Wall Street analyst estimates for Northern Oil and Gas, Inc. (NOG): consensus price target, buy/hold/sell recommendations and forecasts for revenue and EPS for the upcoming fiscal years.
Northern Oil and Gas, Inc. operates as an independent energy enterprise within the United States. The company's core business revolves around the entire lifecycle of crude oil and natural gas properties, from their acquisition and exploration to their development and eventual production. Its primary operations are concentrated in significant U.S. shale plays, namely the Williston, Appalachian, and Permian Basins.
Consensus price target
$30.50 (+8 % vs price $28.35)
between $25.00 and $36.00 · 3 targets published in the last quarter
Closing price, Oct 30
A twelve-month target is not a fair value: compare it with the range in the Valuation tab.
Revenue and EPS estimates
| Fiscal year | Revenue (average) | Revenue (low – high) | EPS (average) | Analysts |
|---|---|---|---|---|
| 2026E | $2.4B | $2.4B – $2.5B | $4.28 | 5 |
| 2027E | $2.5B | $2.2B – $2.7B | $4.58 | 6 |
Figures in USD · consensus as of November 1, 2026
Analyst Consensus
| Strong Buy | 0 |
| Buy | 7 |
| Hold | 5 |
| Sell | 1 |
| Strong Sell | 0 |
| Total analysts | 13 |
| Avg rating (−2 sell to +2 buy) | 0.46 |
Recent Earnings Surprises
| Date | EPS Actual | EPS Est. | vs Est. |
|---|---|---|---|
| 2026-11-05 | $1.09 | ||
| 2026-08-06 | $1.13 | $1.18 | -4.2% |
| 2026-04-28 | $0.74 | $0.71 | +4.2% |
| 2026-02-25 | $0.83 | $0.77 | +7.5% |
| 2025-11-06 | $1.03 | $0.87 | +18.3% |
| 2025-07-31 | $1.37 | $0.94 | +45.0% |
| 2025-04-29 | $1.33 | $1.12 | +18.7% |
| 2025-02-19 | $1.11 | $1.27 | -12.6% |
Valuation Ratios
| Price / Book | 1.50 |
| EV / EBITDA | 17.73 |
| Dividend Yield | 6.35% |
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $159.7M | $224.0M | $493.9M | $601.2M | $324.1M | $975.1M | $1.99B | $1.91B | $2.16B | $2.10B |
| Cost of Revenue | $122.4M | $129.8M | $231.7M | $386.9M | $308.2M | $388.6M | $670.1M | $993.1M | $1.33B | $1.42B |
| Gross Profit | $37.3M | $94.1M | $262.2M | $214.4M | $15.8M | $586.5M | $1.32B | $913.9M | $836.0M | $675.2M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $14.8M | $19.0M | $14.6M | $23.6M | $18.5M | $30.3M | $47.2M | $46.8M | $50.5M | $61.3M |
| Operating Expenses | $327.8M | $19.0M | $14.6M | $158.9M | $857.1M | $508.5M | $462.5M | -$208.0M | -$1.9M | $61.3M |
| Operating Income | -$229.3M | $60.5M | $432.6M | $55.5M | -$841.2M | $78.0M | $853.2M | $1.12B | $837.8M | $613.9M |
| EBITDA | -$169.2M | $119.0M | $350.3M | $214.6M | -$685.6M | $206.4M | $1.11B | $1.62B | $1.58B | $1.05B |
| Interest Expense | $64.5M | $70.3M | $86.9M | $80.7M | $58.5M | $59.0M | $80.3M | $135.7M | $157.7M | $172.4M |
| Pre-tax Income | -$294.9M | -$10.8M | $143.6M | -$76.3M | -$906.2M | $6.6M | $776.3M | $1.00B | $680.8M | $62.7M |
| Income Tax | -$1.4M | -$1.6M | -$55,000 | 0 | -$166,000 | $233,000 | $3.1M | $77.8M | $160.5M | $23.9M |
| Net Income | -$293.5M | -$9.2M | $143.7M | -$76.3M | -$906.0M | $6.4M | $773.2M | $923.0M | $520.3M | $38.8M |
| EPS | $-48.00 | $-1.50 | $6.08 | $-2.00 | $-21.55 | $-0.13 | $9.26 | $10.09 | $5.21 | $0.40 |
| EPS (Diluted) | $-48.00 | $-1.50 | $6.07 | $-2.00 | $-21.55 | $-0.13 | $8.40 | $10.03 | $5.14 | $0.39 |
| Shares Outstanding (Diluted) | 6.1 M | 6.2 M | 23.7 M | 38.7 M | 42.7 M | 63.0 M | 86.7 M | 92.1 M | 101.3 M | 99.3 M |
Price
| Price | $28.35 (closing price, October 30, 2026) |
| Market Cap | $3.0B |
| Exchange | NYSE |
| Country | US |
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Explore sector: Energy · Oil & Gas Exploration & Production
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