What is Zacks Research’s Forecast for NOG Q3 Earnings?

Northern Oil and Gas, Inc. (NYSE:NOG) – Investment analysts at Zacks Research cut their Q3 2026 EPS estimates for Northern Oil and Gas in a report issued on Wednesday, March 11th. Zacks Research analyst Team now forecasts that the company will post earnings per share of $0.44 for the quarter, down from their prior estimate of $0.63. The consensus estimate for Northern Oil and Gas’ current full-year earnings is $5.18 per share. Zacks Research also issued estimates for Northern Oil and Gas’ Q4 2026 earnings at $0.54 EPS, FY2026 earnings at $2.10 EPS, Q1 2027 earnings at $0.79 EPS, Q2 2027 earnings at $0.52 EPS and FY2027 earnings at $2.53 EPS.

Northern Oil and Gas (NYSE:NOG) last announced its quarterly earnings results on Wednesday, February 25th. The company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.12. Northern Oil and Gas had a return on equity of 19.74% and a net margin of 1.57%.The firm had revenue of $610.18 million during the quarter, compared to analyst estimates of $524.98 million. During the same quarter in the previous year, the business earned $1.11 earnings per share. Northern Oil and Gas’s quarterly revenue was up 18.5% on a year-over-year basis.

A number of other equities analysts also recently issued reports on the company. Mizuho set a $29.00 price target on Northern Oil and Gas in a research report on Wednesday, January 21st. Piper Sandler lifted their price objective on Northern Oil and Gas from $27.00 to $32.00 and gave the company a “neutral” rating in a report on Thursday. Morgan Stanley set a $24.00 target price on shares of Northern Oil and Gas and gave the stock an “underweight” rating in a report on Friday, January 23rd. Royal Bank Of Canada cut their target price on shares of Northern Oil and Gas from $33.00 to $30.00 and set a “sector perform” rating on the stock in a research report on Tuesday, January 20th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Northern Oil and Gas in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $31.14.

Northern Oil and Gas Trading Down 0.3%

Shares of NYSE NOG opened at $27.52 on Friday. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 1.13. The business has a fifty day simple moving average of $25.16 and a two-hundred day simple moving average of $23.97. The firm has a market cap of $2.68 billion, a PE ratio of 83.40 and a beta of 0.96. Northern Oil and Gas has a twelve month low of $19.88 and a twelve month high of $32.62.

Northern Oil and Gas Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Monday, March 30th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 6.5%. The ex-dividend date of this dividend is Monday, March 30th. Northern Oil and Gas’s payout ratio is presently 545.45%.

Institutional Investors Weigh In On Northern Oil and Gas

Hedge funds have recently made changes to their positions in the stock. DLD Asset Management LP boosted its position in Northern Oil and Gas by 42.9% during the second quarter. DLD Asset Management LP now owns 25,000,000 shares of the company’s stock valued at $708,750,000 after purchasing an additional 7,500,000 shares in the last quarter. Deprince Race & Zollo Inc. bought a new position in Northern Oil and Gas in the fourth quarter worth about $25,492,000. Tributary Capital Management LLC lifted its position in shares of Northern Oil and Gas by 146.3% during the third quarter. Tributary Capital Management LLC now owns 1,312,256 shares of the company’s stock valued at $32,544,000 after buying an additional 779,492 shares during the last quarter. Bridgeway Capital Management LLC purchased a new stake in shares of Northern Oil and Gas during the third quarter valued at about $11,295,000. Finally, SG Americas Securities LLC boosted its holdings in shares of Northern Oil and Gas by 499.9% in the 4th quarter. SG Americas Securities LLC now owns 421,809 shares of the company’s stock valued at $9,056,000 after buying an additional 351,490 shares in the last quarter. 98.80% of the stock is currently owned by hedge funds and other institutional investors.

Northern Oil and Gas News Summary

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

• Positive Sentiment: Piper Sandler raised its price target to $32 (from $27), signaling ~16% upside versus recent levels and providing some analyst support for the shares. Article Title
• Positive Sentiment: Citigroup set a new $34 price target on NOG, which is another upward-tilted analyst view that can cushion downside from near-term dilution concerns. Article Title
• Positive Sentiment: Zacks Research raised its Q1 2027 EPS estimate to $0.79 (from $0.69), indicating at least one near-term beat expectation that may support quarterly sentiment. MarketBeat: Zacks Research Note
• Neutral Sentiment: Zacks also issued a set of forward-year and quarter estimates (FY2026–FY2028, Q2–Q4 windows) that provide updated modeling inputs for investors; some of these are lower and some higher, so they mainly change conviction rather than the fundamental story. MarketBeat: Zacks Research Notes
• Negative Sentiment: Northern priced an underwritten public offering of 7,207,208 shares on March 11 and granted the underwriter a 30‑day option for up to 1,081,081 additional shares — a clear near‑term dilution overhang that typically pressures the stock. Business Wire: Pricing of Public Offering
• Negative Sentiment: The company announced completion of the public equity offering, confirming the dilution is moving forward and removing uncertainty about whether it would proceed. TipRanks: Offering Completed
• Negative Sentiment: Multiple Zacks Research cuts across Q2–Q4 2026 and FY2026–FY2027 lowered forward EPS projections (several quarter estimates materially trimmed), which increases downside risk to consensus earnings and share valuation. MarketBeat: Analyst Estimate Changes
• Negative Sentiment: Market reaction was immediate: headlines noted the stock sank after the offering launch — short‑term selling pressure is consistent with dilution and estimate cuts. MSN: Market Reaction

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.