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The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Northern Oil & Gas has an F-score of 4 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Northern Oil & Gas's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Northern Oil & Gas was 8. The lowest was 2. And the median was 5.
The historical data trend for Northern Oil & Gas's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Northern Oil & Gas Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 3.00 | 4.00 | 6.00 | 8.00 | 5.00 |
Northern Oil & Gas Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | 5.00 | 4.00 | 5.00 | 4.00 |
For the Oil & Gas E&P subindustry, Northern Oil & Gas's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Oil & Gas industry and Energy sector, Northern Oil & Gas's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Northern Oil & Gas's Piotroski F-Score falls into.
How is the Piotroski F-Score calculated?
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Net Income was 167.815 + 26.111 + 388.853 + 11.606 = $594 Mil. Cash Flow from Operations was 307.786 + 263.865 + 342.362 + 392.147 = $1,306 Mil. Revenue was 418.785 + 513.521 + 546.145 + 534.879 = $2,013 Mil. Gross Profit was 190.87 + 255.066 + 246.992 + 204.264 = $897 Mil. Average Total Assets from the begining of this year (Mar23) to the end of this year (Mar24) was (3342.866 + 3664.749 + 4304.666 + 4484.255 + 4633.801) / 5 = $4086.0674 Mil. Total Assets at the begining of this year (Mar23) was $3,343 Mil. Long-Term Debt & Capital Lease Obligation was $1,939 Mil. Total Current Assets was $413 Mil. Total Current Liabilities was $428 Mil. |
Net Income was 251.264 + 583.465 + 145.068 + 340.191 = $1,320 Mil. Revenue was 549.643 + 534.05 + 445.647 + 428.558 = $1,958 Mil. Gross Profit was 386.365 + 357.324 + 257.849 + 220.934 = $1,222 Mil. Average Total Assets from the begining of last year (Mar22) to the end of last year (Mar23) was (2024.469 + 2192.235 + 2471.476 + 2875.178 + 3342.866) / 5 = $2581.2448 Mil. Total Assets at the begining of last year (Mar22) was $2,024 Mil. Long-Term Debt & Capital Lease Obligation was $1,757 Mil. Total Current Assets was $396 Mil. Total Current Liabilities was $345 Mil. |
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Northern Oil & Gas's current Net Income (TTM) was 594.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Northern Oil & Gas's current Cash Flow from Operations (TTM) was 1,306.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Score 1 if it's higher, 0 if it's lower.
ROA (This Year) | = | Net Income | / | Total Assets (Mar23) |
= | 594.385 | / | 3342.866 | |
= | 0.17780701 |
ROA (Last Year) | = | Net Income | / | Total Assets (Mar22) |
= | 1319.988 | / | 2024.469 | |
= | 0.6520169 |
Northern Oil & Gas's return on assets of this year was 0.17780701. Northern Oil & Gas's return on assets of last year was 0.6520169.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Score 1 if CFROA > ROA, 0 if CFROA <= ROA.
Northern Oil & Gas's current Net Income (TTM) was 594. Northern Oil & Gas's current Cash Flow from Operations (TTM) was 1,306.
==> 1,306 > 594 ==> CFROA > ROA ==> Score 1.
Funding
Question 5. Change in Gearing or Leverage
Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.
Score 0 if this year's gearing is higher, 1 otherwise.
Gearing (This Year: Mar24) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar23 to Mar24 |
= | 1938.731 | / | 4086.0674 | |
= | 0.47447357 |
Gearing (Last Year: Mar23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Mar22 to Mar23 |
= | 1756.949 | / | 2581.2448 | |
= | 0.68065958 |
Northern Oil & Gas's gearing of this year was 0.47447357. Northern Oil & Gas's gearing of last year was 0.68065958.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Current Ratio (This Year: Mar24) | = | Total Current Assets | / | Total Current Liabilities |
= | 412.796 | / | 428.01 | |
= | 0.9644541 |
Current Ratio (Last Year: Mar23) | = | Total Current Assets | / | Total Current Liabilities |
= | 395.941 | / | 345.3 | |
= | 1.14665798 |
Northern Oil & Gas's current ratio of this year was 0.9644541. Northern Oil & Gas's current ratio of last year was 1.14665798.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Northern Oil & Gas's number of shares in issue this year was 101.636. Northern Oil & Gas's number of shares in issue last year was 85.407.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Gross Margin (This Year: TTM) | = | Gross Profit | / | Revenue |
= | 897.192 | / | 2013.33 | |
= | 0.4456259 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 1222.472 | / | 1957.898 | |
= | 0.62437982 |
Northern Oil & Gas's gross margin of this year was 0.4456259. Northern Oil & Gas's gross margin of last year was 0.62437982.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Asset Turnover (This Year) | = | Revenue | / | Total Assets at the Beginning of This Year (Mar23) |
= | 2013.33 | / | 3342.866 | |
= | 0.60227661 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Mar22) |
= | 1957.898 | / | 2024.469 | |
= | 0.96711681 |
Northern Oil & Gas's asset turnover of this year was 0.60227661. Northern Oil & Gas's asset turnover of last year was 0.96711681.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score | = | Que. 1 | + | Que. 2 | + | Que. 3 | + | Que. 4 | + | Que. 5 | + | Que. 6 | + | Que. 7 | + | Que. 8 | + | Que. 9 |
= | 1 | + | 1 | + | 0 | + | 1 | + | 1 | + | 0 | + | 0 | + | 0 | + | 0 | |
= | 4 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Northern Oil & Gas has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Northern Oil & Gas (NYSE:NOG) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Thank you for viewing the detailed overview of Northern Oil & Gas's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Robert B. Rowling | 10 percent owner | 4001 MAPLE AVE, SUITE 600, DALLAS TX 75219 |
William F Kimble | director | 6900 E. LAYTON AVE., SUITE 900, DENVER CO 80237 |
Jennifer S. Pomerantz | director | 4350 BAKER ROAD, SUITE 400, MINNETONKA MN 55343 |
Cresta Greenwood, Llc | 10 percent owner | 4001 MAPLE AVENUE, SUITE 600, DALLAS TX 75219 |
Rowling Family 2012 Long Term Trust | other: See Remarks | 4001 MAPLE AVENUE, SUITE 600, DALLAS TX 75219 |
James B. Evans | officer: Executive VP & Chief Engineer | 601 CARLSON PARKWAY, SUITE 990, MINNETONKA MN 55305 |
Foundation Rowling | other: See Remarks | 4001 MAPLE AVENUE, SUITE 600, DALLAS TX 75219 |
Stuart G. Lasher | director | 4931 NEW PROVIDENCE, TAMPA FL 33629 |
Ttbr Investments Llc | 10 percent owner | 4001 MAPLE AVE, SUITE 600, DALLAS TX 75219 |
Trbrjr Investments Llc | 10 percent owner | 4001 MAPLE AVE, SUITE 600, DALLAS TX 75219 |
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Crestview Partners Iii Gp, L.p. | 10 percent owner | C/O CRESTVIEW PARTNERS, 590 MADISON AVENUE, 42ND FLOOR, NEW YORK NY 10022 |
Brandon R. Elliott | officer: EVP, Corporate Devp & Strategy | 315 MANITOBA AVENUE, SUITE 200, WAYZATA MN 55391 |
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