Northern Oil and Gas, Inc. Forecasted to Post Q3 2024 Earnings of $1.31 Per Share (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Equities research analysts at Capital One Financial dropped their Q3 2024 earnings per share estimates for Northern Oil and Gas in a research note issued on Tuesday, September 17th. Capital One Financial analyst P. Johnston now forecasts that the company will post earnings per share of $1.31 for the quarter, down from their previous forecast of $1.42. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.41 per share. Capital One Financial also issued estimates for Northern Oil and Gas’ Q4 2024 earnings at $1.46 EPS, FY2024 earnings at $5.51 EPS and FY2025 earnings at $5.32 EPS.

A number of other analysts also recently commented on NOG. Bank of America increased their price objective on shares of Northern Oil and Gas from $48.00 to $49.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. Mizuho assumed coverage on Northern Oil and Gas in a research report on Thursday. They set an “outperform” rating and a $47.00 price objective on the stock. Piper Sandler lowered their price objective on Northern Oil and Gas from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Thursday, August 15th. StockNews.com downgraded Northern Oil and Gas from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Finally, Morgan Stanley lowered their price target on shares of 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. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $47.70.

Northern Oil and Gas Stock Performance

NYSE:NOG opened at $37.11 on Friday. The company has a market cap of $3.75 billion, a P/E ratio of 6.01 and a beta of 1.81. Northern Oil and Gas has a twelve month low of $31.13 and a twelve month high of $43.80. The company’s 50-day moving average price is $38.37 and its 200-day moving average price is $39.12. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.91.

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

Institutional Trading of Northern Oil and Gas

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its position 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. increased its holdings in Northern Oil and Gas by 11.0% during the 2nd quarter. American Century Companies Inc. now owns 5,566,459 shares of the company’s stock worth $206,905,000 after purchasing an additional 552,645 shares during the period. Dimensional Fund Advisors LP raised its position in Northern Oil and Gas by 45.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,521,924 shares of the company’s stock valued at $93,744,000 after purchasing an additional 789,985 shares in the last quarter. Westfield Capital Management Co. LP boosted its stake in shares of Northern Oil and Gas by 13.8% in the 1st quarter. Westfield Capital Management Co. LP now owns 1,749,749 shares of the company’s stock valued at $69,430,000 after buying an additional 212,030 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its position in shares of 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 in the last quarter. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Northern Oil and Gas

In other Northern Oil and Gas news, CEO Nicholas L. O’grady sold 3,750 shares of Northern Oil and Gas stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $38.01, for a total transaction of $142,537.50. Following the completion of the sale, the chief executive officer now directly owns 224,332 shares in the company, valued at $8,526,859.32. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, President Adam A. Dirlam sold 1,392 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $37.88, for a total value of $52,728.96. Following the sale, the president now owns 107,628 shares in the company, valued at approximately $4,076,948.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Nicholas L. O’grady sold 3,750 shares of the firm’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $38.01, for a total value of $142,537.50. Following the transaction, the chief executive officer now owns 224,332 shares of the company’s stock, valued at $8,526,859.32. The disclosure for this sale can be found here. 2.80% of the stock is currently owned by corporate insiders.

Northern Oil and Gas Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, September 27th will be issued a $0.42 dividend. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a yield of 4.53%. The ex-dividend date is Friday, September 27th. Northern Oil and Gas’s payout ratio is 27.23%.

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.