Northern Oil & Gas Inc (NOG)

Total asset turnover

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Revenue (ttm)	US$ in thousands	2,166,258	1,743,120	2,220,787	2,185,679	2,059,923	2,008,734	1,348,601	931,960	496,899	227,784	143,599	139,461	624,849	633,787	820,348	986,121	612,025	1,023,318	891,704	772,110
Total assets	US$ in thousands	4,484,260	4,304,670	3,664,750	3,342,870	2,875,180	2,471,480	2,192,240	2,024,470	1,522,870	1,244,060	1,091,810	873,243	872,089	1,025,520	1,263,270	2,237,390	1,905,460	1,902,010	1,494,390	1,395,780
Total asset turnover		0.48	0.40	0.61	0.65	0.72	0.81	0.62	0.46	0.33	0.18	0.13	0.16	0.72	0.62	0.65	0.44	0.32	0.54	0.60	0.55

December 31, 2023 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $2,166,258K ÷ $4,484,260K
= 0.48

Northern Oil and Gas Inc.'s total asset turnover has fluctuated over the past eight quarters but generally demonstrates efficiency in generating revenue relative to its total assets. The ratio indicates the company's ability to utilize its assets to generate sales.

In Q1 2023 and Q4 2022, the total asset turnover was relatively high at 0.65 and 0.55, respectively, suggesting that the company was efficient in generating sales revenue compared to the total value of its assets during those periods.

Conversely, the ratio declined in Q2 2022 to 0.39 and dropped further in Q1 2022 to 0.22, indicating that the company may have experienced challenges in utilizing its assets effectively to generate revenue during those periods.

Overall, the trend in total asset turnover for Northern Oil and Gas Inc. shows variation but generally demonstrates a satisfactory level of asset utilization to generate sales revenue, with some quarters performing better than others. Monitoring this ratio over time can provide insights into the company's operational efficiency and effectiveness in managing its assets.