Northern Oil and Gas (NYSE:NOG) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Northern Oil and Gas from “buy” to “strong buy.” Analyst opinions remain mixed overall: MarketBeat reports an average “hold” rating and a $31.56 consensus price target.
• Northern Oil and Gas reported quarterly EPS of $1.32, beating the $1.09 consensus, with revenue up 45.2% year over year to $345.9 million.
• The article’s cited revenue estimate was $617.7 million, which would make reported sales a substantial miss; however, other coverage reportedly characterized revenue as a beat, leaving the comparison unclear.

Northern Oil and Gas (NYSE:NOG - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a note issued to investors on Saturday, Wall Street Zen reports.

Other analysts also recently issued research reports about the company. Morgan Stanley reaffirmed an "underweight" rating and set a $26.00 target price (up from $25.00) on shares of Northern Oil and Gas in a research note on Thursday, October 15th. Weiss Ratings raised Northern Oil and Gas from a "sell (d)" rating to a "sell (d+)" rating in a research note on Friday, October 30th. Citigroup increased their target price on shares of Northern Oil and Gas from $28.00 to $32.00 and gave the stock a "buy" rating in a research report on Thursday, October 15th. Scotiabank started coverage on Northern Oil and Gas in a research note on Wednesday, October 14th. They issued a "sector perform" rating and a $27.00 target price for the company. Finally, Raymond James Financial reiterated an "outperform" rating and set a $34.00 target price on shares of Northern Oil and Gas in a research report on Wednesday, October 28th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Northern Oil and Gas currently has an average rating of "Hold" and a consensus target price of $31.56.

Northern Oil and Gas Trading Up 2.9%

NOG opened at $22.77 on Friday. The company has a fifty day moving average of $25.46 and a 200-day moving average of $24.54. The stock has a market cap of $2.43 billion, a PE ratio of 6.92 and a beta of 0.85. Northern Oil and Gas has a twelve month low of $17.18 and a twelve month high of $31.17. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.37.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last posted its quarterly earnings results on Thursday, November 5th. The company reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.23. The company had revenue of $345.91 million for the quarter, compared to the consensus estimate of $617.68 million. Northern Oil and Gas had a positive return on equity of 18.69% and a negative net margin of 25.35%. The firm's quarterly revenue was up 45.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.03 EPS. On average, sell-side analysts predict that Northern Oil and Gas will post 3.84 EPS for the current year.

Institutional Investors Weigh In On Northern Oil and Gas

A number of institutional investors have recently added to or reduced their stakes in NOG. Bank of New York Mellon Corp bought a new stake in shares of Northern Oil and Gas in the 2nd quarter worth approximately $26,769,000. First Trust Advisors LP boosted its holdings in Northern Oil and Gas by 116.8% during the 1st quarter. First Trust Advisors LP now owns 1,167,971 shares of the company's stock valued at $34,140,000 after acquiring an additional 629,197 shares during the period. Requisite Capital Management LLC acquired a new position in shares of Northern Oil and Gas in the second quarter valued at approximately $10,519,000. Counterpoint Mutual Funds LLC raised its holdings in shares of Northern Oil and Gas by 3,057.0% in the third quarter. Counterpoint Mutual Funds LLC now owns 427,012 shares of the company's stock worth $9,770,000 after acquiring an additional 413,486 shares during the last quarter. Finally, Hsbc Holdings PLC purchased a new position in Northern Oil and Gas in the first quarter valued at about $8,115,000. 98.80% of the stock is owned by institutional investors.

Northern Oil and Gas News Summary

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

• Positive Sentiment: NOG reported Q3 EPS of $1.32, above the $1.09 consensus cited in the earnings coverage and up from $1.03 a year earlier. A post-earnings review also highlighted production strength and portfolio optimization as support for a positive outlook. Article: NOG Q3 2026 deep dive
• Neutral Sentiment: Revenue rose 45.2% year over year, but reports disagree on whether it beat estimates: MarketBeat cites revenue of $345.9 million versus a $617.7 million consensus, while a Zacks headline describes revenue as a beat. That discrepancy makes the sales comparison difficult to interpret from the available coverage. Article: Q3 sales expectations and adjusted EPS
• Negative Sentiment: If the $617.7 million consensus comparison is correct, the reported $345.9 million in revenue was a substantial miss, potentially tempering the positive earnings reaction despite year-over-year growth. Article: Northern Oil and Gas Q3 earnings

Northern Oil and Gas Company Profile

Northern Oil and Gas, Inc is an independent energy company engaged in the acquisition, development and production of crude oil, natural gas and natural gas liquids in the United States. The company primarily holds non-operated working interests, allowing it to participate in wells drilled and managed by other exploration and production companies while maintaining exposure to a broad portfolio of oil and gas assets.

Northern Oil and Gas has historically focused on properties in the Williston Basin of North Dakota and Montana and has expanded its operations into other major U.S.

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