Northern Oil & Gas, Inc Earnings Cheat Sheet: Revenue and Net Income Grow

Northern Oil & Gas, Inc (NASDAQ:NOG) reported higher profit for the second quarter as revenue showed growth. Northern Oil & Gas Inc is an independent energy company engaged in the acquisition, exploration, exploitation and development of oil and natural gas properties.

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Northern Oil & Gas, Inc Earnings Cheat Sheet for the Second Quarter

Results: Net income for the oil and gas drilling and exploration company rose to $20.4 million (33 cents per share) vs. $6.1 million (12 cents per share) in the same quarter a year earlier. This is a more than threefold rise from the year earlier quarter.

Revenue: Rose more than threefold to $50.8 million from the year earlier quarter.

Actual vs. Wall St. Expectations: NOG reported adjusted net income of 12 cents per share. By that measure, the company fell short of mean estimate of 19 cents per share. It beat the average revenue estimate of $39.1 million.

Quoting Management: Michael Reger, Chief Executive Officer, commented, “With over 30% of our Bakken and Three Forks position developed or under the bit, we are moving ahead at an excellent pace. Importantly, we continue to acquire acreage at prices significantly below levels indicated in recent publicly-announced transactions conducted by other industry participants. We believe our expertise and specialty in non-operated interests continues to yield excellent results and we continue to add meaningful acreage, production and cash flow. With no debt, $77 million of cash on hand, and receivables, we believe we are well positioned to fund the development of our core acreage position in the Bakken and Three Forks play.”

Key Stats:

From the first quarter, the company’s current liabilities rose to $72.2 million from $56.9 million.

The company has now missed analyst estimates for the last four quarters. It fell short by 10 cents in the first quarter, by one cent in the fourth quarter of the last fiscal year, and by one cent in the third quarter of the last fiscal year.

NOG’s profit in the latest quarter follows losses in the previous two quarters. The company reported a net loss of $7.1 million in the first quarter and a loss of $1.8 million in the fourth quarter of the last fiscal year.

Revenue rose last quarter after seeing a drop the quarter before. Revenue fell 65% to $2.5 million in the first quarter from the year earlier.

Competitors to Watch: Brigham Exploration Co. (NASDAQ:BEXP), Voyager Oil & Gas, Inc. (VOG), Oasis Petroleum Inc. (NYSE:OAS), Kodiak Oil & Gas Corp. (AMEX:KOG), GeoResources, Inc. (NASDAQ:GEOI), Encore Energy Partners LP (NYSE:ENP), Bill Barrett Corporation (NYSE:BBG), Gasco Energy, Inc. (AMEX:GSX), Delta Petroleum Corp. (NASDAQ:DPTR).Investing Insights: Steve Jobs Prepares to Deliver a New Catalyst for Apple’s Stock >>

(Source: Xignite Financials)