Northern Oil and Gas (NOG - Free Report) shares rallied 5.2% in the last trading session to close at $24.75. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 8.3% gain over the past four weeks.
Northern Oil and Gas extended its rally for the third straight day, driven by optimism over crude prices spurred by a supportive macro backdrop, geopolitical tensions and the OPEC+ supply curtailments. The steady increase in commodity prices to nearly $90 a barrel has pushed drilling activity higher and contributed to the strength in Northern Oil and Gas, a Williston Basin-focused energy producer. Besides, an improving demand landscape prompted Piper Sandler analyst Mark Lear to raise the price target on the company. Northern Oil and Gas shares have also been buoyed by the recent dividend hike.
This independent oil and gas company is expected to post quarterly earnings of $1.25 per share in its upcoming report, which represents a year-over-year change of +95.3%. Revenues are expected to be $266.53 million, up 167.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Northern Oil and Gas, the consensus EPS estimate for the quarter has been revised 3.5% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on NOG going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Northern Oil and Gas (NOG - Free Report) shares rallied 5.2% in the last trading session to close at $24.75. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 8.3% gain over the past four weeks.
Northern Oil and Gas extended its rally for the third straight day, driven by optimism over crude prices spurred by a supportive macro backdrop, geopolitical tensions and the OPEC+ supply curtailments. The steady increase in commodity prices to nearly $90 a barrel has pushed drilling activity higher and contributed to the strength in Northern Oil and Gas, a Williston Basin-focused energy producer. Besides, an improving demand landscape prompted Piper Sandler analyst Mark Lear to raise the price target on the company. Northern Oil and Gas shares have also been buoyed by the recent dividend hike.
This independent oil and gas company is expected to post quarterly earnings of $1.25 per share in its upcoming report, which represents a year-over-year change of +95.3%. Revenues are expected to be $266.53 million, up 167.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Northern Oil and Gas, the consensus EPS estimate for the quarter has been revised 3.5% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on NOG going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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