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

Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) - Analysts at Capital One Financial increased their Q1 2024 EPS estimates for Northern Oil and Gas in a research report issued to clients and investors on Wednesday, April 17th. Capital One Financial analyst P. Johnston now forecasts that the company will post earnings per share of $1.09 for the quarter, up from their prior estimate of $1.07. The consensus estimate for Northern Oil and Gas' current full-year earnings is $5.42 per share.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last posted 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 return on equity of 40.86% and a net margin of 42.61%. The company's revenue for the quarter was up 21.9% on a year-over-year basis. During the same quarter last year, the business posted $1.43 earnings per share.

NOG has been the topic of several other reports. Truist Financial cut 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. Raymond James dropped their price objective on shares of Northern Oil and Gas from $51.00 to $45.00 and set a "strong-buy" rating on the stock in a report on Wednesday, January 24th. Piper Sandler dropped their price objective on shares of Northern Oil and Gas from $39.00 to $38.00 and set a "neutral" rating on the stock in a report on Friday, February 16th. Royal Bank of Canada restated an "outperform" rating and set a $46.00 price objective on shares of Northern Oil and Gas in a report on Wednesday, March 6th. Finally, Stifel Nicolaus dropped their price objective on shares of Northern Oil and Gas from $54.00 to $52.00 and set a "buy" rating on the stock in a report on Tuesday, January 23rd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $46.60.

Northern Oil and Gas Trading Down 0.9 %

NOG traded down $0.39 during mid-day trading on Thursday, hitting $42.06. The stock had a trading volume of 1,357,571 shares, compared to its average volume of 1,268,201. The stock's fifty day simple moving average is $37.61 and its 200-day simple moving average is $37.12. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.32 and a quick ratio of 1.32. The firm has a market capitalization of $4.25 billion, a price-to-earnings ratio of 4.24 and a beta of 1.86. Northern Oil and Gas has a 1-year low of $29.57 and a 1-year high of $43.64.

Northern Oil and Gas Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date is Wednesday, March 27th. Northern Oil and Gas's dividend payout ratio (DPR) is presently 15.94%.

Insider Activity

In other news, CEO Nicholas L. O'grady sold 3,750 shares of Northern Oil and Gas stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $40.98, for a total value of $153,675.00. Following the completion of the transaction, the chief executive officer now owns 228,082 shares of the company's stock, valued at approximately $9,346,800.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Nicholas L. O'grady sold 3,750 shares of Northern Oil and Gas stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $40.98, for a total value of $153,675.00. Following the completion of the transaction, the chief executive officer now owns 228,082 shares of the company's stock, valued at approximately $9,346,800.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider James B. Evans sold 3,150 shares of Northern Oil and Gas stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $42.00, for a total transaction of $132,300.00. Following the completion of the transaction, the insider now directly owns 73,753 shares of the company's stock, valued at approximately $3,097,626. The disclosure for this sale can be found here. Insiders sold a total of 10,944 shares of company stock valued at $436,614 in the last quarter. Company insiders own 3.20% of the company's stock.

Institutional Trading of Northern Oil and Gas

Several hedge funds and other institutional investors have recently modified their holdings of NOG. Bank of New York Mellon Corp boosted its holdings in shares of Northern Oil and Gas by 7.2% during the 1st quarter. Bank of New York Mellon Corp now owns 434,031 shares of the company's stock worth $12,236,000 after buying an additional 29,141 shares during the period. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Northern Oil and Gas during the 1st quarter worth about $200,000. Cetera Advisor Networks LLC boosted its holdings in shares of Northern Oil and Gas by 40.4% during the 1st quarter. Cetera Advisor Networks LLC now owns 17,783 shares of the company's stock worth $501,000 after buying an additional 5,121 shares during the period. Private Advisor Group LLC bought a new stake in shares of Northern Oil and Gas during the 1st quarter worth about $207,000. Finally, Citigroup Inc. boosted its holdings in shares of Northern Oil and Gas by 32.9% during the 1st quarter. Citigroup Inc. now owns 88,939 shares of the company's stock worth $2,507,000 after buying an additional 22,033 shares during the period. 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.