Northern Oil and Gas (AMEX: NOG) reported earnings on May 6. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended March 31 (Q1), Northern Oil and Gas met expectations on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue grew significantly. Non-GAAP earnings per share increased significantly. GAAP earnings per share stayed the same.

Gross margins shrank, operating margins grew, net margins dropped.

Revenue details
 Northern Oil and Gas reported revenue of $82.8 million. The eight analysts polled by S&P Capital IQ foresaw revenue of $82.9 million on the same basis. GAAP reported sales were the same as the prior-year quarter's.

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 $0.29. The 12 earnings estimates compiled by S&P Capital IQ forecast $0.27 per share. Non-GAAP EPS of $0.29 for Q1 were 26% higher than the prior-year quarter's $0.23 per share. GAAP EPS of $0.14 were the same as the prior-year quarter.

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 75.8%, 490 basis points worse than the prior-year quarter. Operating margin was 30.4%, 770 basis points better than the prior-year quarter. Net margin was 13.2%, 30 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
 Next quarter's average estimate for revenue is $90.5 million. On the bottom line, the average EPS estimate is $0.30.

Next year's average estimate for revenue is $382.7 million. The average EPS estimate is $1.29.

Investor sentiment
 The stock has a two-star rating (out of five) at Motley Fool CAPS, with 590 members out of 646 rating the stock outperform, and 56 members rating it underperform. Among 85 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 71 give Northern Oil and Gas a green thumbs-up, and 14 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 $20.30.

Is Northern Oil and Gas the right energy stock for you? Read about a handful of timely, profit-producing plays on expensive crude in "3 Stocks for $100 Oil." Click here for instant access to this free report.