Northern Oil & Gas Inc. Earnings Cheat Sheet: Tops Analysts’ Expectations

Northern Oil & Gas, Inc (NASDAQ:NOG) reported net income above Wall Street’s expectations for the third quarter. Northern Oil & Gas 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 Third Quarter

Results: Net income for the oil and gas drilling and exploration company rose to $28.6 million (46 cents per share) vs. $987,226 (2 cents per share) in the same quarter a year earlier. This marks a substantial increase from the year earlier quarter.

Revenue: Rose more than sixfold to $69.1 million from the year earlier quarter.

Actual vs. Wall St. Expectations: NOG beat the mean analyst estimate of 22 cents per share. It beat the average revenue estimate of $46.1 million.

Key Stats:

The company beat estimates last quarter after falling short in the previous two quarters. In the second quarter, it missed the mark by 7 cents, and in the first quarter, it fell short by 10 cents.

The company’s revenue has now risen for two straight quarters. In the second quarter, revenue increased more than twofold to $35.6 million from the year earlier quarter.

Looking Forward: Over the last 30 days, analysts have not been optimistic about the company’s next quarter performance. The average estimate for the fourth quarter is now 29 cents per share, down from 32 cents. For the fiscal year, the average estimate has moved down from 80 cents a share to 70 cents over the last ninety days.

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), and Earthstone Energy, Inc. (BSICD).

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)