Northern Oil and Gas First Quarter 2024 Earnings: Revenues Beat Expectations, EPS Lags

Northern Oil and Gas (NYSE:NOG) First Quarter 2024 Results

Key Financial Results

• Revenue: US$483.7m (up 23% from 1Q 2023).
• Net income: US$11.6m (down 97% from 1Q 2023).
• Profit margin: 2.4% (down from 86% in 1Q 2023). The decrease in margin was driven by higher expenses.
• EPS: US$0.12 (down from US$4.01 in 1Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Northern Oil and Gas Revenues Beat Expectations, EPS Falls Short

Revenue exceeded analyst estimates by 5.1%. Earnings per share (EPS) missed analyst estimates by 91%.

Looking ahead, revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Oil and Gas industry in the US.

Performance of the American Oil and Gas industry.

The company's shares are down 7.2% from a week ago.

Valuation

Northern Oil and Gas' financial results now indicate the company's shares could present an opportunity based on 6 important indicators. Click here to find out what a fair price for the stock might be and where analysts see the share price heading over the next year.

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