Zacks Research Has Bearish Forecast for NOG FY2024 Earnings

Northern Oil and Gas, Inc. (NYSE:NOG) – Stock analysts at Zacks Research reduced their FY2024 earnings estimates for Northern Oil and Gas in a research report issued on Tuesday, January 14th. Zacks Research analyst N. Choudhury now forecasts that the company will post earnings of $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.

A number of other research firms also recently weighed in on NOG. Mizuho downgraded Northern Oil and Gas from an “outperform” rating to a “neutral” rating and set a $47.00 price target for the company. in a research note on Monday, December 16th. Piper Sandler reduced their target price on shares of Northern Oil and Gas from $41.00 to $37.00 and set a “neutral” rating for the company in a research note on Tuesday, December 17th. Royal Bank of Canada restated a “sector perform” rating and set a $45.00 price target on shares of Northern Oil and Gas in a research note on Friday, January 10th. Truist Financial lifted their price objective on shares of Northern Oil and Gas from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Monday. Finally, Jefferies Financial Group assumed 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. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Northern Oil and Gas presently has an average rating of “Moderate Buy” and a consensus target price of $47.50.

Northern Oil and Gas Price Performance

NOG opened at $41.77 on Thursday. The stock has a fifty day moving average price of $39.99 and a 200 day moving average price of $38.75. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.84. Northern Oil and Gas has a 1 year low of $31.13 and a 1 year high of $44.31. The stock has a market cap of $4.17 billion, a price-to-earnings ratio of 5.01 and a beta of 1.85.

Northern Oil and Gas (NYSE:NOG) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $1.40 EPS 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 analysts’ expectations of $540.23 million. During the same period in the previous year, the company posted $1.73 EPS. Northern Oil and Gas’s revenue was up 140.0% on a year-over-year basis.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in NOG. Choreo LLC acquired a new stake in shares of Northern Oil and Gas in the second quarter worth $266,000. Federated Hermes Inc. raised its position in shares of Northern Oil and Gas by 10.1% during the second quarter. Federated Hermes Inc. now owns 111,744 shares of the company’s stock valued at $4,154,000 after buying an additional 10,214 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of 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 worth $93,744,000 after acquiring an additional 789,985 shares during the period. Edgestream Partners L.P. lifted its position in Northern Oil and Gas by 7.9% in 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 during the period. Finally, Mutual of America Capital Management LLC boosted its position in shares of Northern Oil and Gas by 16.3% during the 2nd quarter. Mutual of America Capital Management LLC now owns 443,264 shares of the company’s stock valued at $16,476,000 after acquiring an additional 62,254 shares in the last quarter. 98.80% of the stock is owned by institutional investors.

Insider Buying and Selling at Northern Oil and Gas

In related news, President Adam A. Dirlam sold 836 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 1,836 shares of company stock worth $72,869 over the last ninety days. Company insiders own 2.80% of the company’s stock.

Northern Oil and Gas Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Monday, December 30th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date of this dividend is Monday, December 30th. Northern Oil and Gas’s dividend payout ratio is 20.17%.

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.