Northern Oil and Gas (NYSE:NOG) Posts Quarterly Earnings Results, Beats Estimates By $0.26 EPS

Northern Oil and Gas (NYSE:NOG) announced its quarterly earnings data on Tuesday. The company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.26, Briefing.com reports. The business had revenue of $560.80 million during the quarter, compared to analysts’ expectations of $542.28 million. Northern Oil and Gas had a return on equity of 34.06% and a net margin of 30.01%. The firm’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.49 earnings per share.

Northern Oil and Gas Stock Performance

Shares of NOG stock traded up $2.55 during midday trading on Wednesday, hitting $43.19. 4,019,831 shares of the company were exchanged, compared to its average volume of 1,336,821. Northern Oil and Gas has a 52 week low of $31.13 and a 52 week high of $43.80. The firm has a market capitalization of $4.36 billion, a P/E ratio of 7.00 and a beta of 1.79. The firm’s 50 day moving average price is $38.96 and its two-hundred day moving average price is $38.21. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.96 and a current ratio of 0.96.

Northern Oil and Gas Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Thursday, June 27th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.70%. The ex-dividend date is Thursday, June 27th. Northern Oil and Gas’s dividend payout ratio is presently 25.93%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on NOG. Royal Bank of Canada restated an “outperform” rating and set a $46.00 target price on shares of Northern Oil and Gas in a report on Wednesday, July 3rd. Stifel Nicolaus upped their target price on shares of Northern Oil and Gas from $54.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. StockNews.com lowered Northern Oil and Gas from a “hold” rating to a “sell” rating in a research report on Thursday, July 18th. Bank of America increased their target price on shares of Northern Oil and Gas from $48.00 to $49.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Finally, Truist Financial reduced their price objective on shares of Northern Oil and Gas from $57.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. One research analyst has rated the stock with a sell rating, two have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $48.80.

Insider Buying and Selling at Northern Oil and Gas

In other news, CEO Nicholas L. O’grady sold 3,750 shares of the business’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $38.01, for a total value of $142,537.50. Following the completion of the sale, the chief executive officer now owns 224,332 shares of the company’s stock, valued at $8,526,859.32. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Northern Oil and Gas news, President Adam A. Dirlam sold 1,392 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $37.88, for a total transaction of $52,728.96. Following the completion of the transaction, the president now owns 107,628 shares in the company, valued at approximately $4,076,948.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Nicholas L. O’grady sold 3,750 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $38.01, for a total transaction of $142,537.50. Following the completion of the sale, the chief executive officer now directly owns 224,332 shares in the company, valued at $8,526,859.32. The disclosure for this sale can be found here. Insiders have sold a total of 6,534 shares of company stock valued at $252,144 in the last three months. 2.80% of the stock is currently owned by company insiders.

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.