Northern Oil and Gas (NOG - Free Report) stock has risen 22.2% since the first-quarter 2022 earnings announcement on May 5.
This increase can be attributed to Northern’s first-quarter earnings and revenues beating the Zacks Consensus Estimate with some solid performances.
Inside Northern's Earnings
The independent oil and gas producer, Northern Oil, reported first-quarter 2022 adjusted earnings per share (EPS) of $1.58, beating the Zacks Consensus Estimate of $1.20, primarily attributable to greater net and daily production and higher commodity prices compared with the last quarter. Moreover, the bottom line improved considerably from the year-ago profit of 62 cents.
The company's oil and natural gas sales of $456.46 million beat the Zacks Consensus Estimate of $322 million. The top line also skyrocketed from the year-ago figure of $157.33 million.
In good news for investors, Northern instituted a 75% dividend hike compared with the previous quarter. It declared a regular quarterly cash dividend for NOG’s common stock of 14 cents per share for stockholders of record as of Mar 30, 2022, which was paid out on Apr 29. Its adjusted EBITDA rose about 46.4% sequentially to $256.6 million.
Production & Price Realizations
The first-quarter production (comprising 59.6% oil) surged about 85.5% from the year-ago level to 71,255 barrels of oil equivalent per day (Boe/d) and surpassed the Zacks Consensus Estimate of 69,148 Boe/d. While the oil volume came in at 42,489 barrels per day (up 45.4% year over year), natural gas totaled 172,596 thousand cubic feet per day (up 212.9%).
The average sales price for crude oil in the first quarter was $91.19 per barrel, reflecting a 77% hike from the prior-year realization of $51.57. The average realized natural gas price was $6.94 per thousand cubic feet compared with $4.37 in the year-earlier period.
Financial Position
Excluding working capital, cash flow from operations jumped 49% from the last quarter’s figure to $235 million, while Northern's organic drilling and development capital expenditure totaled $76.2 million. The company's free cash flow for the quarter was $146 million.
As of Mar 31, the owner of non-operating, minority interests in thousands of oil and gas wells had $3.33 million in cash and cash equivalents. The company had long-term debt of $1.12 billion.
Guidance
Northern's output for 2022 is now anticipated in the 71,000-76,000 Boe/d range compared with the previous guidance in the band of 70,000-75,000 Boe/d.
NOG maintained its total capital spending guidance in the band of $350-$415 million for 2022.
The company also maintained this year's oil-mix guidance of 59.5-61.5%.
Zacks Rank & Stocks to Consider
Northern Oil and Gas currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy space are PDC Energy , Enerplus Corporation (ERF - Free Report) and Murphy USA (MUSA - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
PDC Energy’s stock price has increased 75.6% in a year. The Zacks Consensus Estimate for PDC Energy’s 2022 earnings has been revised about 36.4% upward over the past 60 days from $13.08 per share to $17.84.
The Zacks Consensus Estimate for PDCE’s 2022 earnings is pegged at $17.84 per share, up 123.3% from the projected year-ago earnings of $7.99.
Enerplus stock has gone up 112.7% in a year. The Zacks Consensus estimate for Enerplus’ 2022 earnings has been revised 22.7% upward over the past 60 days.
The Zacks Consensus Estimate for ERF’s 2022 earnings is projected at $3.35 per share, up about 245.4% from the projected year-ago earnings of 97 cents.
Murphy USA is valued at around $6.16 billion. The Zacks Consensus Estimate for Murphy USA’s 2022 EPS has been revised upward by about 47.3% over the past 60 days from $11.42 to $16.82.
Murphy USA beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being 49.1%. MUSA stock has increased 90.2% in a year.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Northern Oil and Gas (NOG - Free Report) stock has risen 22.2% since the first-quarter 2022 earnings announcement on May 5.
This increase can be attributed to Northern’s first-quarter earnings and revenues beating the Zacks Consensus Estimate with some solid performances.
Inside Northern's Earnings
The independent oil and gas producer, Northern Oil, reported first-quarter 2022 adjusted earnings per share (EPS) of $1.58, beating the Zacks Consensus Estimate of $1.20, primarily attributable to greater net and daily production and higher commodity prices compared with the last quarter. Moreover, the bottom line improved considerably from the year-ago profit of 62 cents.
The company's oil and natural gas sales of $456.46 million beat the Zacks Consensus Estimate of $322 million. The top line also skyrocketed from the year-ago figure of $157.33 million.
In good news for investors, Northern instituted a 75% dividend hike compared with the previous quarter. It declared a regular quarterly cash dividend for NOG’s common stock of 14 cents per share for stockholders of record as of Mar 30, 2022, which was paid out on Apr 29. Its adjusted EBITDA rose about 46.4% sequentially to $256.6 million.
Production & Price Realizations
The first-quarter production (comprising 59.6% oil) surged about 85.5% from the year-ago level to 71,255 barrels of oil equivalent per day (Boe/d) and surpassed the Zacks Consensus Estimate of 69,148 Boe/d. While the oil volume came in at 42,489 barrels per day (up 45.4% year over year), natural gas totaled 172,596 thousand cubic feet per day (up 212.9%).
The average sales price for crude oil in the first quarter was $91.19 per barrel, reflecting a 77% hike from the prior-year realization of $51.57. The average realized natural gas price was $6.94 per thousand cubic feet compared with $4.37 in the year-earlier period.
Financial Position
Excluding working capital, cash flow from operations jumped 49% from the last quarter’s figure to $235 million, while Northern's organic drilling and development capital expenditure totaled $76.2 million. The company's free cash flow for the quarter was $146 million.
As of Mar 31, the owner of non-operating, minority interests in thousands of oil and gas wells had $3.33 million in cash and cash equivalents. The company had long-term debt of $1.12 billion.
Guidance
Northern's output for 2022 is now anticipated in the 71,000-76,000 Boe/d range compared with the previous guidance in the band of 70,000-75,000 Boe/d.
NOG maintained its total capital spending guidance in the band of $350-$415 million for 2022.
The company also maintained this year's oil-mix guidance of 59.5-61.5%.
Zacks Rank & Stocks to Consider
Northern Oil and Gas currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy space are PDC Energy , Enerplus Corporation (ERF - Free Report) and Murphy USA (MUSA - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
PDC Energy’s stock price has increased 75.6% in a year. The Zacks Consensus Estimate for PDC Energy’s 2022 earnings has been revised about 36.4% upward over the past 60 days from $13.08 per share to $17.84.
The Zacks Consensus Estimate for PDCE’s 2022 earnings is pegged at $17.84 per share, up 123.3% from the projected year-ago earnings of $7.99.
Enerplus stock has gone up 112.7% in a year. The Zacks Consensus estimate for Enerplus’ 2022 earnings has been revised 22.7% upward over the past 60 days.
The Zacks Consensus Estimate for ERF’s 2022 earnings is projected at $3.35 per share, up about 245.4% from the projected year-ago earnings of 97 cents.
Murphy USA is valued at around $6.16 billion. The Zacks Consensus Estimate for Murphy USA’s 2022 EPS has been revised upward by about 47.3% over the past 60 days from $11.42 to $16.82.
Murphy USA beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being 49.1%. MUSA stock has increased 90.2% in a year.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Get the latest research report on MUSA - FREE
Get the latest research report on ERF - FREE
Get the latest research report on NOG - FREE