Northern Oil and Gas (NYSE:NOG) Announces Quarterly Earnings Results, Misses Expectations By $0.04 EPS

Key Points

• Northern Oil and Gas reported quarterly EPS of $1.13, falling $0.04 short of the $1.17 consensus estimate. The company posted an 18.43% return on equity but a negative 33.17% net margin.
• Shares rose 2.5% to $20.25 during Thursday trading, while the stock’s analyst consensus remained “Hold” with an average price target of $30.62.
• The company declared a quarterly dividend of $0.45 per share, equating to an annualized $1.80 payout and an approximately 8.9% yield.

Northern Oil and Gas (NYSE:NOG - Get Free Report) posted its quarterly earnings data on Thursday. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.17 by ($0.04), FiscalAI reports. Northern Oil and Gas had a positive return on equity of 18.43% and a negative net margin of 33.17%.

Northern Oil and Gas Trading Up 2.5%

NYSE:NOG traded up $0.48 during trading hours on Thursday, hitting $20.25. The company had a trading volume of 2,291,210 shares, compared to its average volume of 2,736,984. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 1.43. The company has a 50-day moving average of $20.18 and a 200 day moving average of $24.08. The company has a market cap of $2.20 billion, a P/E ratio of -3.18 and a beta of 0.70. Northern Oil and Gas has a 1 year low of $17.18 and a 1 year high of $31.17.

Northern Oil and Gas Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Tuesday, September 29th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 8.9%. The ex-dividend date is Tuesday, September 29th. Northern Oil and Gas's dividend payout ratio is presently -28.26%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on NOG. Raymond James Financial reaffirmed an "outperform" rating and issued a $28.00 price target on shares of Northern Oil and Gas in a research note on Wednesday, July 15th. Weiss Ratings lowered Northern Oil and Gas from a "sell (d+)" rating to a "sell (d)" rating in a report on Thursday, July 23rd. Morgan Stanley set a $25.00 target price on shares of Northern Oil and Gas and gave the stock an "underweight" rating in a research note on Monday, June 29th. Royal Bank Of Canada upped their target price on shares of Northern Oil and Gas from $30.00 to $35.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 8th. Finally, Mizuho upgraded shares of Northern Oil and Gas to a "hold" rating in a research report on Friday, July 31st. Four investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $30.62.

Insider Activity at Northern Oil and Gas

In related news, Director Bahram Akradi purchased 25,760 shares of Northern Oil and Gas stock in a transaction dated Monday, June 22nd. The shares were acquired at an average price of $19.40 per share, for a total transaction of $499,744.00. Following the acquisition, the director directly owned 1,713,444 shares in the company, valued at approximately $33,240,813.60. The trade was a 1.53% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Northern Oil and Gas

Institutional investors have recently bought and sold shares of the company. Jones Financial Companies Lllp grew its stake in shares of Northern Oil and Gas by 181.0% in the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company's stock valued at $33,000 after buying an additional 713 shares during the period. Global Retirement Partners LLC grew its position in Northern Oil and Gas by 572.8% in the fourth quarter. Global Retirement Partners LLC now owns 1,682 shares of the company's stock worth $36,000 after acquiring an additional 1,432 shares during the period. EverSource Wealth Advisors LLC grew its position in Northern Oil and Gas by 429.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,514 shares of the company's stock worth $43,000 after acquiring an additional 1,228 shares during the period. Smartleaf Asset Management LLC increased its stake in Northern Oil and Gas by 85.7% during the second quarter. Smartleaf Asset Management LLC now owns 1,521 shares of the company's stock worth $44,000 after acquiring an additional 702 shares during the last quarter. Finally, Quadrant Capital Group LLC increased its stake in Northern Oil and Gas by 14.9% during the fourth quarter. Quadrant Capital Group LLC now owns 3,092 shares of the company's stock worth $66,000 after acquiring an additional 400 shares during the last quarter. 98.80% of the stock is owned by hedge funds and other institutional investors.

Northern Oil and Gas Company Profile

Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company's primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.

Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.

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