Q3 2024 EPS Estimates for Northern Oil and Gas, Inc. Decreased by Analyst (NYSE:NOG)

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

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

NOG has been the topic of several other reports. Mizuho initiated 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. Royal Bank of Canada restated an “outperform” rating and issued a $46.00 target price on shares of Northern Oil and Gas in a research note on Wednesday, July 3rd. Truist Financial reduced their price target on Northern Oil and Gas from $55.00 to $44.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Piper Sandler decreased their price target on Northern Oil and Gas from $45.00 to $40.00 and set a “neutral” rating for the company in a report on Thursday, August 15th. Finally, StockNews.com cut shares of Northern Oil and Gas from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, two have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $46.80.

Northern Oil and Gas Trading Up 0.9 %

Shares of Northern Oil and Gas stock opened at $37.92 on Thursday. The stock has a market cap of $3.83 billion, a PE ratio of 6.15 and a beta of 1.81. The firm has a fifty day moving average price of $37.63 and a 200 day moving average price of $39.08. Northern Oil and Gas has a 1 year low of $31.13 and a 1 year high of $43.80. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.89 and a quick ratio of 0.89.

Northern Oil and Gas Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be given a dividend of $0.42 per share. This is a positive change from Northern Oil and Gas’s previous quarterly dividend of $0.40. The ex-dividend date is Friday, September 27th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 4.43%. Northern Oil and Gas’s dividend payout ratio (DPR) is 27.23%.

Insider Activity

In related news, insider Erik J. Romslo sold 1,500 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were 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 owns 105,713 shares of the company’s stock, valued at approximately $3,727,440.38. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, President Adam A. Dirlam sold 2,508 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $38.50, for a total value of $96,558.00. Following the transaction, the president now directly 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 filing with the SEC, which can be accessed through the SEC website. Also, insider Erik J. Romslo sold 1,500 shares of the business’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 sale, the insider now owns 105,713 shares of the company’s stock, valued at approximately $3,727,440.38. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,008 shares of company stock worth $228,013 in the last quarter. Corporate insiders own 2.80% of the company’s stock.

Institutional Trading of Northern Oil and Gas

A number of institutional investors have recently made changes to their positions in NOG. GAMMA Investing LLC lifted its holdings in Northern Oil and Gas by 91.5% in the 2nd 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. Quarry LP raised its position in shares of Northern Oil and Gas by 338.8% in the second quarter. Quarry LP now owns 1,132 shares of the company’s stock valued at $42,000 after buying an additional 874 shares during the last quarter. Fifth Third Bancorp lifted its stake in shares of Northern Oil and Gas by 88.2% in the second quarter. Fifth Third Bancorp now owns 2,204 shares of the company’s stock worth $82,000 after buying an additional 1,033 shares in the last quarter. CWM LLC lifted its stake in shares of Northern Oil and Gas by 24.8% in the third quarter. CWM LLC now owns 2,237 shares of the company’s stock worth $79,000 after buying an additional 444 shares in the last quarter. Finally, Heritage Family Offices LLP acquired a new position in Northern Oil and Gas during the second quarter worth about $217,000. 98.80% of the stock is owned by institutional investors and hedge funds.

Northern Oil and Gas Company Profile

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.