What is Zacks Research's Forecast for NOG FY2024 Earnings?

Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) - Analysts at Zacks Research reduced their FY2024 earnings estimates for Northern Oil and Gas in a research note issued to investors on Tuesday, January 14th. Zacks Research analyst N. Choudhury now expects that the company will earn $5.31 per share for the year, down from their prior estimate of $5.39. The consensus estimate for Northern Oil and Gas' current full-year earnings is $5.39 per share. Zacks Research also issued estimates for Northern Oil and Gas' Q4 2024 earnings at $1.17 EPS, Q1 2025 earnings at $1.23 EPS, Q2 2025 earnings at $1.22 EPS, Q3 2025 earnings at $1.34 EPS, Q4 2025 earnings at $1.50 EPS, FY2025 earnings at $5.28 EPS, Q1 2026 earnings at $1.51 EPS, Q2 2026 earnings at $1.39 EPS, Q3 2026 earnings at $1.58 EPS, Q4 2026 earnings at $1.57 EPS and FY2026 earnings at $6.04 EPS.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last issued its earnings results on Tuesday, November 5th. The company reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.20. Northern Oil and Gas had a net margin of 33.44% and a return on equity of 27.52%. The business had revenue of $753.64 million for the quarter, compared to the consensus estimate of $540.23 million. During the same quarter in the previous year, the firm earned $1.73 earnings per share. The business's quarterly revenue was up 140.0% compared to the same quarter last year.

Several other brokerages have also commented on NOG. Jefferies Financial Group started coverage on shares of Northern Oil and Gas in a research report on Thursday, October 3rd. They set a "buy" rating and a $53.00 target price on the stock. Piper Sandler dropped their price target on Northern Oil and Gas from $41.00 to $37.00 and set a "neutral" rating for the company in a research report on Tuesday, December 17th. Mizuho cut Northern Oil and Gas from an "outperform" rating to a "neutral" rating and set a $47.00 price objective for the company. in a research report on Monday, December 16th. Truist Financial lifted their price target on Northern Oil and Gas from $52.00 to $55.00 and gave the company a "buy" rating in a report on Monday. Finally, Royal Bank of Canada reiterated a "sector perform" rating and issued a $45.00 target price on shares of Northern Oil and Gas in a report on Friday, January 10th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $47.50.

Northern Oil and Gas Stock Performance

Shares of NOG stock traded up $0.34 during trading hours on Thursday, reaching $42.07. 1,191,203 shares of the company's stock were exchanged, compared to its average volume of 1,268,230. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.23 and a quick ratio of 1.23. The company's 50 day moving average is $40.02 and its two-hundred day moving average is $38.77. The company has a market cap of $4.20 billion, a P/E ratio of 5.05 and a beta of 1.85. Northern Oil and Gas has a 1 year low of $31.13 and a 1 year high of $44.31.

Northern Oil and Gas Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Monday, December 30th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 3.99%. The ex-dividend date of this dividend is Monday, December 30th. Northern Oil and Gas's dividend payout ratio is currently 20.17%.

Insider Buying and Selling

In other news, President Adam A. Dirlam sold 836 shares of the business's stock in a transaction on Monday, January 6th. The shares were sold at an average price of $39.00, for a total transaction of $32,604.00. Following the completion of the transaction, the president now owns 96,223 shares of the company's stock, valued at approximately $3,752,697. The trade was a 0.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have sold 1,836 shares of company stock worth $72,869 over the last ninety days. 2.80% of the stock is owned by insiders.

Institutional Trading of Northern Oil and Gas

Several hedge funds have recently bought and sold shares of NOG. Choreo LLC acquired a new stake in shares of Northern Oil and Gas in the second quarter valued at approximately $266,000. Federated Hermes Inc. boosted its holdings in shares of Northern Oil and Gas by 10.1% in the second quarter. Federated Hermes Inc. now owns 111,744 shares of the company's stock valued at $4,154,000 after acquiring an additional 10,214 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Northern Oil and Gas by 45.6% during the second 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 during the period. Edgestream Partners L.P. raised its holdings in Northern Oil and Gas by 7.9% during the second quarter. Edgestream Partners L.P. now owns 125,531 shares of the company's stock worth $4,666,000 after purchasing an additional 9,177 shares in the last quarter. Finally, Mutual of America Capital Management LLC lifted its position in Northern Oil and Gas by 16.3% in the second quarter. Mutual of America Capital Management LLC now owns 443,264 shares of the company's stock worth $16,476,000 after purchasing an additional 62,254 shares during the period. 98.80% of the stock is currently owned by 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.