Northern Oil and Gas (NOG) Stock

Northern's Q3 2024 results were roughly in line with expectations, and it reaffirmed its full-year production and capex guidance. It plans to increase its quarterly dividend to $0.45 per share in 2025, around 10% higher than its average 2024 dividend. Northern entered into a joint development agreement in Appalachia for up to $160 million in 2025 spending.

Northern Oil and Gas has proposed to buy Granite Ridge Resources, a smaller U.S. oil producer operating in areas like the Permian and Eagle Ford, according to sources. The Minneapolis-based company has made at least two offers, with the most recent one being about 20% higher than Granite Ridge's current share price. Although Granite Ridge's management has declined the offers so far, Northern is still keen on the acquisition and may increase its bid next year, the sources added.

MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG” or the “Company”) has a policy on not responding to acquisition rumors, however the Company believes that today's article regarding NOG's potential acquisition of Granite Ridge Resources (“Granite Ridge”) requires a response. As the largest publicly traded dedicated non-operator, NOG has a large pipeline of acquisition opportunities and the Company frequently sends expressions of interest to acquire assets or businesses.

MINNEAPOLIS--(BUSINESS WIRE)--NOG Publishes 2023 ESG Report.

Northern Oil and Gas (NOG) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).

Here is how Northern Oil and Gas (NOG) and Targa Resources, Inc. (TRGP) have performed compared to their sector so far this year.

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

NOG remains committed to shareholder value by boosting dividends to 42 cents per share with plans for a 10% annual increase in 2025.

NOG expects annual oil production of 73,000-76,000 barrels per day and total production of 120,000-124,000 Boe/din 2024.