Zacks Research Has Bullish Forecast for NOG FY2024 Earnings

Northern Oil and Gas, Inc. (NYSE:NOG) – Stock analysts at Zacks Research lifted their FY2024 earnings estimates for Northern Oil and Gas in a research report issued on Monday, November 18th. Zacks Research analyst N. Choudhury now forecasts that the company will post earnings of $5.47 per share for the year, up from their prior estimate of $5.24. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.38 per share. Zacks Research also issued estimates for Northern Oil and Gas’ Q1 2025 earnings at $1.27 EPS, Q3 2025 earnings at $1.42 EPS and Q4 2025 earnings at $1.56 EPS.

A number of other research firms have also recently issued reports on NOG. StockNews.com cut Northern Oil and Gas from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Morgan Stanley reduced their price objective on shares of Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Jefferies Financial Group began coverage on shares of Northern Oil and Gas in a research report on Thursday, October 3rd. They set a “buy” rating and a $53.00 price target on the stock. Truist Financial boosted their price objective on shares of Northern Oil and Gas from $44.00 to $51.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Piper Sandler boosted their price objective on Northern Oil and Gas from $40.00 to $41.00 and gave the stock a “neutral” rating in a research report on Monday. One research analyst has rated the stock with a sell rating, two have given 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, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.60.

Northern Oil and Gas Stock Performance

NOG stock opened at $41.08 on Wednesday. The stock has a market capitalization of $4.10 billion, a PE ratio of 4.93 and a beta of 1.80. Northern Oil and Gas has a fifty-two week low of $31.13 and a fifty-two week high of $43.80. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.23 and a quick ratio of 1.23. The company has a 50 day moving average price of $37.64 and a 200 day moving average price of $38.50.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.20. The company had revenue of $753.64 million during the quarter, compared to analysts’ expectations of $540.23 million. Northern Oil and Gas had a return on equity of 27.52% and a net margin of 33.44%. Northern Oil and Gas’s revenue for the quarter was up 140.0% compared to the same quarter last year. During the same period in the prior year, the business earned $1.73 earnings per share.

Institutional Trading of Northern Oil and Gas

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Northern Oil and Gas by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 10,631,476 shares of the company’s stock worth $421,857,000 after buying an additional 43,940 shares during the last quarter. American Century Companies Inc. grew its stake in Northern Oil and Gas by 11.0% in the 2nd quarter. American Century Companies Inc. now owns 5,566,459 shares of the company’s stock worth $206,905,000 after acquiring an additional 552,645 shares during the period. Dimensional Fund Advisors LP boosted its stake 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 worth $93,744,000 after buying an additional 789,985 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Northern Oil and Gas by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,283,777 shares of the company’s stock valued at $80,884,000 after buying an additional 100,761 shares during the period. Finally, Copeland Capital Management LLC lifted its stake in shares of Northern Oil and Gas by 0.6% in the 3rd quarter. Copeland Capital Management LLC now owns 2,096,714 shares of the company’s stock valued at $74,245,000 after purchasing an additional 12,079 shares in the last quarter. Hedge funds and other institutional investors own 98.80% of the company’s stock.

Insider Activity

In other Northern Oil and Gas news, President Adam A. Dirlam sold 2,508 shares of the firm’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $38.50, for a total value of $96,558.00. Following the completion of the transaction, the president now owns 107,876 shares of the company’s stock, valued at approximately $4,153,226. This trade represents a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Chad W. Allen sold 1,500 shares of the firm’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $40.00, for a total value of $60,000.00. Following the sale, the chief financial officer now directly owns 83,792 shares in the company, valued at approximately $3,351,680. This trade represents a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,508 shares of company stock worth $248,113 over the last 90 days. Corporate insiders own 2.80% 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.