Ultime notizie per Northern Oil & Gas (NYSE:NOG) Azioni

Northern Oil & Gas

Northern Oil & Gas Inc is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil and natural gas properties. Its principal business is crude oil and natural gas exploration, development, and production. Company's oil and natural gas sales come from three geographic areas in the United States: the Williston Basin (North Dakota and Montana), the Permian Basin (New Mexico and Texas), and the Appalachian Basin (Pennsylvania and Ohio).

Northern Oil & Gas Inc

NONGFU SPRING UNSP/ADR by NONGFU SPRING CO LTD.

Nongfu Spring Co Ltd

Nogin Inc COM NEW

Nogin Inc

Nogin Inc WT EXP

Nogin Inc Warrants (01/03/2028)

Truist Securities analyst Neal Dingmann maintains Northern Oil &amp; Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>) with a Buy and raises the price target from $44 to $51.

News

Price Target

Analyst Ratings

Truist Securities Maintains Buy on Northern Oil & Gas, Raises Price Target to $51

WIIM

ACDC

AESI

ARCH

AROC

CIVI

CTRA

DINO

GPOR

HNRG

INVX

KNTK

LBRT

MTDR

PARR

PTEN

SDRL

TALO

TRGP

USAC

WFRD

Shares of oil and fossil fuel companies are trading higher following the US presidential election. Investors may be weighing the potential impact of Donald Trump's energy policies on the sector.

2024 ANNUAL GUIDANCE(1)
NOG is reiterating capital expenditure and production guidance and adjusting certain line items. Production taxes are being adjusted to reflect current expectations for the remainder of the year. Natural gas realizations and oil differentials are being adjusted to reflect results experienced year-to-date. Per unit cash G&amp;A is being lowered as the Company has reduced certain external expenses and continues to benefit from increasing production volumes.
<figure class="table"> 
<table>
<tbody>
<tr>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">Prior Guidance</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">Revised Guidance</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Annual Production (Boe per day)</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">120,000 - 124,000</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">120,000 - 124,000</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Annual Oil Production (Bbls per day)</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">73,000 - 76,000</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">73,000 - 76,000</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Total Capital Expenditures ($ in millions)</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">$890 - $970</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">$890 - $970</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Net Wells Turned-in-Line ("TIL")</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">93.0 - 98.0</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">93.0 - 98.0</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Net Wells Spud</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">73.0 - 78.0</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">73.0 - 78.0</td>
</tr>
<tr>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Operating Expenses and Differentials:</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Production Expenses (per Boe)</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">$9.15 - $9.40</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">$9.15 - $9.40</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Production Taxes (as a percentage of Oil &amp; Gas Sales)</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">9.0% - 9.5%</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">8.5% - 9.0%(2)</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Average Differential to NYMEX WTI (per Bbl)</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">($4.00) - ($4.85)</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">($4.00) - ($4.50)</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Average Realization as a Percentage of NYMEX Henry Hub (per Mcf)</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">87.5% - 92.5%</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">90.0% - 95.0%</td>
</tr>
<tr>
<td colspan="1" rowspan="1">DD&amp;A Rate (per Boe)</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">$16.50 - $17.50</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">$16.50 - $17.50</td>
</tr>
</tbody>
</table>
</figure>

Guidance

NOG Reiterates Capital Expenditure And Production Guidance

Northern Oil &amp; Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>) reported quarterly earnings of $1.40 per share which beat the analyst consensus estimate of $1.20 by 16.67 percent. This is a 19.08 percent decrease over earnings of $1.73 per share from the same period last year. The company reported quarterly sales of $513.54 million which missed the analyst consensus estimate of $542.84 million by 5.40 percent. This is a 0.37 percent increase over sales of $511.65 million the same period last year.

Earnings

Earnings Beats

Earnings Misses

Northern Oil & Gas Q3 Adj $1.40 Beats $1.20 Estimate, Sales $513.54M Miss $542.84M Estimate

Production volumes in the&nbsp;third quarter&nbsp;of 2024 are estimated to have averaged 121.6 &ndash; 121.8 MBoe per day. As expected, the Company saw significantly fewer completions quarter-over-quarter, with 9.5 wells turned-in-line.
&nbsp;The reduction in completions was offset by an increase in refrac activity and strong well performance.
&nbsp;

Northern Oil And Gas Reiterates 2024 Annual Production Guidance And Capital Expenditure Guidance

Truist Securities analyst Neal Dingmann maintains Northern Oil &amp; Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>) with a Buy and lowers the price target from $55 to $44.

Truist Securities Maintains Buy on Northern Oil & Gas, Lowers Price Target to $44

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Shares of oil gas companies are trading lower amid reports suggesting Saudi Arabia may raise output.

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our analyst ratings page.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5e60ff475f2b9b000113c537/adam-maeder">Piper Sandler analyst Adam Maeder</a> initiated coverage on Abbott Laboratories (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABT#NYSE">ABT</a>) with an Overweight rating and announced a price target of $131. Abbott shares fell 2.8% to close at $114.88 on Wednesday. <a href="https://www.benzinga.com/quote/ABT/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Roth MKM analyst Scott Fortune initiated coverage on Turning Point Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPB#NYSE">TPB</a>) with a Buy rating and announced a price target of $50. Turning Point Brands shares gained 0.9% to close at $39.03 on Wednesday. <a href="https://www.benzinga.com/quote/TPB/analyst-ratings">See how other analysts view this stock.</a></li>
<li>R<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/641c1355c9c7840001d30a8f/james-rollyson">aymond James analyst James Rollyson</a> initiated coverage on Helix Energy Solutions Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HLX#NYSE">HLX</a>) with a Strong Buy rating and announced a price target of $14. Helix Energy shares fell 1.8% to close at $9.84 on Wednesday. <a href="https://www.benzinga.com/quote/HLX/analyst-ratings">See how other analysts view this stock.</a></li>
<li>RBC Capital analyst Jonathan Atkin initiated coverage on Charter Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>) with a Sector Perform rating and announced a price target of $345. Charter Communications shares gained 0.1% to close at $339.64 on Wednesday. <a href="https://www.benzinga.com/quote/CHTR/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Mizuho analyst William Janela initiated coverage on Northern Oil and Gas, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>) with an Outperform rating and announced a price target of $47. Northern Oil &amp; Gas shares rose 0.3% to close at $36.17 on Wednesday. <a href="https://www.benzinga.com/quote/NOG/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
Considering buying ABT stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="512" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19083945/image-154-1024x512.png" alt="" class="wp-image-556133" style="width:656px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19083945/image-154-1024x512.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19083945/image-154-300x150.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19083945/image-154-768x384.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19083945/image-154.png 1325w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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This Abbott Analyst Begins Coverage On A Bullish Note; Here Are Top 5 Initiations For Thursday

Mizuho analyst William Janela initiates coverage on Northern Oil &amp; Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>) with a Outperform rating and announces Price Target of $47.

Mizuho Initiates Coverage On Northern Oil & Gas with Outperform Rating, Announces Price Target of $47

Across the recent three months, 6 analysts have shared their insights on Northern Oil &amp; Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>), expressing a variety of opinions spanning from bullish to bearish.
Summarizing their recent assessments, the table below illustrates the evolving sentiments in the past 30 days and compares them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Insights from analysts' 12-month price targets are revealed, presenting an average target of $47.17, a high estimate of $55.00, and a low estimate of $39.00. This current average has decreased by 3.08% from the previous average price target of $48.67. 
<img src="https://www.benzinga.com/files/images/story/2024/1726506032_0.png" alt="price target chart" />
<h2>Diving into Analyst Ratings: An In-Depth Exploration</h2>
In examining recent analyst actions, we gain insights into how financial experts perceive Northern Oil &amp; Gas. The following summary outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Devin McDermott</td>
<td>Morgan Stanley</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$39.00</td>
<td>$42.00</td>
</tr>
<tr>
<td>Mark Lear</td>
<td>Piper Sandler</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$40.00</td>
<td>$45.00</td>
</tr>
<tr>
<td>Neal Dingmann</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$55.00</td>
<td>$54.00</td>
</tr>
<tr>
<td>Neal Dingmann</td>
<td>Truist Securities</td>
<td>Lowers</td>
<td>Buy</td>
<td>$54.00</td>
<td>$57.00</td>
</tr>
<tr>
<td>Noah Hungness</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$49.00</td>
<td>$48.00</td>
</tr>
<tr>
<td>Scott Hanold</td>
<td>RBC Capital</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$46.00</td>
<td>$46.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts respond to changes in market conditions and company performance, frequently updating their recommendations. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Northern Oil &amp; Gas. This information offers a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Analysts assign qualitative assessments to stocks, ranging from 'Outperform' to 'Underperform'. These ratings convey the analysts' expectations for the relative performance of Northern Oil &amp; Gas compared to the broader market.</li>
<li>Price Targets: Analysts navigate through adjustments in price targets, providing estimates for Northern Oil &amp; Gas's future value. Comparing current and prior targets offers insights into analysts' evolving expectations.</li>
</ul>
Capture valuable insights into Northern Oil &amp; Gas's market standing by understanding these analyst evaluations alongside pertinent financial indicators. Stay informed and make strategic decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/NOG/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Northern Oil &amp; Gas analyst ratings.</a>
<h2>All You Need to Know About Northern Oil &amp; Gas</h2>
Northern Oil &amp; Gas Inc is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil and natural gas properties. Its principal business is crude oil and natural gas exploration, development, and production. Company's oil and natural gas sales come from three geographic areas in the United States: the Williston Basin (North Dakota and Montana), the Permian Basin (New Mexico and Texas), and the Appalachian Basin (Pennsylvania and Ohio).
<h3>Northern Oil &amp; Gas's Financial Performance</h3>
Market Capitalization: Indicating a reduced size compared to industry averages, the company's market capitalization poses unique challenges.
Revenue Growth: Over the 3 months period, Northern Oil &amp; Gas showcased positive performance, achieving a revenue growth rate of 34.72% as of 30 June, 2024. This reflects a substantial increase in the company's top-line earnings. As compared to competitors, the company surpassed expectations with a growth rate higher than the average among peers in the Energy sector.
Net Margin: Northern Oil &amp; Gas's net margin is impressive, surpassing industry averages. With a net margin of 24.56%, the company demonstrates strong profitability and effective cost management.
Return on Equity (ROE): Northern Oil &amp; Gas's financial strength is reflected in its exceptional ROE, which exceeds industry averages. With a remarkable ROE of 6.81%, the company showcases efficient use of equity capital and strong financial health.
Return on Assets (ROA): Northern Oil &amp; Gas's ROA excels beyond industry benchmarks, reaching 2.96%. This signifies efficient management of assets and strong financial health.
Debt Management: Northern Oil &amp; Gas's debt-to-equity ratio surpasses industry norms, standing at 0.91. This suggests the company carries a substantial amount of debt, posing potential financial challenges.
<h2>The Core of Analyst Ratings: What Every Investor Should Know</h2>
Experts in banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their comprehensive research involves attending company conference calls and meetings, analyzing financial statements, and engaging with insiders to generate what are known as analyst ratings for stocks. Typically, analysts assess and rate each stock once per quarter.
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Decoding 6 Analyst Evaluations For Northern Oil & Gas

Morgan Stanley analyst Devin McDermott maintains Northern Oil &amp; Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>) with a Equal-Weight and lowers the price target from $42 to $39.

Morgan Stanley Maintains Equal-Weight on Northern Oil & Gas, Lowers Price Target to $39

Chevron Corporation&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cvx#NYSE">CVX</a>) subsidiary, Chevron Australia New Ventures Pty Ltd, secured a significant greenhouse gas (&quot;GHG&quot;) assessment permit for offshore Western Australia. This permit strengthens CVX&#39;s commitment to providing lower-carbon energy solutions. The company&#39;s strategic focus on carbon capture and storage (&quot;CCS&quot;) initiatives to meet the growing global demand for energy while reducing carbon emissions is also highlighted.
<h2>Overview of the G-18-AP Permit</h2>
The newly awarded G-18-AP permit covers an expansive offshore area of approximately 8,467 square kilometers, located near Onslow, Western Australia. Water depth in the area ranges from 50 meters to 1100 meters, making it a key region for CVX&#39;s exploration of carbon storage capabilities. This permit will be evaluated as part of a larger hub designed for storing third-party emissions, including those generated by CVX&#39;s liquefied natural gas (&quot;LNG&quot;) operations.
The strategic importance of this permit cannot be overstated. As part of a joint venture, CVX will hold a 70% interest, while Woodside Energy Ltd., an Australian oil and gas exploration and production company, will hold the remaining 30% stake. In addition, CVX has agreed to farm down 5% of its equity in the permit to GS Caltex of Korea, subject to regulatory approval. This partnership not only broadens CVX&#39;s operational footprint but also aligns with its objective to leverage global expertise and resources for CCS deployment.
<h2>Significance of CSS in Australia&#39;s Energy Future</h2>
CCS is increasingly recognized as a critical technology in the global push to achieve net-zero emissions by 2050. According to the International Energy Agency, achieving global net-zero goals will be virtually impossible without large-scale adoption of CCS technologies. This permit is set to play a crucial role in this context by expanding CVX&#39;s portfolio of CCS assets in Australia, alongside its existing Gorgon CCS project.
The Gorgon CCS facility, one of the world&#39;s largest integrated CCS projects, has already captured and stored 10 million tones of CO2 equivalent. The addition of this permit enhances CVX&#39;s ability to contribute significantly to global efforts, aimed at reducing greenhouse gas emissions. As a leader in this space, CVX&#39;s continued focus on CCS technologies should highlight the company&#39;s commitment to balancing energy needs with environmental responsibility.
<h2>The Role of Joint Ventures in Advancing CCS Projects</h2>
Partnerships and joint ventures are key to the success of large-scale CCS initiatives. In the case of the new permit, CVX&#39;s collaboration with Woodside Energy and GS Caltex exemplifies the importance of bringing together balancing expertise and resources. CVX&#39;s 70% stake in the permit, coupled with Woodside&#39;s 30% participation, establish a robust operational framework for evaluating and developing the area as a major carbon storage hub.
GS Caltex&#39;s potential entry into the permit, contingent on regulatory approvals, adds another layer of strategic value by expanding the partnership&#39;s reach into key markets of Asia. This alignment of interests positions the joint venture to capitalize on the growing demand for carbon storage solutions, particularly in regions that are rapidly transitioning to low-carbon economies.
<h2>Chevron&#39;s Role in Global Climate Action</h2>
Beyond this new permit, CVX&#39;s portfolio includes several other GHG assessment permits, such as G-9-AP, G-10-AP and G-11-AP. These non-operated interests complement the company&#39;s leadership in the CCS sector, providing a diversified approach to emissions management.
The strategic location of these permits in Australia is critical. Australia is home to some of the world&#39;s most advanced CCS projects. CVX&#39;s deep-rooted presence in the region reinforces its ability to develop integrated solutions that address domestic and international emissions challenges. By focusing on the development of CCS infrastructure, CVX aims to not only reduce the carbon intensity of its own operations but also offer scalable solutions that can be adopted by other industries.
<h2>Expanding CCS: Potential Benefits and Challenges</h2>
The new permit offers substantial opportunities for expanding Australia&#39;s carbon storage capacity. However, the development and deployment of CCS technologies come with benefits and challenges. The successful implementation of CCS projects can significantly reduce the amount of CO2 released into the atmosphere, aligning with global climate goals. On the other hand, the complexity of large-scale CCS operations, including regulatory hurdles, technological advancements and cost considerations, requires meticulous planning and execution.
CVX&#39;s track record in managing similar projects, such as the Gorgon CCS facility, provides a strong foundation for overcoming these challenges. With proven expertise and a comprehensive strategy, the company is well-positioned to leverage the new permit to create a lasting impact on global emissions reduction efforts.
<h2>The Future of CCS in the Global Energy Landscape</h2>
As the world transitions to a low-carbon future, CCS should play an increasingly prominent role in achieving sustainability goals. For companies like CVX, integrating CCS into its broader energy strategies is not just about meeting regulatory requirements; this is about leading the way in sustainable innovation. The permit is a testament to CVX&#39;s commitment to delivering lower-carbon energy solutions and positioning itself at the forefront of the energy transition.
Looking ahead, the success of projects like this will depend on continued collaboration across industries, supportive regulatory environments and sustained investment in technology development. As CVX and its partners move forward with evaluating the permit area, the results will likely shape future CCS initiatives and set new benchmarks for the industry.
<h2>Conclusion</h2>
CVX&#39;s newly awarded greenhouse gas assessment permit highlights the company&#39;s strategic commitment to advancing CCS as a core component of its energy transition strategy. With a focus on reducing emissions and providing scalable solutions, CVX&#39;s initiatives in Australia reflect a broader vision for a sustainable future. As the company continues to assess and develop this permit area, the long-term implications for global carbon reduction efforts will be significant.
<h2>Zacks Rank and Key Picks</h2>
Currently, CVX carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at some better-ranked stocks like SM Energy Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sm#NYSE">SM</a>), sporting a Zacks Rank #1 (Strong Buy) and Northern Oil and Gas, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nog#NYSE">NOG</a>) and MPLX LP (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mplx#NYSE">MPLX</a>), each carrying a Zacks Rank #2 (Buy), at present.
Denver, CO-based SM Energy is valued at $5.08 billion. The company currently pays a dividend of 72 cents per share, or 1.62%, on an annual basis.
SM, an independent energy company, engages in the acquisition, exploration, development and production of oil, gas and natural gas liquids in the state of Texas.
Headquartered in Minnetonka, MN, Northern Oil and Gas is valued at $3.79 billion. The company currently pays a dividend of $1.6 per share, or 4.23%, on an annual basis.
NOG is an energy company that specializes in acquiring, exploring, developing and producing crude oil and natural gas in the United States. With a focus on three major U.S. basins&mdash;the Williston, Permian and Appalachian&mdash;NOG is actively involved in various stages of the energy production process.
Findlay, OH-based MPLX LP is valued at $43.03 billion. In the past year, its shares have risen 21.5%.
<div>
MPLX owns and operates midstream energy infrastructure and logistics assets primarily in the United States. It operates under two segments, namely Logistics and Storage, and Gathering and Processing.
<a href="https://www.zacks.com/stock/news/2326120/chevron-cvx-secured-new-ghg-assessment-permit-in-australia?cid=CS-BENZ-FT-analyst_blog|company_news_energy_sector-2326120">To read this article on Zacks.com click here.</a>
</div>

Large Cap

Dividends

MPLX

Chevron Secured New GHG Assessment Permit in Australia

Diversified Energy Company PLC&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dec#NYSE">DEC</a>) has inked a conditional purchase and sale agreement to acquire certain operated natural gas properties from a regional operator for $68 million. The assets are located in east Texas.
Furthermore, a third-party development firm has agreed to acquire additional undeveloped acreage from the regional operator for a total consideration of $19 million. DEC has stated that it would acquire a minority 5% stake in the undeveloped acreage for $1 million.
The gross purchase price of the properties was $69 million. The deal is anticipated to be closed in the fourth quarter of 2024. Diversified Energy plans to fund a part of the acquisition by issuing new U.S.-dollar denominated ordinary shares to the regional operator. The new shares issued will amount to approximately $35 million. The remaining part will be financed via new and existing liquidity sources, supported by the collateral available due to the acquired assets.
A substantial part of the acquired properties consists of Proved Developed Producing (&quot;PDP&quot;) components. The acquisition includes an estimated 331 net PDP wells. The production from these wells contains approximately 69% gas volumes. The net production from the acquired assets is estimated to be 21 million cubic feet of gas equivalent per day (MMcfe), with an additional 70 billion cubic feet of gas equivalent (Bcfe) in PDP reserves. The PV-10 of these reserves is estimated to be $89 million.
Moreover, the acquired assets lie close to Diversified Energy&#39;s previously acquired properties. This enables the company to achieve potential synergies due to the proximity as well as operational scale. The production profile of the new assets complements DEC&#39;s existing portfolio of assets and its operational strategy. The assets are characterized by low annual production declines of around 15% for the next twelve months.
Diversified Energy states that this acquisition should expand its presence in the East Texas region, thereby improving its operational scale and margins. The company remains committed to maintaining a disciplined approach in making strategic acquisitions at compelling valuations. DEC&#39;s partnership with a development firm highlights its ability to structure transactions. It is also anticipated to add value and enhance cash flow for the company&#39;s shareholders.
<h3>Zacks Rank and Key Picks</h3>
Currently, DEC carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy&nbsp;sector are&nbsp;SM Energy (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sm#NYSE">SM</a>), Northern Oil and Gas, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nog#NYSE">NOG</a>) and&nbsp;MPLX LP (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mplx#NYSE">MPLX</a>). SM Energy presently sports a Zacks Rank #1 (Strong Buy), while Northern Oil and Gas and MPLX carry a Zacks Rank #2 (Buy) each.
SM Energy is an upstream energy firm operating in the prolific Midland Basin and the South Texas regions. For 2024, the company expects its production to increase from the prior-year reported figure, signaling a bright production outlook.
Northern Oil and Gas is an independent upstream company involved in the acquisition, exploration and production of oil and natural gas assets. Its operations are concentrated in three leading basins of the United States, namely the Williston, Permian and the Appalachian Basin. The company has recently acquired additional assets in the Uinta Basin that are driving growth by expanding its asset base and increasing its production.&nbsp;
MPLX LP owns and operates a wide range of midstream assets. The partnership&#39;s midstream assets include oil and natural gas gathering systems and transportation pipelines for crude, natural gas and refined petroleum products. MPLX is least exposed to commodity price fluctuations as it generates stable fee-based revenues. Furthermore, it surpasses its industry peers in terms of distribution yield, reflecting its commitment to returning capital to its unitholders.
<a href="https://www.zacks.com/stock/news/2325051/diversified-energy-dec-acquires-east-texas-assets-worth-69m?cid=CS-BENZ-FT-analyst_blog|company_news_energy_sector-2325051">To read this article on Zacks.com click here.</a>

Mid Cap

Small Cap

Diversified Energy Acquires East Texas Assets Worth $69M

Northern Oil &amp; Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>) underwent analysis by 6 analysts in the last quarter, revealing a spectrum of viewpoints from bullish to bearish.
The table below offers a condensed view of their recent ratings, showcasing the changing sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
The 12-month price targets assessed by analysts reveal further insights, featuring an average target of $48.67, a high estimate of $55.00, and a low estimate of $40.00. Observing a downward trend, the current average is 2.66% lower than the prior average price target of $50.00. 
<img src="https://www.benzinga.com/files/images/story/2024/1723723317_0.png" alt="price target chart" />
<h2>Deciphering Analyst Ratings: An In-Depth Analysis</h2>
A comprehensive examination of how financial experts perceive Northern Oil &amp; Gas is derived from recent analyst actions. The following is a detailed summary of key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Mark Lear</td>
<td>Piper Sandler</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$40.00</td>
<td>$45.00</td>
</tr>
<tr>
<td>Neal Dingmann</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$55.00</td>
<td>$54.00</td>
</tr>
<tr>
<td>Neal Dingmann</td>
<td>Truist Securities</td>
<td>Lowers</td>
<td>Buy</td>
<td>$54.00</td>
<td>$57.00</td>
</tr>
<tr>
<td>Noah Hungness</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$49.00</td>
<td>$48.00</td>
</tr>
<tr>
<td>Scott Hanold</td>
<td>RBC Capital</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$46.00</td>
<td>$46.00</td>
</tr>
<tr>
<td>Noah Hungness</td>
<td>B of A Securities</td>
<td>Announces</td>
<td>Buy</td>
<td>$48.00</td>
<td>-</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to Northern Oil &amp; Gas. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Offering a comprehensive view, analysts assess stocks qualitatively, spanning from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Northern Oil &amp; Gas compared to the broader market.</li>
<li>Price Targets: Analysts gauge the dynamics of price targets, providing estimates for the future value of Northern Oil &amp; Gas's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
Capture valuable insights into Northern Oil &amp; Gas's market standing by understanding these analyst evaluations alongside pertinent financial indicators. Stay informed and make strategic decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/NOG/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Northern Oil &amp; Gas analyst ratings.</a>
<h2>All You Need to Know About Northern Oil &amp; Gas</h2>
Northern Oil &amp; Gas Inc is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil and natural gas properties. Its principal business is crude oil and natural gas exploration, development, and production. Company's oil and natural gas sales come from three geographic areas in the United States: the Williston Basin (North Dakota and Montana), the Permian Basin (New Mexico and Texas), and the Appalachian Basin (Pennsylvania and Ohio).
<h3>Northern Oil &amp; Gas: Delving into Financials</h3>
Market Capitalization Analysis: Reflecting a smaller scale, the company's market capitalization is positioned below industry averages. This could be attributed to factors such as growth expectations or operational capacity.
Revenue Growth: Northern Oil &amp; Gas's remarkable performance in 3 months is evident. As of 30 June, 2024, the company achieved an impressive revenue growth rate of 34.72%. This signifies a substantial increase in the company's top-line earnings. When compared to others in the Energy sector, the company excelled with a growth rate higher than the average among peers.
Net Margin: Northern Oil &amp; Gas's net margin excels beyond industry benchmarks, reaching 24.56%. This signifies efficient cost management and strong financial health.
Return on Equity (ROE): Northern Oil &amp; Gas's ROE surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 6.81% ROE, the company effectively utilizes shareholder equity capital.
Return on Assets (ROA): Northern Oil &amp; Gas's ROA stands out, surpassing industry averages. With an impressive ROA of 2.96%, the company demonstrates effective utilization of assets and strong financial performance.
Debt Management: With a high debt-to-equity ratio of 0.91, Northern Oil &amp; Gas faces challenges in effectively managing its debt levels, indicating potential financial strain.
<h2>Understanding the Relevance of Analyst Ratings</h2>
Analysts are specialists within banking and financial systems that typically report for specific stocks or within defined sectors. These people research company financial statements, sit in conference calls and meetings, and speak with relevant insiders to determine what are known as analyst ratings for stocks. Typically, analysts will rate each stock once a quarter. 
Beyond their standard evaluations, some analysts contribute predictions for metrics like growth estimates, earnings, and revenue, furnishing investors with additional guidance. Users of analyst ratings should be mindful that this specialized advice is shaped by human perspectives and may be subject to variability.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

6 Analysts Have This To Say About Northern Oil & Gas

Piper Sandler analyst Mark Lear maintains Northern Oil &amp; Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>) with a Neutral and lowers the price target from $45 to $40.

Piper Sandler Maintains Neutral on Northern Oil & Gas, Lowers Price Target to $40

The Zacks Oil and Gas - Exploration and Production - United States industry is facing several bearish trends that could put pressure on overall performance. A sluggish economic outlook coupled with China&#39;s decelerating growth has led the EIA to revise down its global crude consumption forecast for 2025. Moreover, the accelerating shift toward renewable energy and electric vehicles (EVs) is likely to further dampen traditional oil demand. Despite these challenges, U.S. upstream operators are adapting by prioritizing shareholder returns. Firms are leveraging strong free cash flow and reducing capital expenditures, channeling excess cash into dividends and buybacks. Among these, Devon Energy (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dvn#NYSE">DVN</a>), SM Energy (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sm#NYSE">SM</a>), Northern Oil and Gas (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nog#NYSE">NOG</a>) and Amplify Energy (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ampy#NYSE">AMPY</a>) stand out as resilient investments, well-positioned to navigate the current headwinds while providing attractive returns for investors.
About the Industry
The Zacks Oil and Gas - US E&amp;P industry consists of companies primarily based in the domestic market, focused on the exploration and production (E&amp;P) of oil and natural gas. These firms find hydrocarbon reservoirs, drill oil and gas wells, and produce and sell these materials to be refined later into products such as gasoline, fuel oil, distillate, etc. The economics of oil and gas supply and demand are the fundamental drivers of this industry. In particular, a producer&#39;s cash flow is primarily determined by the realized commodity prices. In fact, all E&amp;P companies&#39; results are vulnerable to historically volatile prices in the energy markets. A change in realizations affects their returns and causes them to alter their production growth rates. The E&amp;P operators are also exposed to exploration risks where drilling results are comparatively uncertain.
3 Key Trends to Watch in the Oil and Gas - US E&amp;P Industry
Slowing Demand and Economic Concerns: Pulled down by multiple factors, U.S. oil prices have been struggling to get past the $80-a-barrel level. The EIA&#39;s revised forecast of global crude consumption at 104.5 million barrels per day for 2025, down 200,000 barrels from prior estimates, reflects concerns over a potential U.S. recession and a decelerating Chinese economy. With a reduced demand growth rate of 1.6%, these factors have been exerting downward pressure on oil prices, highlighting vulnerabilities in global oil demand driven by economic uncertainties in major markets.
Energy Transition and EV Adoption: The push toward renewable energy and the rise of EVs pose significant long-term risks to traditional oil and gas demand. Despite the current slow infrastructure development, advancements in renewables and increased EV adoption could reduce fossil fuel dependency, pushing oil prices downward. As it is, China&#39;s rapid electrification is causing its oil demand to peak and decline sooner than expected. Its oil imports, which totaled 11.4 million barrels per day in 2023, are expected to plateau by 2026 and decline thereafter. This shift is accelerating a global oversupply trend, contributing to lower oil prices as demand weakens.
Prioritizing Shareholder Returns: Despite gyrations in the energy market, upstream operators offer a low-cost way to gain broad exposure to leading blue-chip energy stocks, which have demonstrated strong free cash flow generation and attractive dividend growth. In particular, cash from operations is on a sustainable path, with revenues stabilizing and companies slashing capital expenditures from the pre-pandemic levels amid commodity realizations at a healthy enough level for market participants. To put it simply, efficiency improvements over the past few years helped the E&amp;P firms generate significant &quot;excess cash,&quot; which they intend to use to boost investor returns. In fact, more and more energy companies are allocating their increasing cash pile by way of dividends and buybacks to pacify the long-suffering shareholders.
Zacks Industry Rank Indicates Bearish Outlook
The Zacks Oil and Gas - US E&amp;P industry is a 35-stock group within the broader Zacks Oil - Energy sector. The industry currently carries a Zacks Industry Rank #174, which places it in the bottom 30% of 250 Zacks industries.
The group&#39;s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates challenging near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1.
The industry&#39;s position in the bottom 50% of the Zacks-ranked industries is a result of a negative earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts are becoming pessimistic about this group&#39;s earnings growth potential. While the industry&#39;s earnings estimates for this year have gone down 26.4% in the past year, the same for 2025 have fallen 10.8% over the same timeframe.
Despite the dim near-term prospects of the industry, we will present a few stocks that you may want to consider for your portfolio. But it&#39;s worth taking a look at the industry&#39;s shareholder returns and current valuation first.
Industry Underperforms S&amp;P 500 &amp; Sector
The Zacks Oil and Gas - US E&amp;P industry has fared worse than the Zacks S&amp;P 500 composite as well as the broader Zacks Oil &ndash; Energy sector over the past year.
The industry has moved down 3.8% over this period compared with the broader sector&#39;s modest increase of 1.1%. Meanwhile, the S&amp;P 500 has gained 19.1%.
<h3>One-Year Price Performance</h3>
<img alt="" src="https://staticx-tuner.zacks.com/images/zadmin_tuner_image/pp_08142024.jpg" style="height:140px; width:620px" />
Industry&#39;s Current Valuation
Since oil and gas companies are debt-laden, it makes sense to value them based on the EV/EBITDA (Enterprise Value/ Earnings before Interest Tax Depreciation and Amortization) ratio. This is because the valuation metric takes into account not just equity but also the level of debt. For capital-intensive companies, EV/EBITDA is a better valuation metric because it is not influenced by changing capital structures and ignores the effect of noncash expenses.
On the basis of the trailing 12-month enterprise value-to-EBITDA (EV/EBITDA), the industry is currently trading at 7.39X, significantly lower than the S&amp;P 500&#39;s 17.92X. It is, however, above the sector&#39;s trailing 12-month EV/EBITDA of 3.13X.
Over the past five years, the industry has traded as high as 11.82X, as low as 3.52X, with a median of 5.98X.
<h3>Trailing 12-Month Enterprise Value-to EBITDA (EV/EBITDA) Ratio (Past Five Years)</h3>
<img alt="" src="https://staticx-tuner.zacks.com/images/zadmin_tuner_image/val snp_08142024.jpg" style="height:102px; width:620px" />
<img alt="" src="https://staticx-tuner.zacks.com/images/zadmin_tuner_image/val sec_08142024.jpg" style="height:98px; width:620px" />
4 Stocks to Buy
SM Energy Company: Denver, CO-based SM Energy Company, previously known as St. Mary Land &amp; Exploration Company, is an independent oil and gas explorer in North America. The company&#39;s operations are focused on the Permian Basin and South Texas &amp; Gulf Coast regions.
The 2024 Zacks Consensus Estimate for SM indicates 27.7% year-over-year earnings per share growth. The Zacks Rank #1 (Strong Buy) company delivered a trailing four-quarter earnings surprise of roughly 11.9%, on average. SM Energy&#39;s shares have gained 13.5% in a year.
<h3>Price and Consensus: SM</h3>
<img alt="" src="https://staticx-tuner.zacks.com/images/zadmin_tuner_image/sm_08142024.jpg" style="height:131px; width:620px" />
Devon Energy: It is an upstream energy explorer with strong U.S. operations spread across the key oil assets of Delaware Basin, Eagle Ford, Anadarko Basin, Williston Basin and Powder River Basin. With improved cycle time, incorporation of production optimization strategies and other cost-reduction initiatives, DVN is able to lower breakeven costs across its portfolio of assets.
Devon Energy&#39;s expected EPS growth rate for three to five years is currently 11.1%, which compares favorably with the industry&#39;s growth rate of 9.4%. The Zacks Consensus Estimate for DVN&#39;s 2024 earnings has moved up 4.8% over the past 60 days. The Zacks Rank #2 (Buy) company&#39;s shares have lost 11.2% in a year.
<h3>Price and Consensus: DVN</h3>
<img alt="" src="https://staticx-tuner.zacks.com/images/zadmin_tuner_image/dvn_08142024.jpg" style="height:128px; width:620px" />
Northern Oil and Gas: Northern Oil and Gas&#39; core operations are focused on three leading basins of the United States &mdash; the Williston, Permian and the Appalachian. The upstream operator employs a unique nonoperating business model, which helps it to keep costs down and increase free cash flow.
Carrying a Zacks Rank #2, the Zacks Consensus Estimate for NOG&#39;s 2024 earnings has moved up 3% over the past 60 days. Northern Oil and Gas delivered a trailing four-quarter earnings surprise of roughly 7.4% on average. The company&#39;s shares have gone down 5.6% in a year.
<h3>Price and Consensus: NOG</h3>
<img alt="" src="https://staticx-tuner.zacks.com/images/zadmin_tuner_image/nog_08142024.jpg" style="height:129px; width:620px" />
Amplify Energy: The Houston, TX-based operator has a strong presence in Oklahoma, Southern California, Texas, and it has stakes such as Bairoil in the Rocky Mountains. Amplify Energy&#39;s diversified operations &mdash; spread over five U.S. basins &mdash; mitigates pricing and operational disruptions, while its long-life, long-production assets generate sustainable cash flows.
The Zacks Consensus Estimate for Amplify Energy&#39;s 2024 earnings has moved up 11.3% over the past 60 days. With a Zacks Rank of 2, the oil and natural gas producer has a market capitalization of $281.8 million. AMPY&#39;s shares have edged down 1.4% in a year.
<h3>Price and Consensus: AMPY</h3>
<img alt="" src="https://staticx-tuner.zacks.com/images/zadmin_tuner_image/ampy_08142024.jpg" style="height:128px; width:620px" />
<a href="https://www.zacks.com/commentary/2321803/what-to-expect-from-the-u-s-upstream-oil-gas-industry?cid=CS-BENZ-FT-industry_outlook-2321803">To read this article on Zacks.com click here.</a>

AMPY

What to Expect From the U.S. Upstream Oil & Gas Industry

Northern Oil And Gas Announced That It Has Exercised Its Option To Acquire A 20% Undivided Stake In The Altamont Assets In Partnership With SM For A Purchase Price, Net To NOG, Of $17.5M In Cash, Subject To Customary Closing Adjustments

NOG Increases Quarterly Dividend To $0.42/Share, Up 5% Sequentially

CEIX

CRGY

DWSN

EZFL

LODE

RCON

REPX

TOPS

Shares of oil and gas companies are trading lower. The sector might be moving amid overall market weakness due to economic slowdown concerns following recent US data, which could negatively impact demand.

U.S. energy operator APA Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/apa#NASDAQ">APA</a>) reported second-quarter 2024 adjusted earnings of $1.17 cents per share, beating the Zacks Consensus Estimate of 95 cents and improving from the year-ago adjusted figure of 85 cents. The outperformance primarily reflects higher-than-expected production owing to the contribution from the Callon Petroleum acquisition that was closed on Apr 1.
Revenues of $2.8 billion were up 42.4% from the year-ago quarter&#39;s sales and came ahead of the Zacks Consensus Estimate by 20.7%.
Meanwhile, APA continues to reward shareholders with dividends and buybacks. APA bought back 1.5 million shares at $28.72 apiece during the second quarter. The company also shelled out $92 million in dividend payments.
<div class="chart_embed">
<h3>APA Corporation Price, Consensus and EPS Surprise</h3>
<img alt="APA Corporation Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/b6/1722599157.png" style="height:265px; width:577px" title="" />
APA Corporation price-consensus-eps-surprise-chart | APA Corporation Quote
<h3>Production &amp; Selling Prices</h3>
Production of oil and natural gas averaged 473,409 BOE/d, which comprises 71% liquids. The figure was up 18.7% from the year-ago quarter and surpassed our expectation of 450,182&nbsp; BOE/d.
U.S. output (accounting for 64% of the total) jumped 42.5% year over year to 303,416 BOE/d but production from the company&#39;s international operations decreased 8.7% to 169,993 BOE/d. APA&#39;s oil and natural gas liquids (NGLs) production was 334,136 barrels per day (Bbl/d). Natural gas output totaled 835,639 thousand cubic feet per day (Mcf/d).
The average realized crude oil price during the second quarter was $82.28 per barrel, up 7.7% from the year-ago realization of $76.38. The number also came above our projection of $77.21. Meanwhile, the average realized natural gas price fell to $1.77 per thousand cubic feet (Mcf) from $2.39 in the year-ago period and missed our estimate of $2.06.
</div>
<h3>Costs &amp; Financial Position</h3>
APA&#39;s second-quarter lease operating expenses totaled $460 million, up 27.4% from $361 million in the year-ago period. Moreover, a significant increase in the cost of oil/gas equipment and higher depreciation outgo meant that total operating expenses rose 47.8% from the corresponding period of 2023 to $1.9 billion. Our model put the figure at $2 billion.
During the quarter under review, APA generated $877 million of cash from operating activities while it incurred $839 million in upstream capital expenditures. The Zacks Rank #3 (Hold) company reported an adjusted operating cash flow of $1.1 billion. It also registered a free cash flow of $103 million compared to $94 million a year ago.
As of Jun 30, APA had approximately $160 million in cash and cash equivalents and $6.7 billion in long-term debt.
<h3>Guidance</h3>
APA expects adjusted production to average 388,000 BOE/d in Q3 and 387000 BOE/d in 2024. Of this, oil volumes are likely to be 208,000 Bbl/d during the July-September period and 199,000 Bbl/d for the full year. The company pegged its upstream capital expenditure for the year at $2.7 billion or more.
<h3>Some Key E&amp;P Earnings</h3>
While we have discussed APA&#39;s second-quarter results in detail, let&#39;s see how some other upstream companies have fared this earnings season.
ConocoPhillips&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cop#NYSE">COP</a>), one of the world&#39;s largest independent oil and gas producers, reported second-quarter 2024 adjusted earnings per share of $1.98, missing the Zacks Consensus Estimate of $2.06. The bottom line, however, improved from the prior-year quarter&#39;s $1.84 per share. ConocoPhillips&#39; higher costs and expenses led to a weaker-than-expected bottom line. The negatives were partially offset by strong oil equivalent production volumes &mdash; up 7.8% year over year.
As of Jun 30, 2024, ConocoPhillips had $4.3 billion in cash and cash equivalents. COP&#39;s total long-term debt was $17 billion, while it had a short-term debt of $1.3 billion. Capital expenditure and investments totaled $3 billion. Net cash provided by operating activities was $4.9 billion.
Natural gas producer EQT Corporation&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/eqt#NYSE">EQT</a>) reported second-quarter 2024 adjusted loss from continuing operations of 8 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 20 cents. The bottom line also improved from the year-ago quarter&#39;s reported loss of 17 cents. EQT&#39;s better-than-expected profits were driven by higher sales volumes, which increased to 508 billion cubic feet equivalent (Bcfe) from the year-ago quarter&#39;s 471 Bcfe.
EQT&#39;s adjusted operating cash flow was $405 million in the quarter, up from $340.8 million a year ago. Free cash flow in the quarter was a negative $171.1 million compared with a negative $129.3 million in the second quarter of 2023. Total capital expenditure for the company amounted to $576 million, rising from $470 million a year ago. As of Jun 30, 2024, EQT had $29.9 million in cash and cash equivalents. Net debt was $4.9 billion.
Northern Oil and Gas (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nog#NYSE">NOG</a>), another U.S. energy operator, reported second-quarter 2024 adjusted earnings per share of $1.46, which beat the Zacks Consensus Estimate of $1.20. The outperformance reflects strong production. However, the bottom line declined from the year-ago adjusted profit of $1.49 due to weaker natural gas prices and a 41.4% increase in operating expenses.
NOG&#39;s management announced its intention to get approval from the board of directors for a 5% increase in the quarterly dividend, raising it by 2 cents to 42 cents per share for the third quarter. The board of directors has also approved a new $150 million share repurchase authorization.
<a href="https://www.zacks.com/stock/news/2315086/apa-q2-earnings-top-as-callon-acquisition-drives-production?cid=CS-BENZ-FT-analyst_blog|earnings_article-2315086">To read this article on Zacks.com click here.</a>

APA Q2 Earnings Top as Callon Acquisition Drives Production

Northern Oil And Gas (NOG – Research Report), the Energy sector company, was revisited by a Wall Street analyst yesterday. Analyst Paul Diamond CFA...

Northern Oil and Gas: Strong Buy Rating with High-Risk Due to Robust Q3 2024 Performance and Financial Forecasts

Northern Oil & Gas Q3 2024 Earnings Preview

Here are the major earnings after the close today

Northern Oil &amp; Gas Non-GAAP EPS of $1.40 beats by $0.21, revenue of $753.64M beats by $210.38M

Reports Q3 revenue $753.64M, consensus $542.84M. Reports Q3 production 121,815 Boe/d, up 19% y/y. "During the third quarter we generated record oil...

Northern Oil and Gas reports Q3 EPS $2.96, consensus $1.20

Backs FY24 CapEx view $890M-$970M. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> ...

Northern Oil and Gas backs FY24 annual production view 120K-124K boe/d

Mizuho Securities analyst William Janela has maintained their bullish stance on NOG stock, giving a Buy rating on October 25. William Janela has gi...

Northern Oil and Gas: Strategic Positioning and Financial Strength Drive Buy Rating

In a report released today, Neal Dingmann from Truist Financial reiterated a Buy rating on Northern Oil And Gas (NOG – Research Report). The compan...

Truist Financial Reaffirms Their Buy Rating on Northern Oil And Gas (NOG)

Northern Oil And Gas ( ($NOG) ) has released its Q3 earnings. Here is a breakdown of the information Northern Oil And Gas presented to its investor...

Northern Oil and Gas Reports Record Production and Strong Q3 Results

Hilton Grand Vacations Non-GAAP EPS of $0.67 misses by $0.05, revenue of $1.3B beats by $10M

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Press Releases

NOG Provides Shareholder Return Update; Plans Mid-Year Increase to Quarterly Dividend

NOG Announces Second Quarter 2024 Results, Updates 2024 Guidance

NOG Declares $0.42 Quarterly Cash Dividend, 11% Increase Year-over-Year

NOG Announces the Exercise of Option to Purchase Additional Uinta Basin Assets

Point Energy Partners II Completes $1.1 Billion Sale to Vital Energy

NOG Closes Point Acquisition

NOG Closes Uinta Basin Acquisition

NOG Schedules Third Quarter 2024 Earnings Release and Conference Call

NOG Provides Third Quarter 2024 Operational Update

NOG Announces Third Quarter 2024 Results, Achieves Record Oil Production

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