Q3 EPS Forecast for Northern Oil and Gas Lifted by Analyst

Northern Oil and Gas, Inc. (NYSE:NOG) – Research analysts at Zacks Research increased their Q3 2026 earnings estimates for Northern Oil and Gas in a research note issued on Thursday, August 20th. Zacks Research analyst Team now forecasts that the company will earn $0.81 per share for the quarter, up from their previous forecast of $0.77. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $3.60 per share. Zacks Research also issued estimates for Northern Oil and Gas’ Q4 2026 earnings at $0.74 EPS, FY2026 earnings at $3.42 EPS, Q1 2027 earnings at $0.90 EPS, Q3 2027 earnings at $0.68 EPS, Q4 2027 earnings at $0.78 EPS, FY2027 earnings at $3.12 EPS, Q2 2028 earnings at $0.87 EPS and FY2028 earnings at $3.38 EPS.

Several other analysts also recently issued reports on NOG. Mizuho upgraded Northern Oil and Gas to a “hold” rating in a research report on Friday, July 31st. Wall Street Zen upgraded Northern Oil and Gas from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Citigroup cut their target price on shares of Northern Oil and Gas from $36.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, July 20th. Morgan Stanley set a $25.00 target price on shares of Northern Oil and Gas and gave the company an “underweight” rating in a report on Monday, June 29th. Finally, Johnson Rice downgraded shares of Northern Oil and Gas from an “accumulate” rating to a “hold” rating and set a $36.00 price target for the company. in a report on Wednesday, May 20th. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $30.62.

Northern Oil and Gas Price Performance

Shares of NYSE:NOG opened at $26.85 on Friday. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.80 and a current ratio of 0.80. The business’s fifty day moving average price is $20.77 and its two-hundred day moving average price is $24.13. The stock has a market cap of $2.86 billion, a PE ratio of -5.18 and a beta of 0.70. Northern Oil and Gas has a one year low of $17.18 and a one year high of $31.17.

Northern Oil and Gas (NYSE:NOG) last issued its quarterly earnings data on Thursday, August 6th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.05). Northern Oil and Gas had a positive return on equity of 18.69% and a negative net margin of 25.35%.The company had revenue of $745.24 million for the quarter, compared to analyst estimates of $594.09 million. During the same quarter in the prior year, the firm earned $1.37 earnings per share. The company’s revenue for the quarter was up 5.4% on a year-over-year basis.

Hedge Funds Weigh In On Northern Oil and Gas

Large investors have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. acquired a new stake in Northern Oil and Gas in the 2nd quarter worth about $29,000. Allworth Financial LP acquired a new position in shares of Northern Oil and Gas during the 2nd quarter valued at about $31,000. Ascentis Independent Advisors purchased a new position in shares of Northern Oil and Gas during the 1st quarter worth about $33,000. Jones Financial Companies Lllp lifted its holdings in shares of Northern Oil and Gas by 181.0% during the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock worth $33,000 after acquiring an additional 713 shares during the period. Finally, Global Retirement Partners LLC boosted its position in shares of Northern Oil and Gas by 572.8% in the fourth quarter. Global Retirement Partners LLC now owns 1,682 shares of the company’s stock worth $36,000 after acquiring an additional 1,432 shares during the last quarter. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Northern Oil and Gas news, Director Bahram Akradi acquired 25,760 shares of the stock in a transaction dated Monday, June 22nd. The stock was acquired at an average price of $19.40 per share, with a total value of $499,744.00. Following the completion of the transaction, the director directly owned 1,713,444 shares in the company, valued at approximately $33,240,813.60. This trade represents a 1.53% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 2.80% of the stock is owned by company insiders.

Northern Oil and Gas Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, September 29th will be issued a dividend of $0.45 per share. The ex-dividend date is Tuesday, September 29th. This represents a $1.80 annualized dividend and a dividend yield of 6.7%. Northern Oil and Gas’s dividend payout ratio (DPR) is -34.75%.

Trending Headlines about Northern Oil and Gas

Here are the key news stories impacting Northern Oil and Gas this week:

• Positive Sentiment: Zacks Research raised its FY2026 EPS forecast to $3.42 from $3.13 and lifted its Q3 2026 estimate to $0.81 from $0.77. Those increases support the near-term earnings outlook, although the full-year estimate remains below the broader consensus of $3.60. MarketBeat analyst estimates
• Positive Sentiment: Zacks also increased its Q2 2028 EPS forecast to $0.87 from $0.84 and FY2028 estimate to $3.38 from $3.35, suggesting some longer-term earnings resilience. MarketBeat analyst estimates
• Positive Sentiment: Recent coverage highlighted Northern Oil and Gas’s non-operator business model, strong free cash flow and dividend yield above 7%. Second-quarter 2026 free cash flow reportedly increased 26% year over year to $159 million, with management targeting up to $500 million for 2026 and expanding buyback capacity. Seeking Alpha analysis
• Neutral Sentiment: Callan Power agreed to acquire Reger Oil assets in the Williston Basin, and Northern Oil and Gas’s former CEO and founder Michael Reger was named Callan Power’s president. The transaction may affect regional industry dynamics, but no direct NOG asset purchase was announced. Callan Power acquisition article
• Negative Sentiment: Zacks lowered its FY2027 EPS forecast to $3.12 from $3.22 and reduced estimates for Q4 2026, Q1 2027, Q3 2027 and Q4 2027. The revisions indicate pressure on earnings beyond 2026. MarketBeat analyst estimates
• Negative Sentiment: NOG priced a $500 million offering of 7.5% senior notes. While the financing provides liquidity, the high coupon increases interest costs and adds to leverage concerns for an already debt-sensitive oil producer. NOG senior notes announcement

Northern Oil and Gas Company Profile

Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.

Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.