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Northern Oil And Gas Inc
Northern Oil and Gas, Inc. is a publicly traded company listed on the NYSE American exchange under the ticker symbol "NOG." It is an independent energy company engaged in the acquisition, exploration, development, and production of oil and natural gas properties in the United States. The company's primary focus is on the Williston Basin in North Dakota and Montana, where it holds interests in numerous oil and gas wells.
As of Dec 2022, Northern Oil and Gas, Inc. (NOG) has a market capitalization of around $1.16 billion and an enterprise value of approximately $2.17 billion. The company's stock has experienced significant price volatility, with a 52-week range of $22.60 - $60.50.
Northern Oil and Gas, Inc. has been expanding its operations through strategic acquisitions and partnerships. In 2018, the company partnered with Kraken Operating, LLC, acquiring non-operated interests in 14 wells in North Dakota's Williston Basin for $51.5 million. Two years earlier, it completed the purchase of non-operated interests in 29 wells in the Williston Basin, North Dakota, from an undisclosed seller for approximately $34 million.
In July 2022, Northern Oil and Gas, Inc. announced a farm-out agreement with a non-operated partner to drill up to six wells in Stark and Billings Counties, North Dakota. It contributed approximately 4.3% of the total well costs to earn a 12% net revenue interest in the wells.
As for its financial performance, the company reported a net loss of $24.2 million or ($0.22) per basic and diluted share for the third quarter of 2022. This compares to a net loss of $7.1 million, or ($0.06) per basic and diluted share, in the same quarter of the previous year. The company's net sales were $22.6 million for the quarter, up from $17.8 million in the third quarter of 2021. The increase in net sales was primarily due to higher realized oil and gas prices.
The forecast for Northern Oil and Gas, Inc. (NOG) suggests a potential upside of 161.8% from its Dec 30 closing price of $38.19. Various institutions hold positions in the company, with BlackRock, Inc. being the largest institutional holder, owning 5.89 million shares representing 10.6% of the total float. The company has a relatively high institutional ownership of 63.9%, as disclosed in the most recent filing.
Northern Oil and Gas, Inc. has been the subject of several research reports. Analysts at StockNews.com started coverage of the company in a research report on Wednesday, October 26, issuing a "hold" rating.