Northern Oil and Gas Q3 2026 EPS Tops Estimates at $1.32, but Revenue Misses at $345.9M

Northern Oil and Gas (NOG) posted mixed third-quarter 2026 results, with adjusted EPS above the estimate and revenue below it. Revenue was $345.9 million, down 38% from a year earlier, below the $617.7 million estimate, and adjusted EPS was $1.32, up 28% from a year earlier, above the $1.09 estimate.

Shares rose 1.8% in after-hours trading as of 4:11 p.m. ET, to $22.53 from a $22.13 close.

Q3 2026 scorecard

By our calculation, revenue was $271.8 million below the estimate and adjusted EPS was $0.23 above it. The QoQ column compares with the previous quarter's revenue of $745.2 million and adjusted EPS of $1.13. The YoY column compares with $556.6 million and $1.03 in the same quarter a year earlier.

Track record

• EPS record. Adjusted EPS beat the estimate in 6 of the last 8 reports, including this one.
• Revenue record. Revenue beat the estimate in 5 of the last 8 reports.
• Revenue trend. Revenue over the last 5 reports, oldest first: $556.6 million, $610.2 million, $5.0 million, $745.2 million and $345.9 million.

What to watch

• Next-quarter estimates. Consensus calls for EPS of $1.19 and revenue of $650.9 million next quarter, based on 7 analysts.
• Revenue growth. Whether revenue stabilizes after this quarter's 38% decline from a year earlier to $345.9 million.
• Estimate record. Whether Northern Oil and Gas extends a record of beating EPS estimates in 6 of its last 8 reports.
• Related coverage. See our reports on Live Nation Entertainment, Applied Optoelectronics, Karman and CarGurus.

Sources: Results are from Northern Oil and Gas's Nov. 5, 2026 quarterly report. Estimates are consensus figures. The prior-quarter and year-ago comparison figures are from Northern Oil and Gas's earlier quarterly reports. Items labeled by our calculation are our own arithmetic. This article is informational only and is not investment advice.