Zacks Research Issues Negative Outlook for NOG Earnings

Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) - Analysts at Zacks Research cut their Q3 2024 earnings per share estimates for shares of Northern Oil and Gas in a note issued to investors on Wednesday, October 16th. Zacks Research analyst N. Choudhury now anticipates that the company will post earnings per share of $1.10 for the quarter, down from their prior estimate of $1.22. The consensus estimate for Northern Oil and Gas' current full-year earnings is $5.29 per share.

Several other brokerages have also weighed in on NOG. Royal Bank of Canada restated an "outperform" rating and issued a $46.00 price target on shares of Northern Oil and Gas in a research note on Wednesday, July 3rd. Morgan Stanley cut their price target on Northern Oil and Gas from $42.00 to $39.00 and set an "equal weight" rating for the company in a research note on Monday, September 16th. Bank of America lifted their price target on Northern Oil and Gas from $48.00 to $49.00 and gave the company a "buy" rating in a research note on Wednesday, July 10th. Piper Sandler cut their price target on Northern Oil and Gas from $45.00 to $40.00 and set a "neutral" rating for the company in a research note on Thursday, August 15th. Finally, StockNews.com lowered Northern Oil and Gas from a "hold" rating to a "sell" rating in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $46.80.

Northern Oil and Gas Stock Performance

Shares of NYSE NOG traded down $0.08 during trading on Thursday, reaching $37.84. 833,278 shares of the company traded hands, compared to its average volume of 1,340,434. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.91. Northern Oil and Gas has a 12-month low of $31.13 and a 12-month high of $43.80. The firm's fifty day simple moving average is $37.62 and its 200 day simple moving average is $39.07. The stock has a market cap of $3.82 billion, a P/E ratio of 6.13 and a beta of 1.81.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last released its quarterly earnings data on Tuesday, July 30th. The company reported $1.46 earnings per share for the quarter, beating analysts' consensus estimates 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 return on equity of 31.90% and a net margin of 27.37%. The company's revenue was up 17.7% on a year-over-year basis. During the same quarter last year, the business posted $1.49 EPS.

Northern Oil and Gas Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be issued 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 annualized dividend and a dividend yield of 4.44%. The ex-dividend date is Friday, September 27th. Northern Oil and Gas's payout ratio is currently 27.23%.

Insiders Place Their Bets

In other Northern Oil and Gas news, CFO Chad W. Allen sold 1,500 shares of the company's stock in a transaction on Monday, October 7th. The stock was sold at an average price of $40.00, for a total transaction of $60,000.00. Following the transaction, the chief financial officer now directly owns 83,792 shares in the company, valued at $3,351,680. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, President Adam A. Dirlam sold 2,508 shares of the stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $38.50, for a total value of $96,558.00. Following the transaction, the president now owns 107,876 shares of the company's stock, valued at $4,153,226. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Chad W. Allen sold 1,500 shares of the stock in a transaction on Monday, October 7th. The shares were sold at an average price of $40.00, for a total value of $60,000.00. Following the completion of the transaction, the chief financial officer now directly owns 83,792 shares in the company, valued at $3,351,680. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,008 shares of company stock worth $228,013 over the last ninety days. Corporate insiders own 2.80% of the company's stock.

Hedge Funds Weigh In On Northern Oil and Gas

Several large investors have recently bought and sold shares of the business. Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its holdings in Northern Oil and Gas by 1.4% in the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 22,851 shares of the company's stock valued at $849,000 after buying an additional 320 shares during the last quarter. CWM LLC boosted its stake in Northern Oil and Gas by 24.8% in the third quarter. CWM LLC now owns 2,237 shares of the company's stock valued at $79,000 after acquiring an additional 444 shares in the last quarter. GAMMA Investing LLC boosted its stake in Northern Oil and Gas by 91.5% in the second quarter. GAMMA Investing LLC now owns 1,105 shares of the company's stock valued at $41,000 after acquiring an additional 528 shares in the last quarter. Arizona State Retirement System boosted its stake in Northern Oil and Gas by 2.2% in the second quarter. Arizona State Retirement System now owns 25,415 shares of the company's stock valued at $945,000 after acquiring an additional 555 shares in the last quarter. Finally, Insight Wealth Strategies LLC boosted its stake in 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 valued at $984,000 after acquiring an additional 602 shares in the last quarter. Hedge funds and other institutional investors own 98.80% of the company's stock.

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.