Northern Oil and Gas (NYSE:NOG) Releases Quarterly Earnings Results, Misses Estimates By $0.04 EPS

Northern Oil and Gas (NYSE:NOG) announced its quarterly earnings results on Thursday. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.04), FiscalAI reports. Northern Oil and Gas had a negative net margin of 33.17% and a positive return on equity of 18.43%. The business had revenue of $745.24 million for the quarter, compared to the consensus estimate of $594.09 million. During the same period in the previous year, the company earned $1.37 earnings per share. The company’s revenue for the quarter was up 5.4% compared to the same quarter last year.

Northern Oil and Gas Price Performance

Shares of Northern Oil and Gas stock opened at $20.25 on Friday. The stock has a market cap of $2.20 billion, a P/E ratio of -3.18 and a beta of 0.70. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.53 and a current ratio of 0.53. The stock’s fifty day moving average is $20.15 and its 200 day moving average is $24.06. Northern Oil and Gas has a one year low of $17.18 and a one year high of $31.17.

Northern Oil and Gas Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 8.9%. The ex-dividend date of this dividend is Tuesday, September 29th. Northern Oil and Gas’s dividend payout ratio (DPR) is currently -28.26%.

Wall Street Analysts Forecast Growth

NOG has been the topic of several research analyst reports. Morgan Stanley set a $25.00 target price on shares of Northern Oil and Gas and gave the company an “underweight” rating in a research note on Monday, June 29th. Raymond James Financial reaffirmed an “outperform” rating and issued a $28.00 price objective on shares of Northern Oil and Gas in a report on Wednesday, July 15th. Wall Street Zen cut Northern Oil and Gas from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Citigroup lowered their target price on Northern Oil and Gas from $36.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, July 20th. Finally, Johnson Rice downgraded Northern Oil and Gas from an “accumulate” rating to a “hold” rating and set a $36.00 price target for the company. in a research note on Wednesday, May 20th. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $30.62.

Insider Buying and Selling

In related news, Director Bahram Akradi acquired 25,760 shares of the firm’s stock in a transaction dated Monday, June 22nd. The shares were purchased at an average price of $19.40 per share, with a total value of $499,744.00. Following the completion of the purchase, the director directly owned 1,713,444 shares of the company’s stock, valued at $33,240,813.60. This represents a 1.53% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Northern Oil and Gas

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NOG. Jones Financial Companies Lllp lifted its stake in shares of Northern Oil and Gas by 181.0% during the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock valued at $33,000 after buying an additional 713 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in Northern Oil and Gas by 429.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,514 shares of the company’s stock valued at $43,000 after acquiring an additional 1,228 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in Northern Oil and Gas by 85.7% in the 2nd quarter. Smartleaf Asset Management LLC now owns 1,521 shares of the company’s stock worth $44,000 after purchasing an additional 702 shares in the last quarter. Global Retirement Partners LLC grew its position in shares of Northern Oil and Gas by 572.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,682 shares of the company’s stock valued at $36,000 after purchasing an additional 1,432 shares in the last quarter. Finally, Strs Ohio bought a new stake in shares of Northern Oil and Gas in the first quarter worth about $88,000. Institutional investors own 98.80% of the company’s stock.

Northern Oil and Gas Company Profile

Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.

Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.