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

Northern Oil and Gas, Inc. (NYSE:NOG) – Equities researchers at Capital One Financial lifted their Q1 2024 earnings estimates for Northern Oil and Gas in a report released on Wednesday, April 17th. Capital One Financial analyst P. Johnston now expects that the company will post earnings per share of $1.09 for the quarter, up from their previous forecast of $1.07. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.42 per share.

NOG has been the subject of several other reports. Truist Financial lowered their target price on shares of Northern Oil and Gas from $56.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, April 5th. Citigroup lowered their price objective on shares of Northern Oil and Gas from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Wednesday, February 28th. Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 price objective on shares of Northern Oil and Gas in a research note on Wednesday, March 6th. Piper Sandler lowered their price objective on shares of Northern Oil and Gas from $39.00 to $38.00 and set a “neutral” rating for the company in a research note on Friday, February 16th. Finally, Morgan Stanley lifted their price objective on shares of Northern Oil and Gas from $38.00 to $41.00 and gave the stock an “equal weight” rating in a research note on Monday. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $46.60.

Northern Oil and Gas Price Performance

Shares of NOG opened at $42.06 on Thursday. The company has a market cap of $4.25 billion, a price-to-earnings ratio of 4.19 and a beta of 1.86. Northern Oil and Gas has a twelve month low of $29.57 and a twelve month high of $43.64. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.90. The company has a 50 day moving average of $37.80 and a two-hundred day moving average of $37.16.

Northern Oil and Gas (NYSE:NOG) last announced its earnings results on Friday, February 23rd. The company reported $1.61 earnings per share for the quarter, missing the consensus estimate of $1.64 by ($0.03). The firm had revenue of $543.40 million during the quarter, compared to analyst estimates of $555.31 million. Northern Oil and Gas had a net margin of 42.61% and a return on equity of 40.86%. Northern Oil and Gas’s revenue was up 21.9% on a year-over-year basis. During the same quarter last year, the business earned $1.43 earnings per share.

Northern Oil and Gas Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Thursday, March 28th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $1.60 annualized dividend and a dividend yield of 3.80%. Northern Oil and Gas’s dividend payout ratio (DPR) is presently 15.94%.

Insider Buying and Selling

In related news, insider James B. Evans sold 945 shares of the firm’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $38.00, for a total transaction of $35,910.00. Following the completion of the transaction, the insider now owns 83,872 shares of the company’s stock, valued at $3,187,136. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Northern Oil and Gas news, President Adam A. Dirlam sold 2,088 shares of Northern Oil and Gas stock in a transaction on Friday, March 15th. The shares were sold at an average price of $38.00, for a total value of $79,344.00. Following the completion of the transaction, the president now owns 122,359 shares of the company’s stock, valued at $4,649,642. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James B. Evans sold 945 shares of Northern Oil and Gas stock in a transaction on Friday, March 15th. The shares were sold at an average price of $38.00, for a total transaction of $35,910.00. Following the completion of the transaction, the insider now directly owns 83,872 shares of the company’s stock, valued at approximately $3,187,136. The disclosure for this sale can be found here. Insiders sold a total of 10,944 shares of company stock valued at $436,614 over the last 90 days. Insiders own 3.20% of the company’s stock.

Institutional Trading of Northern Oil and Gas

A number of institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. increased its stake in shares of Northern Oil and Gas by 9.6% during the second quarter. BlackRock Inc. now owns 11,963,727 shares of the company’s stock worth $410,595,000 after purchasing an additional 1,048,699 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Northern Oil and Gas by 36.4% during the fourth quarter. Vanguard Group Inc. now owns 10,587,536 shares of the company’s stock worth $392,480,000 after purchasing an additional 2,827,642 shares in the last quarter. State Street Corp increased its stake in shares of Northern Oil and Gas by 12.3% during the first quarter. State Street Corp now owns 4,515,908 shares of the company’s stock worth $138,625,000 after purchasing an additional 494,969 shares in the last quarter. Invesco Ltd. increased its stake in shares of Northern Oil and Gas by 19.0% during the third quarter. Invesco Ltd. now owns 3,786,176 shares of the company’s stock worth $152,318,000 after purchasing an additional 605,197 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in shares of Northern Oil and Gas by 27.0% during the third quarter. American Century Companies Inc. now owns 2,562,396 shares of the company’s stock worth $103,085,000 after purchasing an additional 545,297 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.