Non-operated oil producer Northern Oil and Gas NYSE:NOG will be reporting earnings this Thursday after market hours. Here’s what investors should know.
Northern Oil and Gas beat analysts’ revenue expectations last quarter, reporting revenues of $526.5 million, down 11.1% year on year. It was a slower quarter for the company, with a significant miss of analysts’ EBITDA estimates. It reported a year-on-year oil production decline of 6.5%.
Is Northern Oil and Gas a buy or sell going into earnings? .
This quarter, the market is expecting Northern Oil and Gas’s revenue to decline 9.4% year on year, a reversal from the 11.5% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Northern Oil and Gas has a history of exceeding Wall Street’s expectations.
Looking at Northern Oil and Gas’s peers in the u.s. shale e&p segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Cactus delivered year-on-year revenue growth of 64.3%, beating analysts’ expectations by 12.3%, and Crescent Energy reported revenues up 55.3%, topping estimates by 7.1%. Cactus traded up 18.5% following the results while Crescent Energy was down 1.4%.
Read our full analysis of and .
There has been positive sentiment among investors in the u.s. shale e&p segment, with share prices up 6.7% on average over the last month. Northern Oil and Gas is up 19.1% during the same time and is heading into earnings with an average analyst price target of $30.89 (compared to the current share price of $20.68).
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