Stock News Update: Northern Oil and Gas, Inc. (NYSE: NOG)

On 14 May 2020, Northern Oil and Gas, Inc. stock identified change of 69.34% away from 52-week low price and recently located move of -65.44% off 52-week high price. NOG stock has been recorded 5.71% away from 50 day moving average and -47.42% away from 200 day moving average. Moving closer, we can see that shares have been trading 12.43% off 20-day moving average.

Northern Oil and Gas, Inc. (NOG) recently reported the company’s fourth quarter and full year 2019 results.



Fourth quarter net loss was $107.9M or $0.27 per diluted share. Fourth quarter Adjusted Net Income was $21.5M or $0.05 per diluted share, down from $94.8M or $0.25 per diluted share in the previousyear. Adjusted EBITDA in the fourth quarter was $114.2M contrast to $124.9M in the fourth quarter of 2018, driven by 14% lower average realized prices and higher lease operating expense, offset partially by a 21% increase in production volumes.

Full year 2019 net loss was $76.3M or $0.20 per diluted share. Full year 2019 Adjusted Net Income was $120.9M or $0.31 per diluted share, down from $140.7M or $0.59 per diluted share in 2018. Full year 2019 Adjusted EBITDA was $454.2M contrast to $349.3M in 2018. Average realized prices were down about 9% year over year, offset by a 51% increase in production volumes. (See “Non-GAAP Financial Measures” below.)


Fourth quarter production increased 21% from the previous year and 8% from the previousquarter to 4.0M Boe or 43,941 Boe per day, toward the middle of the guidance range. Shut-ins and curtailments, which Northern had forecasted would be about 2,400 barrels per day in the fourth quarter, were importantly higher at about 3,650 barrels per day. Strong fourth quarter well performance largely offset the negative impact from shut-ins. Full year 2019 production increased 51% from 2018 to 14.1M Boe or 38,604 Boe per day.


During the fourth quarter, NYMEX West Texas Intermediate (“WTI”) crude oil averaged $56.85 per Bbl, and NYMEX natural gas at Henry Hub averaged $2.40 perM cubic feet (“Mcf”). Northern’s unhedged net realized oil price in the fourth quarter was $49.20, representing a $7.65 differential to WTI prices. For the year, Northern’s realized oil differential was $6.28 per Bbl, within the stated guidance range. Northern’s fourth quarter unhedged net realized gas price was $0.47 per Mcf, representing about 20% realizations contrast with Henry Hub pricing. For the year, Northern’s realized gas price was $1.60, which was 63% of the average Henry Hub price.


Unit LOE costs came in slightly higher quarter over quarter, at $8.84 per Boe, which was driven by higher than predictable curtailments as well as higher work over expense. Fourth quarter general and administrative (“G&A”) costs totaled $8.1M, including stock-based compensation. Fourth quarter cash G&A expenses of $4.4M included $0.8M of costs related to the departure of Northern’s former chief executive officer. Not Including these amounts, cash G&A costs were about $3.6M, or $0.91 per Boe.


Capital spending for the fourth quarter was $134.6M, made up of $85.6M of organic D&C capital and $45.3M of total acquisition and other spending, inclusive of ground game D&C spending. Northern added 14.6 net wells to production in the fourth quarter, about 2.0 net wells above guidance. These additional nets well additions came online in late December and had a minimal impact on fourth quarter production. In addition, Northern’s wells in process rose to 25.8 net wells, up over 1.5 wells from the previous quarter. The accelerated development, driven by rising pricing in the fourth quarter, was the primary driver of Northern’s higher than forecast capital spending. On the ground game acquisition front, Northern closed on 14 transactions and committed to an additional nine during the fourth quarter. The majority of fourth quarter commitments that were not closed during 2019 will be closed in the first quarter, after which, Northern expects ground game activity to moderate importantly in 2020 as it moves to cash harvesting.

The Energy sector company, Northern Oil and Gas, Inc. noticed change of -2.68% to $0.85 along volume of 5013394 shares in recent session compared to an average volume of 5935.34K. NOG’s shares are at -47.08% for the quarter and driving a -62.70% return over the course of the past year and is now at -63.82% since this point in 2018.   The average volatility for the week at 11.24% and for month was at 11.74%. There are 395.11M shares outstanding and 258.41M shares are floated in market. Right now the stock beta is 2.2.

Willard Shelton

Willard Shelton – Technology My name is Willard Shelton, I have worked for the stock market industry for 4 years. Technology news grasp my attention the most. In early days, I started my journey with an ordinary author. Moving forward with great hard work and passion I achieve a higher position. As I believe in working hard and putting the soul in my work, I have accomplished so much success and place in, and now I have confidence in this, that I am the spin of this network. I have a vision of touching the sky. I wish to see this industry on a global scale one day. My other duties are that I am a contributor and an editor of the technology segment. My work is to do a critical analysis of companies and pick out the most significant information for investor network.

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