Northern Oil and Gas: 2Q Earnings Snapshot
Aug. 09, 2018
MINNETONKA, Minn. (AP) _ Northern Oil and Gas Inc. (NOG) on Thursday reported a second-quarter loss of $96.5 million, after reporting a profit in the same period a year earlier.
The Minnetonka, Minnesota-based company said it had a loss of 49 cents per share. Earnings, adjusted for one-time gains and costs, came to 9 cents per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 8 cents per share.
The independent oil and gas company posted revenue of $66.8 million in the period. Its adjusted revenue was $96.8 million, which also topped Street forecasts. Five analysts surveyed by Zacks expected $95.2 million.
The company's shares closed at $3.29. A year ago, they were trading at $1.