Non-operated oil producer Northern Oil and Gas (NYSE:NOG) will be announcing earnings results this Thursday after market hours. Here’s what you need to know.

Northern Oil and Gas beat analysts’ revenue expectations last quarter, reporting revenues of $588.7 million, down 7.9% year on year. It was a very strong quarter for the company, with a solid beat of analysts’ EBITDA estimates and EPS in line with analysts’ estimates. It reported a year-on-year oil production decline of 11.3%.

Is Northern Oil and Gas a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, the market is expecting Northern Oil and Gas’s revenue to grow 10.9% year on year, improving from its flat revenue in the same quarter last year.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Northern Oil and Gas has a history of exceeding Wall Street’s expectations.

Looking at Northern Oil and Gas’s peers in the u.s. shale e&p segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Crescent Energy delivered year-on-year revenue growth of 55.9%, beating analysts’ expectations by 3.5%, and Matador Resources reported revenues up 23.8%, topping estimates by 5.5%. Crescent Energy traded down 3.4% following the results.

Read our full analysis of Crescent Energy’s results here and Matador Resources’s results here.

Over the past year, investors have repeatedly shifted their focus from one macro narrative to another (AI disruption and AI capex spending to geopolitics, interest rates, and the broader health of the economy). While some of the u.s. shale e&p stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 2.2% on average over the last month. Northern Oil and Gas is up 3.6% during the same time and is heading into earnings with an average analyst price target of $30.56 (compared to the current share price of $25.15).

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