Zacks Research Issues Positive Outlook for NOG Earnings

Key Points

• Zacks Research raised Northern Oil and Gas’ Q3 2026 EPS estimate to $0.81 from $0.77, while projecting FY2026 earnings of $3.42 per share—below the broader consensus of $3.60.
• NOG’s latest quarter included an EPS miss at $1.13 versus the $1.18 consensus, though revenue of $745.24 million exceeded estimates and rose 5.4% year over year.
• The stock carries a broadly neutral analyst outlook, with a consensus “Hold” rating and $30.62 average price target; it also offers a quarterly dividend of $0.45, equivalent to a 6.7% yield.

Northern Oil and Gas, Inc. (NYSE:NOG - Free Report) - Stock analysts at Zacks Research lifted their Q3 2026 earnings estimates for shares of Northern Oil and Gas in a research note issued to investors on Thursday, August 20th. Zacks Research analyst Team now anticipates that the company will post earnings of $0.81 per share for the quarter, up from their previous estimate 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.

Northern Oil and Gas (NYSE:NOG - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $1.18 by ($0.05). The firm had revenue of $745.24 million during the quarter, compared to analyst estimates of $594.09 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 revenue was up 5.4% on a year-over-year basis. During the same quarter last year, the business posted $1.37 EPS.

Other equities research analysts also recently issued research reports about the stock. Johnson Rice downgraded shares of Northern Oil and Gas from an "accumulate" rating to a "hold" rating and set a $36.00 price objective for the company. in a research report on Wednesday, May 20th. Weiss Ratings upgraded Northern Oil and Gas from a "sell (d)" rating to a "sell (d+)" rating in a research report on Tuesday, August 11th. Mizuho raised Northern Oil and Gas to a "hold" rating in a research note on Friday, July 31st. Morgan Stanley set a $25.00 price target on Northern Oil and Gas and gave the company an "underweight" rating in a report on Monday, June 29th. Finally, Wall Street Zen upgraded Northern Oil and Gas from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Northern Oil and Gas has an average rating of "Hold" and an average target price of $30.62.

Northern Oil and Gas Trading Up 3.0%

NYSE NOG opened at $26.85 on Friday. The stock has a market capitalization of $2.86 billion, a P/E ratio of -5.18 and a beta of 0.70. Northern Oil and Gas has a 52-week low of $17.18 and a 52-week high of $31.17. The firm has a 50-day moving average price of $20.77 and a 200 day moving average price of $24.13. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be paid a $0.45 dividend. 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%.

Insider Buying and Selling

In related news, Director Bahram Akradi acquired 25,760 shares of the firm's stock in a transaction that occurred on Monday, June 22nd. The shares were purchased at an average price of $19.40 per share, with a total value of $499,744.00. Following the completion of the acquisition, the director owned 1,713,444 shares in the company, valued at approximately $33,240,813.60. This 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 through this hyperlink. Corporate insiders own 2.80% of the company's stock.

Institutional Investors Weigh In On Northern Oil and Gas

A number of hedge funds and other institutional investors have recently modified their holdings of NOG. Jones Financial Companies Lllp increased its stake in Northern Oil and Gas by 181.0% in the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company's stock valued at $33,000 after purchasing an additional 713 shares in the last quarter. Ascentis Independent Advisors purchased a new stake in Northern Oil and Gas during the first quarter worth $33,000. EverSource Wealth Advisors LLC grew its holdings in Northern Oil and Gas by 429.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,514 shares of the company's stock valued at $43,000 after purchasing an additional 1,228 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in Northern Oil and Gas by 85.7% in the second quarter. Smartleaf Asset Management LLC now owns 1,521 shares of the company's stock valued at $44,000 after purchasing an additional 702 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in shares of Northern Oil and Gas in the second quarter valued at $29,000. 98.80% of the stock is currently owned by institutional investors and hedge funds.

Northern Oil and Gas News Summary

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

About Northern Oil and Gas

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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