Northern Oil and Gas (NYSE:NOG) Announces 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, beating analysts’ consensus estimates of $1.20 by $0.20, Briefing.com reports. The firm had revenue of $753.64 million for the quarter, compared to analysts’ expectations of $540.23 million. Northern Oil and Gas had a return on equity of 31.90% and a net margin of 27.37%. The business’s revenue was up 140.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.73 earnings per share.

Northern Oil and Gas Stock Down 1.3 %

NYSE:NOG opened at $40.52 on Friday. The company has a market cap of $4.06 billion, a price-to-earnings ratio of 4.86 and a beta of 1.80. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.89 and a current ratio of 0.89. The stock’s fifty day moving average price is $37.13 and its two-hundred day moving average price is $38.61. Northern Oil and Gas has a 52-week low of $31.13 and a 52-week high of $43.80.

Insider Activity

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

Analyst Ratings Changes

Several brokerages have recently commented on NOG. Jefferies Financial Group assumed coverage on shares of Northern Oil and Gas in a research note on Thursday, October 3rd. They issued a “buy” rating and a $53.00 target price on the stock. Morgan Stanley reduced their price target on shares of 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. StockNews.com lowered 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 target price on Northern Oil and Gas from $45.00 to $40.00 and set a “neutral” rating on the stock in a report on Thursday, August 15th. Finally, Mizuho assumed coverage on Northern Oil and Gas in a research report on Thursday, September 19th. They set an “outperform” rating and a $47.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $47.50.

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.