Seaport Res Ptn Analysts Raise Earnings Estimates for Northern Oil and Gas, Inc. (NYSEAMERICAN:NOG)

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Northern Oil and Gas, Inc. (NYSEAMERICAN:NOG – Get Rating) – Equities researchers at Seaport Res Ptn increased their Q3 2022 earnings per share (EPS) estimates for Northern Oil and Gas in a research report issued on Tuesday, August 16th. Seaport Res Ptn analyst N. Pope now expects that the energy company will post earnings per share of $2.21 for the quarter, up from their prior forecast of $1.75. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.76 per share. Seaport Res Ptn also issued estimates for Northern Oil and Gas’ Q4 2022 earnings at $2.26 EPS.

A number of other brokerages have also weighed in on NOG. Bank of America lowered their target price on Northern Oil and Gas from $38.00 to $32.00 in a research note on Tuesday, July 19th. Piper Sandler reduced their target price on shares of Northern Oil and Gas from $51.00 to $49.00 in a research report on Friday, July 22nd. Citigroup upped their price target on shares of Northern Oil and Gas from $31.00 to $36.00 and gave the company a “buy” rating in a research note on Tuesday, April 26th. Wells Fargo & Company dropped their price objective on shares of Northern Oil and Gas from $36.00 to $35.00 and set an “equal weight” rating for the company in a research note on Monday, July 11th. Finally, TheStreet upgraded shares of Northern Oil and Gas from a “d” rating to a “b-” rating in a research report on Wednesday, August 3rd. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $42.56.

Northern Oil and Gas Trading Down 2.8 %

NYSEAMERICAN:NOG opened at $31.03 on Friday. The firm has a market capitalization of $2.45 billion, a price-to-earnings ratio of -30.42, a P/E/G ratio of 0.51 and a beta of 2.25. Northern Oil and Gas has a one year low of $14.03 and a one year high of $39.10. The company has a debt-to-equity ratio of 3.73, a quick ratio of 0.66 and a current ratio of 0.66.

Northern Oil and Gas (NYSEAMERICAN:NOG – Get Rating) last announced its quarterly earnings results on Wednesday, August 3rd. The energy company reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. Northern Oil and Gas had a negative return on equity of 351.74% and a net margin of 1.28%. During the same quarter in the prior year, the firm earned $0.92 EPS.

Institutional Trading of Northern Oil and Gas

Several hedge funds have recently modified their holdings of the stock. Westwood Holdings Group Inc. increased its position in Northern Oil and Gas by 18,402.8% in the 1st quarter. Westwood Holdings Group Inc. now owns 1,794,767 shares of the energy company’s stock valued at $50,594,000 after buying an additional 1,785,067 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new position in shares of Northern Oil and Gas in the 4th quarter worth $36,043,000. FMR LLC grew its position in Northern Oil and Gas by 28.3% in the 2nd quarter. FMR LLC now owns 5,809,993 shares of the energy company’s stock valued at $146,761,000 after purchasing an additional 1,282,999 shares during the period. Capital World Investors increased its stake in Northern Oil and Gas by 24.2% during the 4th quarter. Capital World Investors now owns 6,054,000 shares of the energy company’s stock valued at $124,591,000 after purchasing an additional 1,179,000 shares in the last quarter. Finally, State Street Corp raised its holdings in Northern Oil and Gas by 29.0% during the first quarter. State Street Corp now owns 3,301,013 shares of the energy company’s stock worth $93,518,000 after buying an additional 742,371 shares during the last quarter. Institutional investors own 88.47% of the company’s stock.

Insider Transactions at Northern Oil and Gas

In other news, major shareholder Robert B. Rowling sold 400,000 shares of the firm’s stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $33.26, for a total transaction of $13,304,000.00. Following the completion of the transaction, the insider now directly owns 8,563,719 shares in the company, valued at $284,829,293.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Northern Oil and Gas news, major shareholder Robert B. Rowling sold 117,860 shares of the stock in a transaction dated Friday, June 3rd. The stock was sold at an average price of $33.01, for a total transaction of $3,890,558.60. Following the completion of the sale, the insider now directly owns 8,263,719 shares in the company, valued at approximately $272,785,364.19. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Robert B. Rowling sold 400,000 shares of Northern Oil and Gas stock in a transaction dated Wednesday, June 1st. The stock was sold at an average price of $33.26, for a total value of $13,304,000.00. Following the completion of the transaction, the insider now directly owns 8,563,719 shares of the company’s stock, valued at $284,829,293.94. The disclosure for this sale can be found here. 4.40% of the stock is owned by company insiders.

Northern Oil and Gas Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Thursday, September 29th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $1.00 annualized dividend and a dividend yield of 3.22%. This is an increase from Northern Oil and Gas’s previous quarterly dividend of $0.19. Northern Oil and Gas’s dividend payout ratio (DPR) is presently -74.51%.

About Northern Oil and Gas

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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. The company primarily holds interests in the Williston Basin, the Appalachian Basin, and the Permian Basin in the United States.