Zacks Research Comments on Northern Oil and Gas, Inc.’s Q3 2024 Earnings (NYSE:NOG)

by · The Markets Daily

Northern Oil and Gas, Inc. (NYSE:NOG – Free Report) – Analysts at Zacks Research decreased their Q3 2024 earnings estimates for shares of Northern Oil and Gas in a report issued on Thursday, October 3rd. Zacks Research analyst N. Choudhury now expects that the company will post earnings per share of $1.22 for the quarter, down from their previous estimate of $1.24. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.29 per share. Zacks Research also issued estimates for Northern Oil and Gas’ Q1 2025 earnings at $1.45 EPS, Q3 2025 earnings at $1.45 EPS, Q4 2025 earnings at $1.46 EPS, Q1 2026 earnings at $1.11 EPS, Q2 2026 earnings at $1.29 EPS, Q3 2026 earnings at $1.31 EPS and FY2026 earnings at $5.05 EPS.

NOG has been the subject of a number of other research reports. Bank of America increased their price target on Northern Oil and Gas from $48.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Morgan Stanley decreased their target price on shares of Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Mizuho assumed coverage on shares of Northern Oil and Gas in a report on Thursday, September 19th. They set an “outperform” rating and a $47.00 price target on the stock. Jefferies Financial Group began coverage on shares of Northern Oil and Gas in a research note on Thursday, October 3rd. They issued a “buy” rating and a $53.00 price objective for the company. Finally, Truist Financial lowered their price objective on shares of Northern Oil and Gas from $55.00 to $44.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $46.80.

Check Out Our Latest Stock Analysis on Northern Oil and Gas

Northern Oil and Gas Price Performance

Shares of NYSE:NOG opened at $39.36 on Monday. 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 company has a market capitalization of $3.98 billion, a PE ratio of 6.38 and a beta of 1.81. The stock has a fifty day moving average of $37.65 and a 200-day moving average of $39.09. Northern Oil and Gas has a one year low of $31.13 and a one year high of $43.80.

Northern Oil and Gas (NYSE:NOG – Get Free Report) last released its 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 business had revenue of $560.80 million during the quarter, compared to analyst estimates of $542.28 million. Northern Oil and Gas had a net margin of 27.37% and a return on equity of 31.90%. The business’s quarterly revenue was up 17.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.49 earnings per share.

Northern Oil and Gas Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, September 27th will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 4.27%. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, September 27th. Northern Oil and Gas’s payout ratio is currently 27.23%.

Insider Transactions at Northern Oil and Gas

In other news, insider Erik J. Romslo sold 1,500 shares of the business’s stock in a transaction 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 completion of the sale, the insider now directly owns 105,713 shares in the company, valued at approximately $3,727,440.38. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Northern Oil and Gas news, President Adam A. Dirlam sold 2,508 shares of the company’s stock in a transaction dated Thursday, October 3rd. The shares were 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 in the company, valued at approximately $4,153,226. This represents a 0.00 % decrease in their position. The transaction 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 company’s stock in a transaction dated Tuesday, October 1st. The shares were 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 approximately $3,727,440.38. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,508 shares of company stock worth $168,013 in the last 90 days. 2.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Northern Oil and Gas by 36.4% during the 4th quarter. Vanguard Group Inc. now owns 10,587,536 shares of the company’s stock worth $392,480,000 after buying an additional 2,827,642 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Northern Oil and Gas by 45.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,521,924 shares of the company’s stock valued at $93,744,000 after acquiring an additional 789,985 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Northern Oil and Gas by 11.0% during the 2nd quarter. American Century Companies Inc. now owns 5,566,459 shares of the company’s stock worth $206,905,000 after acquiring an additional 552,645 shares during the period. Capstone Investment Advisors LLC lifted its position in shares of Northern Oil and Gas by 8,679.3% during the 1st quarter. Capstone Investment Advisors LLC now owns 512,972 shares of the company’s stock worth $20,355,000 after buying an additional 507,129 shares during the last quarter. Finally, Westfield Capital Management Co. LP grew its holdings in shares of Northern Oil and Gas by 13.8% during the 1st quarter. Westfield Capital Management Co. LP now owns 1,749,749 shares of the company’s stock valued at $69,430,000 after purchasing an additional 212,030 shares during the last quarter. Institutional investors own 98.80% of the company’s stock.

Northern Oil and Gas Company Profile

(Get Free Report)

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.

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