Northern Oil and Gas (AMEX: NOG) reported earnings on Aug. 9. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended June 30 (Q2), Northern Oil and Gas crushed expectations on revenues and missed estimates on earnings per share.

Compared to the prior-year quarter, revenue improved significantly and GAAP earnings per share expanded significantly.

Gross margins improved, operating margins shrank, and net margins dropped.

Revenue details
Northern Oil and Gas recorded revenue of $119.2 million. The six analysts polled by S&P Capital IQ hoped for a top line of $68.7 million on the same basis. GAAP reported sales were much higher than the prior-year quarter's $35.6 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
EPS came in at $0.22. The 11 earnings estimates compiled by S&P Capital IQ predicted $0.23 per share. GAAP EPS of $0.69 for Q2 were 109% higher than the prior-year quarter's $0.33 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 88.3%, 500 basis points better than the prior-year quarter. Operating margin was 63.1%, 3,170 basis points worse than the prior-year quarter. Net margin was 36.6%, 2,080 basis points worse than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $79.6 million. On the bottom line, the average EPS estimate is $0.28.

Next year's average estimate for revenue is $296.8 million. The average EPS estimate is $1.06.

Investor sentiment
The stock has a two-star rating (out of five) at Motley Fool CAPS, with 582 members out of 645 rating the stock outperform, and 63 members rating it underperform. Among 105 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 86 give Northern Oil and Gas a green thumbs-up, and 19 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Northern Oil and Gas is outperform, with an average price target of $27.73.

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