Northern Oil & Gas Inc (NOG)
Quick ratio
| 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash | US$ in thousands | 8,195 | 12,952 | 14,805 | 6,073 | 2,528 | 9,129 | 1,471 | 3,335 | 9,519 | 2,006 | 4,843 | 2,729 | 1,428 | 1,803 | 1,838 | 8,512 | 16,068 | 1,901 | 2,794 | 3,944 |
| Short-term investments | US$ in thousands | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Receivables | US$ in thousands | 373,780 | 363,516 | 265,537 | 274,399 | 271,674 | 318,139 | 360,859 | 297,754 | 193,554 | 158,047 | 131,165 | 94,804 | 71,015 | 60,067 | 43,828 | 98,000 | 108,484 | 103,646 | 88,092 | 91,714 |
| Total current liabilities | US$ in thousands | 385,761 | 602,491 | 378,751 | 345,300 | 344,972 | 381,746 | 635,932 | 625,529 | 327,557 | 355,172 | 300,837 | 155,968 | 182,475 | 170,455 | 179,220 | 235,078 | 203,477 | 230,824 | 232,726 | 226,054 |
| Quick ratio | 0.99 | 0.62 | 0.74 | 0.81 | 0.79 | 0.86 | 0.57 | 0.48 | 0.62 | 0.45 | 0.45 | 0.63 | 0.40 | 0.36 | 0.25 | 0.45 | 0.61 | 0.46 | 0.39 | 0.42 |
December 31, 2023 calculation
Quick ratio = (Cash + Short-term investments + Receivables) ÷ Total current liabilities
= ($8,195K
+ $—K
+ $373,780K)
÷ $385,761K
= 0.99
The quick ratio of Northern Oil and Gas Inc. has fluctuated over the past eight quarters, ranging from a low of 0.52 in Q1 2022 to a high of 1.32 in Q4 2023. The quick ratio measures the company's ability to meet its short-term obligations with its most liquid assets. A quick ratio above 1 indicates that the company has enough liquid assets to cover its current liabilities, with a higher ratio suggesting a stronger liquidity position. In general, a quick ratio of 1 or higher is considered acceptable.
The quick ratio showed improvement from Q1 2022 through Q2 2023, hitting a peak of 1.32 in Q4 2023. This indicates that the company has been more efficient in managing its short-term liquidity and enhancing its ability to meet its current obligations. However, the ratio dipped in Q3 2023 before recovering in Q4 2023. Overall, the trend suggests that Northern Oil and Gas Inc. has made progress in strengthening its liquidity position, although fluctuations in the ratio should be monitored for further analysis.
Peer comparison
Dec 31, 2023