We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Northern to Report Q3 Earnings: What's in Store for the Stock?
Read MoreHide Full Article
Northern Oil and Gas, Inc. (NOG - Free Report) is set to release third-quarter results on Nov. 5, 2024. The Zacks Consensus Estimate for earnings is pegged at $1.16 per share and that for revenues is pinned at $536.47 million.
Let us delve into the factors that are likely to have influenced this oil and gas exploration and production company’s performance in the to-be-reported quarter. But first, it is worth taking a look at NOG’s performance in the last reported quarter.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
Highlights of NOG’s Q2 Earnings
In the last reported quarter, this Minnetonka, MN-based independent energy company’s earnings beat the consensus mark, thanks to year-over-year strong production. The company reported adjusted earnings per share of $1.46, which beat the Zacks Consensus Estimate of $1.20. Additionally, revenues of $561 million surpassed the Zacks Consensus Estimate of $538 million.
NOG's earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed the same twice, delivering an average surprise of 7.36%.
The Zacks Consensus Estimate for third-quarter earnings has witnessed two upward movements and four downward movements in the past 30 days. The estimated figure indicates a 32.95% year-over-year decrease. The Zacks Consensus Estimate for revenues indicates a 4.85% increase from the year-ago level.
Factors to Consider for NOG’s Q3 Performance
NOG's revenues are likely to have improved in the quarter to be reported. The company generates revenues by acquiring oil and gas properties in high-potential areas and then extracting and selling oil and natural gas. Northern Oil and Gas often holds non-operating working interests in wells, which allows it to earn a share of the revenues without bearing the operational costs associated with drilling and maintaining those wells. This strategy is advantageous as it minimizes financial risk while still capitalizing on production. Income from these operations is heavily influenced by market conditions, particularly the fluctuating prices of oil and gas. When prices rise, the company's revenues can significantly increase, reflecting the direct relationship between market demand and earnings.
Our model predicts third-quarter revenues to have increased to $529.9 million from the year-ago quarter’s level of $511.7 million. This increase was largely due to strong performance in oil revenues. Based on our model estimates, the oil revenues are likely to have grown 4.5% from the year-ago quarter’s level of $464.8 million.
On a somewhat bearish note, the increase in NOG’s costs might have dented the company’s to-be-reported bottom line. The company’s third-quarter total operating expenses are likely to have totaled $359.4 million, which was up 32.3% from the year-ago quarter’s level. Moreover, its production expenses are expected to have increased from $82.5 million to $106.9 million in the same time frame. Its depletion, depreciation, amortization and accretion expenses are expected to have increased from $133.8 million to $191.0 million in the same period.
What Does Our Model Predict for NOG?
The proven Zacks model does not conclusively predict an earnings beat for Northern Oil and Gas this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. However, that is not the case here.
NOG’s Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, for this company is 0.00%.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank of NOG: NOG currently carries a Zacks Rank #3.
Stocks to Consider
Here are some firms from the energy space that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
The firm is scheduled to release earnings on Nov. 6. SUN’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed the remaining one, delivering an average surprise of 8.09%.
Helmerich & Payne (HP - Free Report) has an Earnings ESP of +2.90% and a Zacks Rank #3 at present. The firm is scheduled to release earnings on Nov. 13.
HP’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in the remaining one, delivering an average surprise of 14.79%. It is engaged in the contract drilling of oil and gas wells in the United States and internationally.
TC Energy Corporation (TRP - Free Report) has an Earnings ESP of +3.07% and a Zacks Rank #3 at present. The firm is scheduled to release earnings on Nov. 7. Valued at around $48.05 billion, TRP has gained 26.8% in a year.
The company is primarily focused on natural gas transmission through its 57,500-mile network of pipelines located in Canada, the United States and Mexico. TC Energy is also involved in other businesses, including power generation, natural gas storage and crude oil pipelines.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Northern to Report Q3 Earnings: What's in Store for the Stock?
Northern Oil and Gas, Inc. (NOG - Free Report) is set to release third-quarter results on Nov. 5, 2024. The Zacks Consensus Estimate for earnings is pegged at $1.16 per share and that for revenues is pinned at $536.47 million.
Let us delve into the factors that are likely to have influenced this oil and gas exploration and production company’s performance in the to-be-reported quarter. But first, it is worth taking a look at NOG’s performance in the last reported quarter.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
Highlights of NOG’s Q2 Earnings
In the last reported quarter, this Minnetonka, MN-based independent energy company’s earnings beat the consensus mark, thanks to year-over-year strong production. The company reported adjusted earnings per share of $1.46, which beat the Zacks Consensus Estimate of $1.20. Additionally, revenues of $561 million surpassed the Zacks Consensus Estimate of $538 million.
NOG's earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed the same twice, delivering an average surprise of 7.36%.
This is depicted in the graph below:
Northern Oil and Gas, Inc. Price and EPS Surprise
Northern Oil and Gas, Inc. price-eps-surprise | Northern Oil and Gas, Inc. Quote
NOG’s Trend in Estimate Revision
The Zacks Consensus Estimate for third-quarter earnings has witnessed two upward movements and four downward movements in the past 30 days. The estimated figure indicates a 32.95% year-over-year decrease. The Zacks Consensus Estimate for revenues indicates a 4.85% increase from the year-ago level.
Factors to Consider for NOG’s Q3 Performance
NOG's revenues are likely to have improved in the quarter to be reported. The company generates revenues by acquiring oil and gas properties in high-potential areas and then extracting and selling oil and natural gas. Northern Oil and Gas often holds non-operating working interests in wells, which allows it to earn a share of the revenues without bearing the operational costs associated with drilling and maintaining those wells. This strategy is advantageous as it minimizes financial risk while still capitalizing on production. Income from these operations is heavily influenced by market conditions, particularly the fluctuating prices of oil and gas. When prices rise, the company's revenues can significantly increase, reflecting the direct relationship between market demand and earnings.
Our model predicts third-quarter revenues to have increased to $529.9 million from the year-ago quarter’s level of $511.7 million. This increase was largely due to strong performance in oil revenues. Based on our model estimates, the oil revenues are likely to have grown 4.5% from the year-ago quarter’s level of $464.8 million.
On a somewhat bearish note, the increase in NOG’s costs might have dented the company’s to-be-reported bottom line. The company’s third-quarter total operating expenses are likely to have totaled $359.4 million, which was up 32.3% from the year-ago quarter’s level. Moreover, its production expenses are expected to have increased from $82.5 million to $106.9 million in the same time frame. Its depletion, depreciation, amortization and accretion expenses are expected to have increased from $133.8 million to $191.0 million in the same period.
What Does Our Model Predict for NOG?
The proven Zacks model does not conclusively predict an earnings beat for Northern Oil and Gas this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. However, that is not the case here.
NOG’s Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, for this company is 0.00%.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank of NOG: NOG currently carries a Zacks Rank #3.
Stocks to Consider
Here are some firms from the energy space that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
Sunoco (SUN - Free Report) has an Earnings ESP of +13.44% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The firm is scheduled to release earnings on Nov. 6. SUN’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed the remaining one, delivering an average surprise of 8.09%.
Helmerich & Payne (HP - Free Report) has an Earnings ESP of +2.90% and a Zacks Rank #3 at present. The firm is scheduled to release earnings on Nov. 13.
HP’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in the remaining one, delivering an average surprise of 14.79%. It is engaged in the contract drilling of oil and gas wells in the United States and internationally.
TC Energy Corporation (TRP - Free Report) has an Earnings ESP of +3.07% and a Zacks Rank #3 at present. The firm is scheduled to release earnings on Nov. 7. Valued at around $48.05 billion, TRP has gained 26.8% in a year.
The company is primarily focused on natural gas transmission through its 57,500-mile network of pipelines located in Canada, the United States and Mexico. TC Energy is also involved in other businesses, including power generation, natural gas storage and crude oil pipelines.