Northern Oil and Gas (NYSE:NOG) Releases Quarterly Earnings Results, Beats Expectations By $0.20 EPS

Northern Oil and Gas (NYSE:NOG) announced its quarterly earnings results on Tuesday. The company reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.20, Briefing.com reports. The firm had revenue of $753.64 million during the quarter, compared to analysts’ expectations of $540.23 million. Northern Oil and Gas had a net margin of 27.37% and a return on equity of 31.90%. The company’s revenue was up 140.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.73 EPS.

Northern Oil and Gas Stock Performance

Northern Oil and Gas stock traded up $4.40 during trading hours on Wednesday, hitting $41.16. 2,857,031 shares of the stock traded hands, compared to its average volume of 1,321,046. The firm’s 50 day moving average price is $37.10 and its 200-day moving average price is $38.58. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market capitalization of $4.12 billion, a price-to-earnings ratio of 6.51 and a beta of 1.80. Northern Oil and Gas has a 1 year low of $31.13 and a 1 year high of $43.80.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Mizuho started coverage on Northern Oil and Gas in a research report on Thursday, September 19th. They issued an “outperform” rating and a $47.00 price target for the company. StockNews.com cut shares of Northern Oil and Gas from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Piper Sandler reduced their price objective on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, August 15th. Bank of America raised their target price on shares of Northern Oil and Gas from $48.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. Finally, Morgan Stanley reduced their price target on Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.80.

Insider Transactions at Northern Oil and Gas

In other Northern Oil and Gas news, CFO Chad W. Allen sold 1,500 shares of Northern Oil and Gas stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $40.00, for a total transaction of $60,000.00. Following the completion of the sale, the chief financial officer now directly owns 83,792 shares in the company, valued at approximately $3,351,680. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO Chad W. Allen sold 1,500 shares of the company’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $40.00, for a total value of $60,000.00. Following the sale, the chief financial officer now owns 83,792 shares in the company, valued at $3,351,680. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Adam A. Dirlam sold 2,508 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $38.50, for a total value of $96,558.00. Following the sale, the president now directly owns 107,876 shares in the company, valued at approximately $4,153,226. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,008 shares of company stock worth $228,013 over the last three months. 2.80% of the stock is currently owned by insiders.

Northern Oil and Gas Company Profile

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.