Non-operated oil producer Northern Oil and Gas (NYSE: NOG) will be reporting earnings this Tuesday afternoon. Here’s what to expect.
Northern Oil and Gas beat analysts’ revenue expectations last quarter, reporting revenues of $523.8 million, down 8.9% year on year. It was a slower quarter for the company, with a significant miss of analysts’ EBITDA estimates. It reported 6.87 million oil production, down 5.4% year on year.
Is Northern Oil and Gas a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Northern Oil and Gas’s revenue to decline 13.8% year on year, a reversal from the 6.9% 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 to 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 upstream & integrated segment, some have already reported their Q1 results, giving us a hint as to what we can expect. World Kinect delivered year-on-year revenue growth of 2.5%, beating analysts’ expectations by 10.4%, and Range Resources reported revenues up 20.6%, topping estimates by 6.4%. World Kinect traded up 10.9% following the results while Range Resources was also up 3.8%.
Read our full analysis of World Kinect’s results here and Range Resources’s results here.
Investors in the upstream & integrated segment have had steady hands going into earnings, with share prices flat over the last month. Northern Oil and Gas is down 10.4% during the same time and is heading into earnings with an average analyst price target of $35.67 (compared to the current share price of $26.80).
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