Northern Oil and Gas (AMEX: NOG) is expected to report Q3 earnings on Nov. 8. Here's what Wall Street wants to see:

The 10-second takeaway
 Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Northern Oil and Gas's revenues will grow 17.6% and EPS will increase 36.8%.

The average estimate for revenue is $81.2 million. On the bottom line, the average EPS estimate is $0.26.

Revenue details
 Last quarter, Northern Oil and Gas reported revenue of $119.2 million. GAAP reported sales were 98% higher than the prior-year quarter's $35.6 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 Last quarter, non-GAAP EPS came in at $0.22. GAAP EPS of $0.70 for Q2 were 112% higher than the prior-year quarter's $0.33 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
 For the preceding quarter, gross margin was 80.2%, 310 basis points worse than the prior-year quarter. Operating margin was 106.7%, 1,190 basis points better than the prior-year quarter. Net margin was 61.9%, 450 basis points better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $313.8 million. The average EPS estimate is $1.02.

Investor sentiment
 The stock has a two-star rating (out of five) at Motley Fool CAPS, with 589 members out of 649 rating the stock outperform, and 60 members rating it underperform. Among 103 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 87 give Northern Oil and Gas a green thumbs-up, and 16 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Northern Oil and Gas is buy, with an average price target of $27.73.

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