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.