Q1 2024 Earnings Forecast for Northern Oil and Gas, Inc. Issued By Roth Capital (NYSE:NOG)

Northern Oil and Gas, Inc. (NYSE:NOG) – Research analysts at Roth Capital boosted their Q1 2024 earnings estimates for shares of Northern Oil and Gas in a note issued to investors on Tuesday, April 16th. Roth Capital analyst J. White now anticipates that the company will post earnings of $1.02 per share for the quarter, up from their previous estimate of $0.97. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.42 per share. Roth Capital also issued estimates for Northern Oil and Gas’ Q3 2024 earnings at $1.34 EPS and FY2024 earnings at $5.00 EPS.

Several other research firms have also recently issued reports on NOG. Citigroup decreased their price objective on shares of Northern Oil and Gas from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Wednesday, February 28th. Morgan Stanley lifted their price target on shares of Northern Oil and Gas from $38.00 to $41.00 and gave the stock an “equal weight” rating in a research note on Monday. Jefferies Financial Group lifted 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 note on Thursday, March 21st. Truist Financial cut their price target on shares of Northern Oil and Gas from $56.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, April 5th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $46.00 price target on shares of Northern Oil and Gas in a research note on Wednesday, March 6th. Two analysts have rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $46.60.

Northern Oil and Gas Price Performance

Northern Oil and Gas stock opened at $42.45 on Thursday. The stock has a market cap of $4.29 billion, a P/E ratio of 4.23 and a beta of 1.86. The company has a fifty day simple moving average of $37.61 and a 200-day simple moving average of $37.12. 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.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in NOG. Captrust Financial Advisors increased its stake in shares of Northern Oil and Gas by 1,349.4% during the second quarter. Captrust Financial Advisors now owns 1,145 shares of the company’s stock worth $29,000 after acquiring an additional 1,066 shares during the period. Quarry LP purchased a new stake in Northern Oil and Gas during the second quarter worth about $31,000. Principal Securities Inc. purchased a new stake in Northern Oil and Gas during the fourth quarter worth about $42,000. TFO Wealth Partners LLC boosted its holdings in Northern Oil and Gas by 112,100.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,122 shares of the company’s stock worth $42,000 after buying an additional 1,121 shares in the last quarter. Finally, SRS Capital Advisors Inc. boosted its holdings in Northern Oil and Gas by 305.9% during the fourth quarter. SRS Capital Advisors Inc. now owns 1,230 shares of the company’s stock worth $46,000 after buying an additional 927 shares in the last quarter. 98.80% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Northern Oil and Gas

In other news, President Adam A. Dirlam sold 2,088 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $38.00, for a total transaction of $79,344.00. Following the transaction, the president now directly owns 122,359 shares in the company, valued at $4,649,642. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, President Adam A. Dirlam sold 2,088 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $38.00, for a total transaction of $79,344.00. Following the transaction, the president now directly owns 122,359 shares in the company, valued at $4,649,642. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider James B. Evans sold 3,150 shares of the business’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $42.00, for a total transaction of $132,300.00. Following 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. Over the last three months, insiders have sold 10,944 shares of company stock worth $436,614. 3.20% of the stock is owned by company insiders.

Northern Oil and Gas Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $1.60 dividend on an annualized basis and a yield of 3.77%. Northern Oil and Gas’s dividend payout ratio is presently 15.94%.

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.