Equity Profile

NOG

Northern Oil and Gas, Inc.

EnergyOil & Gas Exploration & Production$2.6B

Aug6Thu

Pre-Earnings Brief

UpcomingQ2-2026After Close5:00 PM EDT

Company Snapshot

Northern Oil and Gas, Inc. is an energy company focused on oil and gas exploration and production....

Key Metrics to Watch

EPS

Earnings per share is a key indicator of profitability, and investors will be keen to see if NOG meets or exceeds expectations.

$0.97

Revenue

Total revenue reflects the company's sales performance and market demand, which are crucial for assessing growth.

$598M

Wall Street expectations, options signals, track record, and call prep available with Pro.

NOG Q2-2026 Earnings Preview

Context

Company Snapshot

Northern Oil and Gas, Inc. is an energy company focused on oil and gas exploration and production. With a market cap of $3 billion, it plays a significant role in the energy sector, particularly as global demand for oil and gas continues to fluctuate.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

63%

Avg EPS Surprise

+2.03%

Avg Stock Reaction

+0.17%

Last Quarter Recap

In Q1 2026, Northern Oil and Gas reported an EPS of $0.74, slightly below the estimate of $0.75. The stock saw a modest increase of 2.57% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Analysts expect NOG to report earnings that align closely with consensus estimates, reflecting ongoing volatility in the energy market.

Bull Case

If NOG can exceed the EPS estimate, it may signal stronger operational efficiency and demand, potentially boosting investor confidence.

Bear Case

Conversely, if the company misses earnings expectations, it could indicate deeper issues with production or market conditions, leading to a negative market reaction.

Key Metrics to Watch

EPS

$0.97

Earnings per share is a key indicator of profitability, and investors will be keen to see if NOG meets or exceeds expectations.

Revenue

$598M

Total revenue reflects the company's sales performance and market demand, which are crucial for assessing growth.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will NOG's EPS exceed the consensus estimate of $0.97?

A beat could indicate stronger operational performance and positively influence investor sentiment.

What will be the revenue figure compared to the consensus of $598 million?

Revenue performance is critical for assessing the company's growth trajectory and market demand.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the impact of recent operational improvements that could lead to higher-than-expected EPS.

Supporting Evidence

NOG has a history of beating EPS estimates 63% of the time, suggesting potential upside.

The options market is pricing a larger move than historical averages, indicating heightened expectations.

Recent trends in oil prices may not be fully reflected in current estimates, suggesting potential for revenue upside.

Key Risk

If the EPS comes in above $1.10, it could significantly shift market sentiment and expectations.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is weighing the company's ability to meet or exceed earnings expectations amid fluctuating energy prices.

Bull Confirmed If

An EPS of $1.10 or higher would confirm the bull case, indicating strong operational performance.

Bear Confirmed If

An EPS below $0.80 would confirm the bear case, suggesting potential issues in production or market conditions.

Pre-Earnings Positioning

Options Market

Implied Move

±9.22%

Historical Avg

±1.3%

Pricing rich

The options market is pricing in a significant move, suggesting that investors are anticipating volatility around the earnings announcement.

Options are pricing ±9.2% while NOG has averaged ±1.3% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.5%

30d HV

45.9%

Calls (109K)P/C Ratio: 0.30Puts (73K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If NOG beats expectations, history suggests a modest stock increase, confirming operational strength.

In-Line / Cautious

If results are in line with expectations, the stock may remain stable, but cautious commentary could lead to volatility.

Miss

If NOG misses estimates, history suggests a potential decline in stock price, reflecting investor disappointment.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on production levels and how they compare to last quarter.
2Details on cost management and operational efficiencies.
3Insights into market demand for oil and gas in the upcoming quarter.
4Management's outlook on pricing trends in the energy sector.
5Any commentary on potential acquisitions or strategic initiatives.

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Company Snapshot

Northern Oil and Gas, Inc. is an energy company focused on oil and gas exploration and production....

Key Metrics to Watch

EPS

Earnings per share is a key indicator of profitability, and investors will be keen to see if NOG meets or exceeds expectations.

$0.97

Revenue

Total revenue reflects the company's sales performance and market demand, which are crucial for assessing growth.

$598M

Wall Street expectations, options signals, track record, and call prep available with Pro.

NOG Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

63%

Avg EPS Surprise

+2.03%

Avg Stock Reaction

+0.17%

Last Quarter Recap

In Q1 2026, Northern Oil and Gas reported an EPS of $0.74, slightly below the estimate of $0.75. The stock saw a modest increase of 2.57% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Analysts expect NOG to report earnings that align closely with consensus estimates, reflecting ongoing volatility in the energy market.

Bull Case

If NOG can exceed the EPS estimate, it may signal stronger operational efficiency and demand, potentially boosting investor confidence.

Bear Case

Conversely, if the company misses earnings expectations, it could indicate deeper issues with production or market conditions, leading to a negative market reaction.

Key Metrics to Watch

EPS

$0.97

Earnings per share is a key indicator of profitability, and investors will be keen to see if NOG meets or exceeds expectations.

Revenue

$598M

Total revenue reflects the company's sales performance and market demand, which are crucial for assessing growth.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will NOG's EPS exceed the consensus estimate of $0.97?

A beat could indicate stronger operational performance and positively influence investor sentiment.

What will be the revenue figure compared to the consensus of $598 million?

Revenue performance is critical for assessing the company's growth trajectory and market demand.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the impact of recent operational improvements that could lead to higher-than-expected EPS.

Supporting Evidence

NOG has a history of beating EPS estimates 63% of the time, suggesting potential upside.

The options market is pricing a larger move than historical averages, indicating heightened expectations.

Recent trends in oil prices may not be fully reflected in current estimates, suggesting potential for revenue upside.

Key Risk

If the EPS comes in above $1.10, it could significantly shift market sentiment and expectations.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is weighing the company's ability to meet or exceed earnings expectations amid fluctuating energy prices.

Bull Confirmed If

An EPS of $1.10 or higher would confirm the bull case, indicating strong operational performance.

Bear Confirmed If

An EPS below $0.80 would confirm the bear case, suggesting potential issues in production or market conditions.

Pre-Earnings Positioning

Options Market

Implied Move

±9.22%

Historical Avg

±1.3%

Pricing rich

The options market is pricing in a significant move, suggesting that investors are anticipating volatility around the earnings announcement.

Options are pricing ±9.2% while NOG has averaged ±1.3% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.5%

30d HV

45.9%

Calls (109K)P/C Ratio: 0.30Puts (73K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If NOG beats expectations, history suggests a modest stock increase, confirming operational strength.

In-Line / Cautious

If results are in line with expectations, the stock may remain stable, but cautious commentary could lead to volatility.

Miss

If NOG misses estimates, history suggests a potential decline in stock price, reflecting investor disappointment.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on production levels and how they compare to last quarter.
2Details on cost management and operational efficiencies.
3Insights into market demand for oil and gas in the upcoming quarter.
4Management's outlook on pricing trends in the energy sector.
5Any commentary on potential acquisitions or strategic initiatives.