Northern Oil and Gas (NYSE:NOG) Issues Quarterly Earnings Results

Northern Oil and Gas (NYSE:NOG) released its earnings results on Tuesday. The company reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.20, Briefing.com reports. Northern Oil and Gas had a return on equity of 31.90% and a net margin of 27.37%. The company had revenue of $753.64 million during the quarter, compared to analyst estimates of $540.23 million. During the same quarter in the previous year, the company posted $1.73 EPS. Northern Oil and Gas’s revenue for the quarter was up 140.0% on a year-over-year basis.

Northern Oil and Gas Stock Down 1.3 %

Shares of NOG traded down $0.54 on Thursday, hitting $40.52. The company’s stock had a trading volume of 1,790,260 shares, compared to its average volume of 1,333,061. Northern Oil and Gas has a fifty-two week low of $31.13 and a fifty-two week high of $43.80. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.91. The firm’s fifty day moving average price is $37.13 and its 200-day moving average price is $38.61. The firm has a market capitalization of $4.06 billion, a price-to-earnings ratio of 4.86 and a beta of 1.80.

Insider Activity

In other news, President Adam A. Dirlam sold 2,508 shares of Northern Oil and Gas stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $38.50, for a total transaction of $96,558.00. Following the sale, the president now directly owns 107,876 shares of the company’s stock, valued at approximately $4,153,226. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Northern Oil and Gas news, President Adam A. Dirlam sold 2,508 shares of the business’s stock in a transaction on 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 $4,153,226. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Erik J. Romslo sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $35.26, for a total value of $52,890.00. Following the completion of the sale, the insider now directly owns 105,713 shares in the company, valued at approximately $3,727,440.38. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,008 shares of company stock valued at $228,013. 2.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on NOG shares. Piper Sandler lowered their price objective on Northern Oil and Gas from $45.00 to $40.00 and set a “neutral” rating on the stock in a research report on Thursday, August 15th. Bank of America raised their price objective on Northern Oil and Gas from $48.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. StockNews.com downgraded shares of Northern Oil and Gas from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Mizuho started coverage on shares of Northern Oil and Gas in a research note on Thursday, September 19th. They set an “outperform” rating and a $47.00 price target for the company. Finally, Morgan Stanley cut their price objective on shares of Northern Oil and Gas from $42.00 to $39.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. One analyst has rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Northern Oil and Gas has a consensus rating of “Moderate Buy” and an average price target of $47.50.

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.