Brokers Set Expectations for Northern Oil and Gas, Inc.'s Q1 2024 Earnings (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) - Equities researchers at Zacks Research lowered their Q1 2024 earnings estimates for shares of Northern Oil and Gas in a report issued on Wednesday, April 10th. Zacks Research analyst N. Choudhury now forecasts that the company will post earnings per share of $1.14 for the quarter, down from their previous forecast of $1.27. The consensus estimate for Northern Oil and Gas' current full-year earnings is $5.43 per share. Zacks Research also issued estimates for Northern Oil and Gas' Q2 2024 earnings at $1.25 EPS, Q3 2024 earnings at $1.41 EPS, Q4 2024 earnings at $1.42 EPS, FY2024 earnings at $5.21 EPS, Q1 2025 earnings at $1.33 EPS, Q2 2025 earnings at $1.45 EPS, Q3 2025 earnings at $1.54 EPS, Q4 2025 earnings at $1.45 EPS, FY2025 earnings at $5.78 EPS and Q1 2026 earnings at $1.26 EPS.

A number of other research firms also recently commented on NOG. Jefferies Financial Group boosted their price target on shares of Northern Oil and Gas from $45.00 to $51.00 and gave the stock a "buy" rating in a research report on Thursday, March 21st. Truist Financial dropped their target price on shares of Northern Oil and Gas from $56.00 to $55.00 and set a "buy" rating on the stock in a report on Friday, April 5th. Bank of America downgraded shares of Northern Oil and Gas from a "buy" rating to an "underperform" rating and set a $39.00 target price on the stock. in a report on Friday, January 5th. Citigroup dropped their target price on shares of Northern Oil and Gas from $50.00 to $45.00 and set a "buy" rating on the stock in a research report on Wednesday, February 28th. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $46.00 target price on shares of Northern Oil and Gas in a report on Wednesday, March 6th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $46.30.

Northern Oil and Gas Price Performance

Shares of NOG stock traded up $0.11 during midday trading on Thursday, reaching $42.64. 1,214,594 shares of the company were exchanged, compared to its average volume of 1,257,127. Northern Oil and Gas has a 12 month low of $29.57 and a 12 month high of $43.64. The company has a market cap of $4.33 billion, a P/E ratio of 4.25 and a beta of 1.86. The company's 50 day moving average price is $36.76 and its two-hundred day moving average price is $37.08. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.32 and a current ratio of 1.32.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last issued its quarterly earnings data 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 the consensus estimate of $555.31 million. Northern Oil and Gas had a net margin of 42.61% and a return on equity of 40.86%. The company's revenue for the quarter was up 21.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.43 earnings per share.

Northern Oil and Gas Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th will be issued a dividend of $0.40 per share. The ex-dividend date is Wednesday, March 27th. This represents a $1.60 annualized dividend and a yield of 3.75%. Northern Oil and Gas's dividend payout ratio (DPR) is presently 15.94%.

Insider Buying and Selling at Northern Oil and Gas

In other Northern Oil and Gas news, insider James B. Evans sold 945 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $38.00, for a total transaction of $35,910.00. Following the transaction, the insider now owns 83,872 shares in the company, valued at $3,187,136. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, President Adam A. Dirlam sold 2,088 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $38.00, for a total value of $79,344.00. Following the completion of the sale, the president now directly owns 122,359 shares of the company's stock, valued at $4,649,642. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider James B. Evans sold 945 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $38.00, for a total value of $35,910.00. Following the completion of the sale, the insider now directly owns 83,872 shares of the company's stock, valued at $3,187,136. The disclosure for this sale can be found here. Insiders have sold a total of 10,944 shares of company stock worth $436,614 over the last 90 days. Insiders own 3.60% of the company's stock.

Institutional Investors Weigh In On Northern Oil and Gas

Hedge funds have recently modified their holdings of the business. Captrust Financial Advisors boosted its position in shares of Northern Oil and Gas by 1,349.4% in the second quarter. Captrust Financial Advisors now owns 1,145 shares of the company's stock valued at $29,000 after acquiring an additional 1,066 shares during the period. Quarry LP bought a new position in Northern Oil and Gas in the second quarter worth $31,000. Principal Securities Inc. bought a new position in Northern Oil and Gas in the fourth quarter worth $42,000. TFO Wealth Partners LLC lifted its position in Northern Oil and Gas by 112,100.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,122 shares of the company's stock worth $42,000 after purchasing an additional 1,121 shares during the period. Finally, SRS Capital Advisors Inc. lifted its position in Northern Oil and Gas by 305.9% in the fourth quarter. SRS Capital Advisors Inc. now owns 1,230 shares of the company's stock worth $46,000 after purchasing an additional 927 shares during the period. 98.80% of the stock is owned by institutional investors.

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.