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Northern Oil And Gas Up 8% On 3Q Profit Win; Street Sees 247% Upside
Shares of Northern Oil And Gas surged 7.7% in Friday's extended trading after the energy company’s 3Q earnings of $0.51 per share paced past Street estimates of $0.38 per share. EPS declined 44.6% from the year-ago quarter. Meanwhile, revenues of $47.3 million plunged about 80% year-over-year and fell well below analysts' expectations of $106.2 million.Northern’s (NOG) 3Q production of 29,051 Boe (barrel of oil equivalent) per day came at the high end of the company’s guidance and increased 22% from the second quarter. The company said that the higher production rate was “due to an increase in net completions and a partial return of curtailed production by many of Northern’s operating partners.”Northern’s CEO Nick O’Grady said “Costs were down, production was up and we generated meaningful free cash flow while continuing to strategically bolt on high return assets.” He added that “As of November 6, 2020, our debt is already down $160 million year-to-date, and our 2021 outlook continues to be focused on delivering more free cash flow, debt reduction and taking advantage of market distress.” (See NOG stock analysis on TipRanks).For the fourth quarter, the company expects to produce 30,000 to 40,000 Boe per day, despite production curtailments. As for 2021, Northern forecasts total capital expenditures in the range of $190 million – $240 million and production of 37,500 – 42,500 Boe per day.On Nov. 9, Northland Securities analyst Jeff Grampp maintained a Buy rating on the stock with a price target of $1 (70.6% downside potential).“Keeping with its returns-focused mantra, NOG pulled the trigger on an out-of-basin acquisition and while relatively small, it is hard to find holes to poke.” Grampp wrote in a note to investors. “While we are hesitant to expect the flood gates to open for Permian acquisitions, we think it shows management is patient (Been building Permian Basin data for two years) and committed to allocating capital where it can generate shareholder returns.”Currently, the Street has a bullish outlook on the stock. The Strong Buy analyst consensus is based on 5 unanimous Buys. The average price target of $11.80 implies upside potential of about 247.1% to current levels. Shares have declined 85.5% year-to-date.Related News: Callon Petroleum Climbs 4% As 3Q Sales Surge 74%; Street Sticks To Hold Diamondback Energy Surges 6% In Print Buildup; Reports Beat Magellan Tops 3Q Profit As Refined Products Demand Improves More recent articles from Smarter Analyst: * Pfizer, BioNTech Announce COVID-19 Vaccine is 90% Effective; Shares Pop in Pre-Market Trading * Mylan's 3Q Profit Misses The Street; Cowen Sticks To Hold * Canada’s Canopy Growth Pops 12% On Blowout Quarter, Cost Cuts * Ocular Therapeutix Rises 7% On Stellar Results Backed By Dextenza
SmarterAnalyst · 11/09 11:05
Northern Oil and Gas (NOG) Surpasses Q3 Earnings Estimates
Northern Oil and Gas (NOG) delivered earnings and revenue surprises of 30.77% and -15.05%, respectively, for the quarter ended September 2020. Do the numbers hold clues to what lies ahead for the stock?
Zacks · 11/06 13:35
Northern Oil & Gas EPS beats by $0.13, misses on revenue
Northern Oil & Gas (NOG): Q3 Non-GAAP EPS of $0.51 beats by $0.13; GAAP EPS of -$5.44 misses by $5.78.Revenue of $47.32M (-79.8% Y/Y) misses by $33.59M.Production of 2.67 Mboe/d
Seekingalpha · 11/06 12:11
Northern Oil & Gas Q3 Adj. EPS $0.51 Down From $0.92 YoY, Sales $47.32M Down From $233.88M YoY
Northern Oil & Gas (AMEX:NOG) reported quarterly earnings of $0.51 per share. This is a 44.57 percent decrease over earnings of $0.92 per share from the same period last year. The company reported $47.32 million in
Benzinga · 11/06 12:06
Northern Oil and Gas, Inc. Announces Third Quarter 2020 Results and 2021 Guidance
Northern Oil and Gas, Inc. Announces Third Quarter 2020 Results and 2021 Guidance
Business Wire · 11/06 12:00
Northern Oil And Gas, Inc. Announces Borrowing Base Reaffirmation At $660M And Provides Hedging Update, Remains Mostly Hedged On Projected Oil Production At Above-Market Prices Through 2021
Northern Oil and Gas, Inc. (NYSE:NOG) (the "Company" or "Northern") today announced that the borrowing base under its reserves-based revolving credit facility has been reaffirmed at $660.0
Benzinga · 11/04 21:57
Northern Oil And Gas: Strong Hedging Position, But Debt Is A Concern
Northern may be able to deliver around $150 million in positive cash flow by the end of 2021.It is very well-hedged until the end of 2021, so its cash flow shouldn't be much affected by oil prices.After 2022, it requires approximately $44 WTI oil to maintain production without cash burn.VEN Bakken note repayments by January 2021 and July 2022 are a concern due to the potential for credit facility borrowing base reductions.
Seekingalpha · 11/04 07:46
Analysts Estimate Northern Oil and Gas (NOG) to Report a Decline in Earnings: What to Look Out for
Northern Oil and Gas (NOG) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Zacks · 10/30 17:30
Is Northern Oil and Gas, Inc. (NYSEMKT:NOG) Trading At A 36% Discount?
In this article we are going to estimate the intrinsic value of Northern Oil and Gas, Inc. (NYSEMKT:NOG) by estimating...
Simply Wall St. · 10/20 15:16
Why Centennial Resource Development, QEP Resources, and Northern Oil and Gas Rocketed as Much as 20% Thursday
MotleyFool.com · 10/09 09:28
Mid-Afternoon Market Update: Crude Oil Rises Over 3%; Consumer Portfolio Services Shares Spike Higher
Toward the end of trading Thursday, the Dow traded up 0.38% to 28411.68 while the NASDAQ rose 0.35% to 11404.34. The S&P also rose, gaining 0.69% to 3442.96.
Benzinga · 10/08 18:30
Mid-Day Market Update: Eaton Vance Jumps Following Acquisition News; Cytokinetics Shares Plunge
Midway through trading Thursday, the Dow traded up 0.50% to 28446.36 while the NASDAQ rose 0.41% to 11,411.66. The S&P also rose, gaining 0.68% to 3,442.80.
Benzinga · 10/08 16:45
Wells Fargo: These 3 “Strong Buy” Stocks Have Over 70% Upside Potential
Markets are on a roller coaster lately, up one day and down the next, as Wall Street’s pros and investors alike try to make sense of the constantly shifting news cycle. To wit: In the first week of October, we’ve seen a pretty good September jobs report, President Trump spend three days at Walter Reed
TipRanks · 10/07 14:39
Devon-WPX Tie-Up Could ‘Start a Wave’ of Oil-and-Gas Deals
Deal flow has been slow this year. But there is reason to believe there will be more mergers and acquisitions in the months ahead.
marketwatch.com · 09/30 10:00
QEP: Attractive Dividend But This E&P Has Some Real Risks
QEP is active in some of the most resource-rich basins in the United States and its production is mostly crude oil.The company has taken some steps to preserve its finances and should therefore generate about $100 million in FCF this year.It will take all of this and the cash on the balance sheet to cover its 2021 debt maturities if the market remains lukewarm to the company's debt.The company has even more debt maturing in 2022 and it is difficult to see how it will cover this if the market does not substantially improve in the next several months.The 4% yield is attractive but the risks here are too great for an investor looking for a long-term income play.
Seekingalpha · 09/28 17:32
Callon started with Sell equivalent at Wells on elevated leverage, weak cash flow
Callon Petroleum (CPE) -3% pre-market after Wells Fargo initiates coverage with an Underweight rating and $4 stock price target, citing a ~$260M liquidity shortage, reserve base lending covenant relief expiration
Seekingalpha · 09/25 12:58
Wells Fargo Initiates Coverage On Northern Oil & Gas with Overweight Rating
Wells Fargo analyst Thomas Hughes initiates coverage on Northern Oil & Gas (AMEX:NOG) with a Overweight rating.
Benzinga · 09/25 10:14
Northern Oil and Gas provides strategic outlook
Northern Oil and Gas (NOG) expect to end 2020 with approximately 30 net wells in process. The Company remains hedged on the majority of its oil production through 2021 at attractive
Seekingalpha · 09/21 11:14
Northern Oil and Gas, Inc. Announces Completion of Reverse Stock Split and Provides Strategic Outlook
Northern Oil and Gas, Inc. Announces Completion of Reverse Stock Split and Provides Strategic Outlook
Business Wire · 09/21 11:00
Northern Oil and Gas, Inc. -- Moody's announces completion of a periodic review of ratings of Northern Oil and Gas, Inc.
Moody's · 09/11 21:57
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About NOG
Northern Oil and Gas, Inc. is an independent energy company. The Company is engaged in the acquisition, exploration, development and production of oil and natural gas properties. Its properties are primarily located in the Bakken and Three Forks formations within the Williston Basin in North Dakota and Montana. The Company’s operations in the Williston Basin include acreage footprint of approximately 183,000 net mineral acres. The Company’s primary focus is oil exploration and production through non-operated working interests in wells drilled and completed in spacing units that include its acreage. The Company also holds interest in assets and wells in Lea County, in the Delaware Basin.
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