Capital One Financial Weighs in on Northern Oil and Gas, Inc.’s FY2024 Earnings (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Research analysts at Capital One Financial dropped their FY2024 EPS estimates for shares of Northern Oil and Gas in a research report issued on Thursday, April 11th. Capital One Financial analyst P. Johnston now expects that the company will earn $5.16 per share for the year, down from their previous forecast of $5.21. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.41 per share. Capital One Financial also issued estimates for Northern Oil and Gas’ Q4 2024 earnings at $1.34 EPS and FY2025 earnings at $5.60 EPS.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings data on Friday, February 23rd. The company reported $1.61 EPS for the quarter, missing the consensus estimate of $1.64 by ($0.03). The company had revenue of $543.40 million during the quarter, compared to analysts’ expectations of $555.31 million. Northern Oil and Gas had a net margin of 42.61% and a return on equity of 40.86%. The business’s revenue for the quarter was up 21.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.43 earnings per share.

Other equities research analysts have also recently issued research reports about the stock. Bank of America cut shares of Northern Oil and Gas from a “buy” rating to an “underperform” rating and set a $39.00 price target on the stock. in a research note on Friday, January 5th. Raymond James lowered their target price on shares of Northern Oil and Gas from $51.00 to $45.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, January 24th. Citigroup lowered 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 note on Wednesday, February 28th. Jefferies Financial Group lifted their target price on shares of Northern Oil and Gas from $45.00 to $51.00 and gave the stock a “buy” rating in a research note on Thursday, March 21st. Finally, Stifel Nicolaus lowered their target price on shares of Northern Oil and Gas from $54.00 to $52.00 and set a “buy” rating on the stock in a research note on Tuesday, January 23rd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.60.

Northern Oil and Gas Stock Performance

NOG opened at $42.75 on Monday. Northern Oil and Gas has a 12-month low of $29.57 and a 12-month high of $43.64. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.90. The firm has a market capitalization of $4.32 billion, a PE ratio of 4.26 and a beta of 1.86. The firm has a 50 day moving average of $37.40 and a two-hundred day moving average of $37.08.

Northern Oil and Gas Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Thursday, March 28th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date of this dividend is Wednesday, March 27th. Northern Oil and Gas’s payout ratio is currently 15.94%.

Insider Activity at Northern Oil and Gas

In other Northern Oil and Gas news, CEO Nicholas L. O’grady sold 3,750 shares of the firm’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $40.98, for a total value of $153,675.00. Following the sale, the chief executive officer now directly owns 228,082 shares of the company’s stock, valued at approximately $9,346,800.36. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Nicholas L. O’grady sold 3,750 shares of the firm’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $40.98, for a total value of $153,675.00. Following the transaction, the chief executive officer now directly owns 228,082 shares in the company, valued at approximately $9,346,800.36. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider James B. Evans sold 3,150 shares of the firm’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $42.00, for a total value of $132,300.00. Following the completion of the transaction, the insider now owns 73,753 shares in the company, valued at $3,097,626. The disclosure for this sale can be found here. Insiders have sold a total of 10,944 shares of company stock valued at $436,614 over the last quarter. 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 stock. BlackRock Inc. increased its holdings in Northern Oil and Gas by 137.7% during the 1st quarter. BlackRock Inc. now owns 10,915,028 shares of the company’s stock worth $331,271,000 after purchasing an additional 6,322,462 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Northern Oil and Gas by 36.4% in the 4th quarter. Vanguard Group Inc. now owns 10,587,536 shares of the company’s stock worth $392,480,000 after acquiring an additional 2,827,642 shares in the last quarter. Alliancebernstein L.P. grew its position in shares of Northern Oil and Gas by 1,356.2% in the 2nd quarter. Alliancebernstein L.P. now owns 979,729 shares of the company’s stock worth $33,624,000 after acquiring an additional 912,449 shares in the last quarter. State Street Corp grew its position in shares of Northern Oil and Gas by 29.0% in the 1st quarter. State Street Corp now owns 3,301,013 shares of the company’s stock worth $93,518,000 after acquiring an additional 742,371 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of Northern Oil and Gas by 19.0% in the 3rd quarter. Invesco Ltd. now owns 3,786,176 shares of the company’s stock worth $152,318,000 after acquiring an additional 605,197 shares in the last quarter. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

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.