Northern Oil and Gas, Inc. (NYSE:NOG) to Post Q3 2024 Earnings of $1.10 Per Share, Zacks Research Forecasts

Northern Oil and Gas, Inc. (NYSE:NOG) – Equities research analysts at Zacks Research lowered their Q3 2024 EPS estimates for Northern Oil and Gas in a report released 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 issued its quarterly earnings results on Tuesday, July 30th. The company reported $1.46 EPS for the quarter, beating the consensus estimate of $1.20 by $0.26. The company had revenue of $560.80 million for the quarter, compared to the consensus estimate of $542.28 million. Northern Oil and Gas had a net margin of 27.37% and a return on equity of 31.90%. The firm’s revenue was up 17.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.49 EPS.

A number of other equities analysts have also recently issued reports on NOG. Jefferies Financial Group began coverage on Northern Oil and Gas in a report on Thursday, October 3rd. They set a “buy” rating and a $53.00 price objective for the company. Morgan Stanley lowered their price objective on shares of Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $46.00 price target on shares of Northern Oil and Gas in a research note on Wednesday, July 3rd. Mizuho began coverage on Northern Oil and Gas in a report on Thursday, September 19th. They issued an “outperform” rating and a $47.00 price target for the company. Finally, StockNews.com downgraded Northern Oil and Gas from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $46.80.

Northern Oil and Gas Trading Up 0.9 %

NOG opened at $37.92 on Thursday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.89 and a current ratio of 0.89. The stock’s 50 day moving average price is $37.63 and its 200-day moving average price is $39.08. Northern Oil and Gas has a one year low of $31.13 and a one year high of $43.80. The stock has a market cap of $3.83 billion, a price-to-earnings ratio of 6.15 and a beta of 1.81.

Institutional Investors Weigh In On Northern Oil and Gas

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NOG. Bay Colony Advisory Group Inc d b a Bay Colony Advisors grew its stake in shares of Northern Oil and Gas by 1.4% during the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 22,851 shares of the company’s stock worth $849,000 after acquiring an additional 320 shares during the last quarter. CWM LLC boosted its stake in Northern Oil and Gas by 24.8% in the 3rd quarter. CWM LLC now owns 2,237 shares of the company’s stock worth $79,000 after purchasing an additional 444 shares in the last quarter. GAMMA Investing LLC grew its position in Northern Oil and Gas by 91.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,105 shares of the company’s stock worth $41,000 after purchasing an additional 528 shares during the last quarter. Arizona State Retirement System increased its stake in Northern Oil and Gas by 2.2% during the 2nd quarter. Arizona State Retirement System now owns 25,415 shares of the company’s stock valued at $945,000 after purchasing an additional 555 shares in the last quarter. Finally, Insight Wealth Strategies LLC raised its holdings in shares of Northern Oil and Gas by 2.2% in the third quarter. Insight Wealth Strategies LLC now owns 27,799 shares of the company’s stock worth $984,000 after buying an additional 602 shares during the last quarter. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Northern Oil and Gas

In other news, insider Erik J. Romslo sold 1,500 shares of Northern Oil and Gas stock in a transaction that occurred 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 transaction, the insider now owns 105,713 shares of the company’s stock, valued at $3,727,440.38. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, President Adam A. Dirlam sold 2,508 shares of the company’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $38.50, for a total transaction 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 represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Erik J. Romslo sold 1,500 shares of the firm’s stock in a transaction 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 completion of the sale, the insider now directly owns 105,713 shares of the company’s stock, valued at $3,727,440.38. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,008 shares of company stock valued at $228,013 over the last quarter. 2.80% of the stock is owned by corporate insiders.

Northern Oil and Gas Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, September 27th will be paid a dividend of $0.42 per share. This is a boost from Northern Oil and Gas’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a dividend yield of 4.43%. The ex-dividend date of this dividend is Friday, September 27th. Northern Oil and Gas’s dividend payout ratio is 27.23%.

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.