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Tuesday, October 3, 2023

Northern Oil and Gas Inc. (AMEX:NOG) on the Path to Profitability

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Northern Oil and Gas Inc. (NOG) shares are trading at higher $6.88 and the avg recommendation for the stock is Strong Buy.

To add more color to this target, the company’s high over the last year is $24.30 and the low is $3.35. Over the last 52 weeks, NOG is down -62.81% while the S&P 500 is up 18.49%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

In the last quarter, NOG reported a profit of $16.23 million. Northern Oil and Gas Inc. also saw revenues increase to $47.32 million. In addition, NOG has free cash flow of $9.32 million as of 09-2020. The company’s EBITDA came in at -$186.88 million which compares well with its peers.

NOG booked profit margins of -73.10%, its Return on Equity (ROE) is -101.00%, and its Return on Assets is -25.50%. All told, it is clear that, NOG needs to be on your watchlist.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. NOG has a short ratio of 4.15 and outstanding shares of 43.52M.

Company Outlook

NOG has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 1.38 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at -20.74. Northern Oil and Gas Inc. NOG also noted assets of $1.03 billion at the end of the last quarter. Investors should also keep an eye on sector updates as NOG has historically followed its peers on positive news.

All told, Northern Oil and Gas Inc. NOG has strung together solid data and demonstrated underlying fundamentals. At its current valuation, NOG represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

Northern Oil and Gas Inc. NOG is now commanding a market cap of 314.07M and a float of 32.84M. NOG is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of NOG stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in NOG, either long or short, and we have not been compensated for this article.

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