern Oil and Gas Trading Up 2.1 %

Shares of NOG stock opened at $38.86 on Tuesday. The stock has a market cap of $3.93 billion, a price-to-earnings ratio of 6.30 and a beta of 1.80. The stock has a 50-day moving average of $39.26 and a 200-day moving average of $37.80. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.97. Northern Oil and Gas has a 1-year low of $31.13 and a 1-year 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 earnings per share 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 return on equity of 34.06% and a net margin of 30.01%. The business’s quarterly revenue was down 31.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.76 earnings per share.

Northern Oil and Gas Announces Dividend

The business 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 4.12%. Northern Oil and Gas’s dividend payout ratio is presently 25.93%.

Insider Activity

In other news, insider James B. Evans sold 3,150 shares of the firm’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $42.00, for a total value of $132,300.00. Following the transaction, the insider now owns 73,753 shares in the company, valued at $3,097,626. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider James B. Evans sold 3,150 shares of the firm’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $42.00, for a total value of $132,300.00. Following the transaction, the insider now owns 73,753 shares in the company, valued at $3,097,626. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Adam A. Dirlam sold 1,392 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $37.88, for a total value of $52,728.96. Following the sale, the president now directly owns 107,628 shares of the company’s stock, valued at $4,076,948.64. The disclosure for this sale can be found here. Insiders have sold 5,934 shares of company stock worth $241,906 over the last 90 days. 2.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Northern Oil and Gas

A number of institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC grew its position in shares of Northern Oil and Gas by 91.5% in the second quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock valued at $41,000 after purchasing an additional 528 shares in the last quarter. Principal Securities Inc. purchased a new position in shares of Northern Oil and Gas in the fourth quarter valued at $42,000. TFO Wealth Partners LLC grew its position in shares of Northern Oil and Gas by 112,100.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,122 shares of the company’s stock valued at $42,000 after purchasing an additional 1,121 shares in the last quarter. SRS Capital Advisors Inc. grew its position in shares of Northern Oil and Gas by 305.9% in the fourth quarter. SRS Capital Advisors Inc. now owns 1,230 shares of the company’s stock valued at $46,000 after purchasing an additional 927 shares in the last quarter. Finally, Quadrant Capital Group LLC grew its position in shares of Northern Oil and Gas by 74.7% in the fourth quarter. Quadrant Capital Group LLC now owns 2,175 shares of the company’s stock valued at $81,000 after purchasing an additional 930 shares in the last quarter. 98.80% of the stock is owned by hedge funds and other institutional investors.

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.