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

Northern Oil and Gas (NYSE:NOG) released 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. Northern Oil and Gas had a net margin of 27.37% and a return on equity of 31.90%. The firm had revenue of $753.64 million during the quarter, compared to the consensus estimate of $540.23 million. During the same quarter in the prior year, the firm earned $1.73 EPS. The company’s revenue for the quarter was up 140.0% on a year-over-year basis.

Northern Oil and Gas Trading Up 12.0 %

NYSE:NOG traded up $4.40 on Wednesday, reaching $41.16. The company’s stock had a trading volume of 2,857,031 shares, compared to its average volume of 1,321,046. Northern Oil and Gas has a 12-month low of $31.13 and a 12-month high of $43.80. The stock has a 50 day moving average price of $37.10 and a 200 day moving average price of $38.58. The firm has a market cap of $4.12 billion, a price-to-earnings ratio of 6.51 and a beta of 1.80. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.91.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on NOG. Bank of America lifted their price target on Northern Oil and Gas from $48.00 to $49.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. StockNews.com cut shares of Northern Oil and Gas from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Piper Sandler decreased their price target on shares of Northern Oil and Gas from $45.00 to $40.00 and set a “neutral” rating on the stock in a research note on Thursday, August 15th. Mizuho started coverage on shares of Northern Oil and Gas in a report on Thursday, September 19th. They issued an “outperform” rating and a $47.00 price objective for the company. Finally, Truist Financial decreased their target price on shares of Northern Oil and Gas from $55.00 to $44.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Northern Oil and Gas currently has an average rating of “Moderate Buy” and a consensus target price of $46.80.

Insider Transactions at Northern Oil and Gas

In other news, CFO Chad W. Allen sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $40.00, for a total value of $60,000.00. Following the sale, the chief financial officer now directly owns 83,792 shares of the company’s stock, valued at approximately $3,351,680. 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 available at this hyperlink. In other news, CFO Chad W. Allen sold 1,500 shares of the firm’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 completion of the transaction, the chief financial officer now directly owns 83,792 shares in the company, valued at $3,351,680. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Adam A. Dirlam sold 2,508 shares of the business’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $38.50, for a total value of $96,558.00. Following the completion of the sale, the president now owns 107,876 shares in the company, valued at $4,153,226. This represents 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 worth $228,013. 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.