On October 23, 2026, Northern Oil & Gas Inc NOG shares rose by 3.7%, bringing the stock price to $28.26. The stock has traded between $17.18 and $31.17 over the past year, indicating significant volatility.
GF Value™ verdict: Current price $28.26 vs GF Value of $30.65 (7.8% undervalued) GF Score™: 67/100 (Above Average) Most notable signal: No insider transactions in the past 12 months Is NOG Overvalued or Undervalued? The current price of Northern Oil & Gas Inc NOG at $28.26 is below the GF Value™ estimate of $30.65, suggesting that the stock is undervalued by approximately 7.8%. However, it is essential to approach the GF Value™ verdict with caution, as this measure provides a directional warning rather than a precise valuation target, especially for a company that is currently unprofitable and cash-flow-negative.
NOG's financial performance has been characterized by losses, making traditional earnings-based valuation methods like Price-to-Earnings (P/E) less applicable. Instead, a Price-to-Sales (P/S) analysis may provide a more useful lens, especially considering the company's historical median P/S ratio of ~1.2x. Investors should be aware of the inherent risks associated with relying on GF Value™ for companies that do not generate profits, as it may not reflect the true economic status of the business.
How Does NOG's Valuation Compare to Its History? Metric Current Historical P/E Ratio (TTM) 6.7x (Forward P/E) 4.8x (5-Year Median) Currently, NOG's forward P/E of 6.7x is above its 5-year median P/E of 4.8x, indicating that the stock is trading at a premium compared to its historical valuation. This analysis aligns somewhat with the GF Value™ verdict, suggesting that while the stock may be undervalued based on GF Value™, it is trading at a higher P/E than its historical averages, which could indicate potential overvaluation in the context of earnings.
What Does NOG's GF Score™ Tell Us? The GF Score™ evaluates a stock based on various financial aspects, including financial strength, profitability, growth potential, valuation, and momentum. NOG's score of 67/100 indicates that the stock is above average relative to its peers, with specific strengths and weaknesses.
Metric Rating GF Score™ 67 Financial Strength 4/10 Profitability 7/10 Growth 2/10 Valuation 10/10 Momentum 4/10 NOG's strongest area is its Valuation rank, scoring a perfect 10/10, indicating that the stock is priced attractively based on its historical valuations. However, the Growth rank of 2/10 is a significant weakness, reflecting concerns about the company's ability to expand in the future. Overall, the GF Score™ showcases a mixed picture, with solid valuation metrics but vulnerabilities in growth and financial strength.
What Are Gurus and Insiders Doing with NOG? Currently, 7 gurus hold positions in Northern Oil & Gas Inc NOG, with 7 of them adding to their holdings and 2 trimming their positions in recent quarters. This activity indicates a positive sentiment among institutional investors, suggesting confidence in the company's future prospects despite its current operational challenges.
There have been no insider transactions reported in the past 12 months, which may suggest that insiders are either satisfied with their current positions or are awaiting clearer signals from the company's performance before making any moves. The consistency in guru holdings could provide a level of reassurance for potential investors, as it reflects a certain degree of institutional support for NOG.
What This Means for Investors Given the current valuation metrics and the insights from the GF Value™, Northern Oil & Gas Inc NOG appears to be undervalued at $28.26. However, the stock's status as a loss-making entity necessitates caution, particularly when relying on traditional earnings-based valuation methods. The strong guru sentiment could provide additional reassurance, but investors should weigh the risks associated with the company's growth prospects and financial health. For more detailed analysis, visit the Northern Oil & Gas Inc (NOG) stock page and explore related metrics on the GF Value™ page or the GuruFocus Stock Screener.
Frequently Asked Questions What is NOG's GF Score™?
NOG has a GF Score™ of 67/100, indicating that it is above average compared to its peers in the market.
Is NOG overvalued or undervalued?
NOG is currently undervalued with a GF Value™ estimate of $30.65 compared to its current price of $28.26, suggesting a potential opportunity.
What is NOG's P/E ratio?
NOG has a forward P/E ratio of 6.7x, which is above its 5-year median P/E of 4.8x, indicating it is trading at a higher multiple than its historical average.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Disclosures
I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.
If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider Northern Oil and Gas (NOG - Free Report) . This company, which is in the Zacks Oil and Gas - Exploration and Production - United States industry, shows potential for another earnings beat.
This independent oil and gas company has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 7.50%.
For the most recent quarter, Northern Oil and Gas was expected to post earnings of $1.02 per share, but it reported $1.13 per share instead, representing a surprise of 10.78%. For the previous quarter, the consensus estimate was $0.71 per share, while it actually produced $0.74 per share, a surprise of 4.23%.
Price and EPS Surprise
With this earnings history in mind, recent estimates have been moving higher for Northern Oil and Gas. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the company is positive, which is a great sign of an earnings beat, especially when you combine this metric with its nice Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Northern Oil and Gas has an Earnings ESP of +2.96% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock's Zacks Rank #2 (Buy), it shows that another beat is possibly around the corner. The company's next earnings report is expected to be released on November 5, 2026.
With the Earnings ESP metric, it's important to note that a negative value reduces its predictive power; however, a negative Earnings ESP does not indicate an earnings miss.
Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.
While many investors like to look for momentum in stocks, this can be very tough to define. There is a lot of debate surrounding which metrics are the best to focus on and which are poor quality indicators of future performance. The Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.
Below, we take a look at Northern Oil and Gas (NOG - Free Report) , a company that currently holds a Momentum Style Score of A. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score.
It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Northern Oil and Gas currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.
You can see the current list of Zacks #1 Rank Stocks here >>>
Set to Beat the Market?Let's discuss some of the components of the Momentum Style Score for NOG that show why this independent oil and gas company shows promise as a solid momentum pick.
Looking at a stock's short-term price activity is a great way to gauge if it has momentum, since this can reflect both the current interest in a stock and if buyers or sellers have the upper hand at the moment. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area.
For NOG, shares are up 9.69% over the past week while the Zacks Oil and Gas - Exploration and Production - United States industry is up 1.91% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 20.74% compares favorably with the industry's 6% performance as well.
While any stock can see a spike in price, it takes a real winner to consistently outperform the market. Over the past quarter, shares of Northern Oil and Gas have risen 38.81%, and are up 28.69% in the last year. In comparison, the S&P 500 has only moved 3.92% and 15.74%, respectively.
Investors should also take note of NOG's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. Right now NOG is averaging 2,003,159 shares for the last 20 days..
Earnings OutlookThe Zacks Momentum Style Score encompasses many things, including estimate revisions and a stock's price movement. Investors should note that earnings estimates are also significant to the Zacks Rank, and a nice path here can be promising. We have recently been noticing this with NOG.
Over the past two months, 4 earnings estimates moved higher compared to 1 lower for the full year. These revisions helped boost NOG's consensus estimate, increasing from $3.79 to $3.82 in the past 60 days. Looking at the next fiscal year, 5 estimates have moved upwards while there have been no downward revisions in the same time period.
Bottom LineGiven these factors, it shouldn't be surprising that NOG is a #2 (Buy) stock and boasts a Momentum Score of A. If you're looking for a fresh pick that's set to soar in the near-term, make sure to keep Northern Oil and Gas on your short list.
Counterpoint Mutual Funds LLC grew its position in Northern Oil and Gas, Inc. (NYSE:NOG – Free Report) by 3,057.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 427,012 shares of the company’s stock after buying an additional 413,486 shares during the quarter. Northern Oil and Gas accounts for approximately 0.8% of Counterpoint Mutual Funds LLC’s holdings, making the stock its 21st biggest holding. Counterpoint Mutual Funds LLC owned 0.40% of Northern Oil and Gas worth $9,770,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in NOG. Triumph Capital Management grew its stake in Northern Oil and Gas by 77.8% in the 3rd quarter. Triumph Capital Management now owns 1,600 shares of the company’s stock valued at $37,000 after acquiring an additional 700 shares during the last quarter. GAMMA Investing LLC raised its position in Northern Oil and Gas by 18.5% during the third quarter. GAMMA Investing LLC now owns 4,015 shares of the company’s stock worth $92,000 after acquiring an additional 628 shares during the last quarter. Farther Finance Advisors LLC raised its position in Northern Oil and Gas by 41.2% during the third quarter. Farther Finance Advisors LLC now owns 1,751 shares of the company’s stock worth $40,000 after acquiring an additional 511 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Northern Oil and Gas by 23.4% in the second quarter. The Manufacturers Life Insurance Company now owns 50,521 shares of the company’s stock valued at $917,000 after purchasing an additional 9,594 shares in the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new stake in shares of Northern Oil and Gas in the second quarter valued at about $279,000. Institutional investors and hedge funds own 98.80% of the company’s stock.
Analyst Upgrades and Downgrades Several analysts have recently issued reports on NOG shares. Raymond James Financial restated an “outperform” rating and issued a $31.00 price objective (up from $28.00) on shares of Northern Oil and Gas in a research report on Thursday, September 10th. Citigroup raised their target price on shares of Northern Oil and Gas from $28.00 to $32.00 and gave the stock a “buy” rating in a research report on Thursday. Wall Street Zen raised shares of Northern Oil and Gas from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Mizuho lifted their target price on shares of Northern Oil and Gas from $29.00 to $30.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Scotiabank assumed coverage on Northern Oil and Gas in a report on Wednesday. They issued a “sector perform” rating and a $27.00 price target for the company. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $31.22.
Get Our Latest Research Report on Northern Oil and Gas Northern Oil and Gas Trading Up 5.6% Shares of NOG stock opened at $27.19 on Friday. The stock has a market cap of $2.90 billion, a price-to-earnings ratio of -5.25 and a beta of 0.90. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.37. Northern Oil and Gas, Inc. has a fifty-two week low of $17.18 and a fifty-two week high of $31.17. The firm’s 50 day moving average price is $25.18 and its two-hundred day moving average price is $23.56.
Northern Oil and Gas (NYSE:NOG – Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.05). Northern Oil and Gas had a positive return on equity of 18.69% and a negative net margin of 25.35%. The business had revenue of $745.24 million during the quarter, compared to analyst estimates of $594.09 million. During the same period in the previous year, the company earned $1.37 EPS. Northern Oil and Gas’s revenue was up 5.4% on a year-over-year basis. On average, analysts anticipate that Northern Oil and Gas, Inc. will post 3.82 EPS for the current year.
Northern Oil and Gas Announces Dividend The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Tuesday, September 29th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 6.6%. The ex-dividend date is Tuesday, September 29th. Northern Oil and Gas’s payout ratio is currently -34.75%.
More Northern Oil and Gas News Here are the key news stories impacting Northern Oil and Gas this week:
Positive Sentiment: Zacks upgraded NOG to Rank #2 (Buy), citing growing optimism about the company’s earnings prospects. Because the Zacks system emphasizes earnings estimates and revisions, the upgrade may attract additional momentum-oriented investors. What Makes Northern Oil and Gas a New Buy Stock Positive Sentiment: Citigroup raised its NOG price target from $28 to $32 and maintained a Buy rating. The higher target implies meaningful upside from the recently cited $27.19 reference price and provides a strong near-term catalyst. Read More Positive Sentiment: Mizuho lifted its price target to $30 and was described as forecasting strong appreciation for NOG. The revision adds to the group of analysts signaling further potential upside. Mizuho lifts target for Northern Oil and Gas stock to USD 30.00 Neutral Sentiment: Scotiabank initiated coverage with a Sector Perform rating, signaling a view that NOG should broadly track its industry rather than materially outperform it. Scotiabank Initiates Northern Oil and Gas at Sector Perform Neutral Sentiment: RBC Capital assigned NOG a Hold rating, tempering the more bullish calls and highlighting continued analyst disagreement over the stock’s valuation and outlook. Northern Oil and Gas Receives a Hold from RBC Capital Neutral Sentiment: A separate Zacks review examined NOG’s value, growth and momentum characteristics but did not identify a major new operating development or change in fundamentals. Should Value Investors Buy Northern Oil and Gas Stock? (Free Report)
Northern Oil and Gas, Inc is an independent energy company engaged in the acquisition, exploration, development and production of crude oil, natural gas and natural gas liquids in the United States. The company primarily holds non-operated working interests in wells, allowing it to participate in hydrocarbon development without serving as the principal operator.
Northern Oil and Gas has built a diversified portfolio across several major U.S. oil and natural gas regions, including the Williston Basin, the Permian Basin and the Appalachian Basin.
See Also Five stocks we like better than Northern Oil and Gas Rocket Lab’s Neutron Delay Leaves Wall Street Bullish But Raises the Stakes for 2027 ManpowerGroup Stock Sinks on Q3 Results, But Fundamentals Stay Solid Does the AI Selloff Put Alphabet’s Breakout in Doubt? Bank Earnings Are Mixed—These 2 ETFs Offer Very Different Paths to a Recovery Want to see what other hedge funds are holding NOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Northern Oil and Gas, Inc. (NYSE:NOG – Free Report).
Receive News & Ratings for Northern Oil and Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northern Oil and Gas and related companies with MarketBeat.com's FREE daily email newsletter.
The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.
Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.
In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.
One stock to keep an eye on is Northern Oil and Gas (NOG - Free Report) . NOG is currently holding a Zacks Rank #2 (Buy) and a Value grade of A. The stock is trading with P/E ratio of 7.22 right now. For comparison, its industry sports an average P/E of 10.57. Over the past year, NOG's Forward P/E has been as high as 8.09 and as low as 4.43, with a median of 6.75.
Investors should also recognize that NOG has a P/B ratio of 1.01. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 2.92. Over the past year, NOG's P/B has been as high as 1.88 and as low as 0.85, with a median of 1.28.
Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. NOG has a P/S ratio of 1.43. This compares to its industry's average P/S of 1.89.
These are only a few of the key metrics included in Northern Oil and Gas's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, NOG looks like an impressive value stock at the moment.
Northern Oil and Gas (NOG - Free Report) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.
The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.
Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.
As such, the Zacks rating upgrade for Northern Oil and Gas is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.
Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.
For Northern Oil and Gas, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.
Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .
Earnings Estimate Revisions for Northern Oil and GasFor the fiscal year ending December 2026, this independent oil and gas company is expected to earn $3.81 per share, which is unchanged compared with the year-ago reported number.
Analysts have been steadily raising their estimates for Northern Oil and Gas. Over the past three months, the Zacks Consensus Estimate for the company has increased 9.5%.
Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of Northern Oil and Gas to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG” or the “Company”) announced today that it plans to issue its third quarter 2026 financial and operating results on Thursday, November 5, 2026, after the market closes. Additionally, the Company will host a conference call on Friday, November 6, 2026, at 8:00 a.m. Central Time. Those wishing to listen to the conference call may do so via phone or the Company's webcast. Conference Call and Webcast Details: Date: Novem.
On September 22, 2026, Northern Oil & Gas Inc NOG shares fell 4.1% to a current price of $22.81, marking a significant decline amidst a challenging market environment. Over the last 52 weeks, the stock has fluctuated between a high of $31.17 and a low of $17.18, highlighting the volatility seen in this energy sector stock.
GF Value™ verdict indicates that the stock is priced at $22.81, which is 24.6% below its estimated fair value of $30.26.NOG holds a GF Score™ of 62/100, categorizing it as above average.Notable signal: there have been no insider transactions in the past 12 months.Is NOG Overvalued or Undervalued?Based on the current price of $22.81 against the GF Value™ estimate of $30.26, NOG appears to be undervalued by approximately 24.6%. The GF Value™ is GuruFocus' proprietary intrinsic value estimate which takes into account historical trading multiples, past business growth, and projections for future performance. Although this valuation suggests an opportunity, it is important to note that such estimates can be less reliable for companies that are currently unprofitable or cash flow negative, like NOG. This caveat is particularly relevant given that NOG's earnings are not at a level that would support a traditional earnings-based valuation.
As a result, while the GF Value™ indicates a potential upside in stock price, investors should consider the underlying financial health of the company. The GF Valuation label classifies NOG as modestly undervalued, suggesting that while there is some margin of safety, caution is warranted due to the company's current financial struggles.
How Does NOG's Valuation Compare to Its History?MetricCurrentHistoricalP/E (TTM)N/A4.8xForward P/E6.3xN/ANOG does not currently have a trailing P/E due to its unprofitability, but its forward P/E of 6.3x indicates a low valuation relative to its historical median P/E of 4.8x. This suggests that NOG is trading above its historical valuation on a forward-looking basis. However, this analysis aligns with the GF Value™ assessment, as both highlight the challenges facing the company in terms of profitability.
What Does NOG's GF Score™ Tell Us?The GF Score™ measures a company's financial strength, profitability, growth potential, valuation, and momentum. NOG's score of 62/100 indicates it is performing above average, with the strongest results in profitability and valuation, while the growth and momentum ranks are notably weaker.
MetricRatingGF Score™62/100Financial Strength3/10Profitability8/10Growth2/10Valuation8/10Momentum2/10The combination of these scores indicates that while NOG has a solid profitability rank at 8/10, its financial strength is weak at 3/10, which raises concerns about its ability to sustain operations long-term. The valuation rank also supports the idea that there could be a favorable buying opportunity, but the low growth and momentum scores suggest that investors should approach with caution.
What Are Gurus and Insiders Doing with NOG?Currently, 7 gurus hold shares of NOG, with 7 increasing their positions and 2 trimming them in recent quarters. This activity indicates a generally positive sentiment among knowledgeable investors regarding the company, as many have chosen to add to their stakes.
However, the absence of insider transactions over the past year could imply that insiders are not as confident in the company’s future prospects or that they are simply holding onto their shares. This lack of insider buying may suggest that market confidence should be approached with some skepticism.
What This Means for InvestorsConsidering the overall analysis, Northern Oil & Gas Inc NOG appears to be undervalued based on the GF Value™ estimate, but investors should be wary of the company's financial position. The combination of a strong profitability ranking but weak financial strength indicates caution is warranted. To explore further details on NOG's performance, visit the Northern Oil & Gas Inc (NOG) stock page, or check out the GF Value™ page for insights on valuation metrics.
Frequently Asked QuestionsWhat is NOG's GF Score™?
NOG's GF Score™ is 62/100, indicating that it is performing above average compared to its peers in the market.
Is NOG overvalued or undervalued?
According to the GF Value™, NOG is currently undervalued, with a price that is 24.6% below its estimated fair value.
What is NOG's P/E ratio?
NOG does not have a trailing P/E ratio due to its unprofitability; however, it has a forward P/E of 6.3x, which is above its historical median of 4.8x.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Energy prices look set to stay elevated through the rest of 2026 and beyond, and four high-yielding energy stocks are quietly positioned to turn that pressure into serious passive income for shareholders willing to act before the crowd catches on.
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
Investors love dividend stocks because they provide dependable passive income streams and an excellent opportunity for solid total return. Total return includes interest, capital gains, dividends, and distributions realized over time. In other words, the total return on an investment or portfolio consists of income and stock appreciation. At 24/7 Wall St., we have focused on dividend stocks for 20 years because, despite the stock market’s ups and downs, many people need reliable passive income streams to supplement their income from employment or other sources such as Social Security and pensions.
With September more than halfway over and the market taking its usual rollercoaster ride this time of year, one sector that will remain in focus is energy, because regardless of how the U.S. war with Iran concludes, energy prices are likely to stay higher through the rest of 2026 and well into next year. Distribution bottlenecks, refinery backlogs, and other issues within the energy complex are likely to keep benchmark oil prices higher than they were before the war. One sector that will continue to benefit is energy, so we screened our 24/7 Wall St. energy stock database for high-yielding companies that can offer steady passive income to shareholders.
Four companies we’ve long believed offer value alongside high dividends are top picks for September, and one of these companies we’ve covered for years even helped its management team effect a reverse stock split, which catapulted the shares higher a few years ago. All four are Buy-rated at major Wall Street firms that we cover.
Why Do We Cover Ultra-High-Yield Energy Dividend Stocks?
While these stocks aren’t for everyone, investors building strong passive income streams can do exceptionally well with some of these top companies in their portfolios. Paired with more conservative blue-chip dividend giants, investors can use a barbell approach to generate substantial passive income.
Northern Oil & Gas This is the company we worked with a few years back when they did a reverse split and stormed higher. The shares pay a 7% dividend. Northern Oil & Gas (NYSE: NOG | NOG Price Prediction), as an independent energy company, operates as a non-operator in the acquisition, exploration, development, and production of oil and natural gas properties in North America, primarily in:
The Permian Basin The Williston Basin The Appalachian Basin The Uinta Basin Its principal business is exploring, developing, and producing crude oil and natural gas in the United States. The company’s portfolio comprises 400,000 acres of low-breakeven lands with over 12,500 wells. Diversified by basin and commodity type, its wells are operated by more than 100 public and private operators.
Northern Oil & Gas engages in oil and natural gas exploration and production by participating on a proportionate basis alongside third-party interests in wells drilled and in spacing units that include its acreage. It also acquires wellbore-only working interests in wells where it does not hold the underlying leasehold interests from third parties.
Plains All American Pipeline This stock traded in a tight range before breaking out and offers a dependable 6.40% dividend yield. Plains All American Pipeline (NYSE: PAA) engages in the pipeline transportation, terminalling, storage, and gathering of crude oil and natural gas liquids (NGLs) in the United States and Canada.
The company operates in two segments. The Crude Oil segment offers:
Gathering and transporting crude oil through pipelines Gathering systems Trucks, barges, or railcars Terminalling, storage, and other facilities-related services and merchant activities The Natural Gas Liquids segment provides:
Gathering Fractionation Storage Transportation Terminalling activities Ethane, propane, normal butane, iso-butane, natural gasoline, and crude oil refining processes Mizuho has an Outperform rating with a $27 target price.
TXO Partners With a huge 10.53% dividend and a strong management team, this is an outstanding idea for investors seeking income and energy exposure. TXO Partners (NYSE: TXO) is a master limited partnership focused on acquiring, developing, optimizing, and exploiting conventional oil, natural gas, and NGL reserves in North America.
Its reserves are approximately 129 million barrels of oil equivalent (MMBoe), of which approximately 60% were liquids and 80% were proved developed, both on a Boe basis.
The company’s assets consisted of approximately 1,294,761 gross (641,865 net) leasehold and mineral acres located primarily in the Permian Basin, San Juan Basin, and Williston Basin. Its properties are predominantly located in the Permian Basin of New Mexico and Texas, the San Juan Basin of New Mexico and Colorado, and the Williston Basin of Montana and North Dakota.
TXO Partners holds a 50% interest and has executed purchase and sale agreements with multiple private buyers to dispose of certain oil and gas assets owned by Cross Timbers Energy.
Western Midstream Partners While somewhat off the radar, this is the highest-yielding stock in the group, with an 8.84% dividend yield, and offers an outstanding entry point. Western Midstream Partners (NYSE: WES) acquires, owns, develops, and operates midstream assets.
The company gathers, compresses, treats, processes, and transports natural gas, and gathers, stabilizes, and transports condensate, NGLs, and crude oil. The company also collects and disposes of produced water. The midstream assets are located in:
Texas New Mexico Colorado Utah Wyoming In addition, as a natural gas processor, the company also buys and sells natural gas, NGLs, and condensate on its own behalf and as an agent for its customers under specific contracts. The company’s subsidiaries include:
Western Midstream Operating GP Western Midstream Services Western Midstream Services Holdings Western Midstream Operating Mizuho has an Outperform rating and a $46 target price.
Consider This Exchange Traded Fund Those looking to avoid the pesky K-1s can buy shares of the ALPS Alerian MLP ETF (NYSE: AMLP), which pays a substantial 7.29% dividend. Investors receive a 1099 instead of a K-1. You will receive a K-1 from energy MLPs.
Contact [email protected] for any questions or corrections.
Northern Oil and Gas (NYSE:NOG – Get Free Report) and Transportadora De Gas Sa Ord B (NYSE:TGS – Get Free Report) are both mid-cap energy companies, but which is the better business? We will contrast the two companies based on the strength of their risk, analyst recommendations, institutional ownership, valuation, profitability, earnings and dividends.
Institutional and Insider Ownership 98.8% of Northern Oil and Gas shares are held by institutional investors. Comparatively, 3.3% of Transportadora De Gas Sa Ord B shares are held by institutional investors. 2.8% of Northern Oil and Gas shares are held by insiders. Strong institutional ownership is an indication that endowments, hedge funds and large money managers believe a stock will outperform the market over the long term.
Profitability This table compares Northern Oil and Gas and Transportadora De Gas Sa Ord B’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Northern Oil and Gas -25.35% 18.69% 6.85% Transportadora De Gas Sa Ord B 27.38% 16.29% 10.07% Earnings and Valuation This table compares Northern Oil and Gas and Transportadora De Gas Sa Ord B”s gross revenue, earnings per share and valuation. Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Northern Oil and Gas $2.48 billion 1.09 $38.76 million ($5.18) -4.89 Transportadora De Gas Sa Ord B $1.41 billion 3.11 $336.69 million $2.61 11.14 Transportadora De Gas Sa Ord B has lower revenue, but higher earnings than Northern Oil and Gas. Northern Oil and Gas is trading at a lower price-to-earnings ratio than Transportadora De Gas Sa Ord B, indicating that it is currently the more affordable of the two stocks.
Risk and Volatility Northern Oil and Gas has a beta of 0.73, indicating that its share price is 27% less volatile than the S&P 500. Comparatively, Transportadora De Gas Sa Ord B has a beta of 0.59, indicating that its share price is 41% less volatile than the S&P 500.
Analyst Ratings This is a summary of current recommendations for Northern Oil and Gas and Transportadora De Gas Sa Ord B, as provided by MarketBeat.com.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Northern Oil and Gas 2 4 3 0 2.11 Transportadora De Gas Sa Ord B 0 2 1 0 2.33 Northern Oil and Gas currently has a consensus target price of $31.00, suggesting a potential upside of 22.48%. Transportadora De Gas Sa Ord B has a consensus target price of $39.00, suggesting a potential upside of 34.16%. Given Transportadora De Gas Sa Ord B’s stronger consensus rating and higher probable upside, analysts plainly believe Transportadora De Gas Sa Ord B is more favorable than Northern Oil and Gas.
Summary Transportadora De Gas Sa Ord B beats Northern Oil and Gas on 8 of the 14 factors compared between the two stocks.
(Get Free Report)
Northern Oil and Gas, Inc., an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of crude oil and natural gas properties in the United States. It primarily holds interests in the Williston Basin, the Appalachian Basin, and the Permian Basin in the United States. The company is based in Minnetonka, Minnesota.
About Transportadora De Gas Sa Ord B (Get Free Report)
Transportadora de Gas del Sur S.A. engages in transportation of natural gas, and production and commercialization of natural gas liquids in Argentina and internationally. The company operates through four segments: Natural Gas Transportation Services; Liquids Production and Commercialization; Midstream; and Telecommunications. The Natural Gas Transportation segment transports natural gas through pipeline system to distribution companies, power plants, and industrial customers. It provides operation and maintenance services for the natural gas transportation facilities. The Liquids Production and Commercialization segment produces and commercializes natural gas liquids, such as ethane, liquid petroleum gas, natural gasoline, propane, and butane. This segment offers certain related services comprising reception, storage, and dispatch of the liquids. The Midstream segment provides natural gas conditioning services; treatment, removal of impurities and natural gas compression, including the collection and transport of natural gas; and inspection and maintenance of pipelines and compressor plants services. In addition, this segment offers steam generation for electricity production and management services for expansion works and steam generation for the production of electricity. The Telecommunications segment offers data transmission services through a network of digital terrestrial radio relay. It serves residential, commercial, industrial, and electric power generation end users. The company was incorporated in 1992 and is headquartered in Buenos Aires, Argentina. Transportadora de Gas del Sur S.A. is a subsidiary of Compañía de Inversiones de Energía S.A.
Receive News & Ratings for Northern Oil and Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northern Oil and Gas and related companies with MarketBeat.com's FREE daily email newsletter.
Northern Oil and Gas (NOG) remains a Strong Buy, supported by robust adjusted EBITDA growth and a steep sector discount. NOG's strategic pivot toward natural gas and improved per-barrel economics offset recent hedge-driven earnings volatility. Refinancing has lowered interest costs, supporting margin expansion and a sustainable, growing dividend currently yielding over 7%.
Northern Oil and Gas, Inc. (NYSE:NOG – Get Free Report) has been assigned an average recommendation of “Hold” from the nine ratings firms that are currently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $30.6250.
Several analysts have recently weighed in on the company. Wall Street Zen upgraded Northern Oil and Gas from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Johnson Rice lowered shares of Northern Oil and Gas from an “accumulate” rating to a “hold” rating and set a $36.00 price objective for the company. in a report on Wednesday, May 20th. Citigroup cut their target price on shares of Northern Oil and Gas from $36.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, July 20th. Raymond James Financial reissued an “outperform” rating and set a $28.00 target price on shares of Northern Oil and Gas in a report on Wednesday, July 15th. Finally, Morgan Stanley set a $25.00 price target on shares of Northern Oil and Gas and gave the company an “underweight” rating in a research report on Monday, June 29th.
Check Out Our Latest Stock Analysis on NOG
Insider Buying and Selling at Northern Oil and Gas In related news, Director Bahram Akradi acquired 25,760 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The stock was acquired at an average cost of $19.40 per share, for a total transaction of $499,744.00. Following the completion of the acquisition, the director directly owned 1,713,444 shares of the company’s stock, valued at approximately $33,240,813.60. This trade represents a 1.53% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 2.80% of the stock is currently owned by corporate insiders. Institutional Inflows and Outflows Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Northern Oil and Gas in the second quarter valued at about $29,000. Allworth Financial LP acquired a new stake in Northern Oil and Gas during the 2nd quarter valued at approximately $31,000. Ascentis Independent Advisors bought a new position in Northern Oil and Gas during the 1st quarter worth approximately $33,000. Jones Financial Companies Lllp lifted its position in shares of Northern Oil and Gas by 181.0% in the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock worth $33,000 after purchasing an additional 713 shares during the period. Finally, Global Retirement Partners LLC lifted its position in shares of Northern Oil and Gas by 572.8% in the 4th quarter. Global Retirement Partners LLC now owns 1,682 shares of the company’s stock worth $36,000 after purchasing an additional 1,432 shares during the period. 98.80% of the stock is owned by institutional investors and hedge funds.
Northern Oil and Gas Trading Up 0.0% NYSE NOG opened at $25.74 on Monday. The company has a market cap of $2.74 billion, a price-to-earnings ratio of -4.97 and a beta of 0.70. Northern Oil and Gas has a twelve month low of $17.18 and a twelve month high of $31.17. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.37. The business’s fifty day moving average is $21.57 and its 200 day moving average is $24.19.
Northern Oil and Gas (NYSE:NOG – Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.05). The firm had revenue of $745.24 million during the quarter, compared to analyst estimates of $594.09 million. Northern Oil and Gas had a positive return on equity of 18.69% and a negative net margin of 25.35%.Northern Oil and Gas’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.37 EPS. As a group, sell-side analysts expect that Northern Oil and Gas will post 3.79 EPS for the current fiscal year.
Northern Oil and Gas Dividend Announcement The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $1.80 annualized dividend and a dividend yield of 7.0%. Northern Oil and Gas’s payout ratio is currently -34.75%.
Northern Oil and Gas Company Profile (Get Free Report)
Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.
Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.
See Also Five stocks we like better than Northern Oil and Gas Strike a Balance Between Growth and Stability With These 3 Names Ready to Rally Rubrik’s AI Security Bet Could Power the Next Leg Higher Apple’s Foldable iPhone Could Be a Catalyst, But Not a Cure-All Snowflake Is Up Nearly 50% in 2026—What Are Short Sellers Betting Against?
Receive News & Ratings for Northern Oil and Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northern Oil and Gas and related companies with MarketBeat.com's FREE daily email newsletter.
Freestone Grove Partners LP purchased a new position in shares of Northern Oil and Gas, Inc. (NYSE:NOG – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 82,063 shares of the company’s stock, valued at approximately $1,489,000. Freestone Grove Partners LP owned about 0.08% of Northern Oil and Gas at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. acquired a new position in Northern Oil and Gas in the 2nd quarter valued at $29,000. Allworth Financial LP acquired a new stake in shares of Northern Oil and Gas during the second quarter worth $31,000. Ascentis Independent Advisors acquired a new stake in shares of Northern Oil and Gas during the first quarter worth $33,000. Jones Financial Companies Lllp lifted its holdings in shares of Northern Oil and Gas by 181.0% during the first quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock worth $33,000 after buying an additional 713 shares in the last quarter. Finally, Global Retirement Partners LLC boosted its position in shares of Northern Oil and Gas by 572.8% in the fourth quarter. Global Retirement Partners LLC now owns 1,682 shares of the company’s stock valued at $36,000 after acquiring an additional 1,432 shares during the period. 98.80% of the stock is currently owned by institutional investors.
Insider Buying and Selling In other news, Director Bahram Akradi acquired 25,760 shares of the stock in a transaction on Monday, June 22nd. The stock was acquired at an average cost of $19.40 per share, for a total transaction of $499,744.00. Following the completion of the transaction, the director directly owned 1,713,444 shares in the company, valued at approximately $33,240,813.60. This trade represents a 1.53% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 2.80% of the stock is currently owned by corporate insiders.
Northern Oil and Gas Trading Down 1.3% Shares of Northern Oil and Gas stock opened at $25.74 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.37. Northern Oil and Gas, Inc. has a 12-month low of $17.18 and a 12-month high of $31.17. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of -4.97 and a beta of 0.70. The firm’s 50-day moving average price is $21.57 and its two-hundred day moving average price is $24.20. Northern Oil and Gas (NYSE:NOG – Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $1.18 by ($0.05). Northern Oil and Gas had a negative net margin of 25.35% and a positive return on equity of 18.69%. The firm had revenue of $745.24 million during the quarter, compared to analyst estimates of $594.09 million. During the same quarter in the previous year, the firm posted $1.37 earnings per share. Northern Oil and Gas’s quarterly revenue was up 5.4% compared to the same quarter last year. On average, analysts forecast that Northern Oil and Gas, Inc. will post 3.79 earnings per share for the current fiscal year.
Northern Oil and Gas Announces Dividend The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 7.0%. The ex-dividend date of this dividend is Tuesday, September 29th. Northern Oil and Gas’s dividend payout ratio (DPR) is -34.75%.
Analyst Ratings Changes Several equities analysts recently commented on the stock. Raymond James Financial restated an “outperform” rating and issued a $28.00 price target on shares of Northern Oil and Gas in a research note on Wednesday, July 15th. Morgan Stanley set a $25.00 price objective on shares of Northern Oil and Gas and gave the stock an “underweight” rating in a research note on Monday, June 29th. Wall Street Zen raised shares of Northern Oil and Gas from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Citigroup decreased their target price on shares of Northern Oil and Gas from $36.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, July 20th. Finally, Mizuho upgraded shares of Northern Oil and Gas to a “hold” rating in a research report on Friday, July 31st. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $30.62.
View Our Latest Analysis on Northern Oil and Gas
Northern Oil and Gas Company Profile (Free Report)
Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.
Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.
Recommended Stories Five stocks we like better than Northern Oil and Gas From SaaS-pocalypse to Perfect Storm: Workday’s AI Growth Story Strengthens These 3 GARP Stocks Show Why Growth and Value Do Not Have to Clash Venture Into High-Volatility Corners of the Market With These 3 ETFs 3 Retail Stocks to Watch After a Big Consumer Earnings Week
Receive News & Ratings for Northern Oil and Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northern Oil and Gas and related companies with MarketBeat.com's FREE daily email newsletter.
Northern Oil and Gas, Inc. (NYSE: NOG) (the âCompanyâ or âNOGâ) today announced that it intends to offer, subject to market and other conditions, $500 m
Key Takeaways NOG's 1.21 forward sales multiple sits below industry, sector and five-year median benchmarks.NOG generated $159 million in second-quarter free cash flow, up 26% year over year.NOG's $2.72 billion debt and reliance on third-party operators add risk despite solid production. Northern Oil and Gas, Inc. (NOG - Free Report) combines a low valuation with solid cash generation, but the discount comes with clear trade-offs. Commodity sensitivity, higher leverage and a business model dependent on third-party operators can keep earnings and production timing uneven.
That leaves investors weighing whether the stock’s inexpensive sales multiple already compensates for those risks. Current fundamentals support the value case, but they do not eliminate the reasons for patience.
NOG Trades Below Key Sales Benchmarks
Image Source: Zacks Investment Research
NOG trades at a forward 12-month price-to-sales ratio of 1.21, below 3.55 for the Zacks sub-industry and 1.41 for the Zacks Oils-Energy sector. The figure also sits below its five-year median of 1.35.
The discount strengthens the value case relative to those benchmarks. Still, NOG’s commodity exposure and earnings volatility mean a low sales multiple alone does not provide a complete buy signal.
Northern's Free Cash Flow Supports ReturnsSecond-quarter 2026 free cash flow rose 26% year over year to $159 million and increased more than fourfold sequentially. Liquidity totaled about $1 billion at June 30, giving NOG flexibility while it funds development and acquisitions.
Management said current commodity-price strip levels support $375-$500 million of 2026 free cash flow. That cash can be directed toward dividends, share repurchases, debt reduction or acquisitions, giving the company several ways to allocate capital as conditions change.
NOG Lags Peers and the E&P Sub-IndustryOver the past year, NOG's shares gained 9.3%, trailing SM Energy’s 39.1% growth, Occidental Petroleum’s 35.1% rise and the 21.4% increase for the Zacks Oil & Gas E&P sub-industry, highlighting NOG’s weaker relative stock-price performance despite its valuation and cash-flow strengths.
Image Source: Zacks Investment Research
NOG's Growth Outlook Is UnevenManagement maintained 2026 production guidance of 143,000-148,000 barrels of oil equivalent per day and expects 74-76 net wells to be turned in line. Second-quarter production reached 145,659 barrels of oil equivalent per day, up 9% year over year.
The earnings picture is less supportive. Projected earnings per share growth for the current fiscal year is negative, showing that durable production does not automatically translate into near-term earnings growth when commodity prices and derivative results remain volatile.
Northern's Debt and Operator Risks MatterLong-term debt increased to $2.72 billion at June 30, 2026, from $2.40 billion at year-end 2025. Debt represented 57.73% of capital, leaving leverage as an important consideration alongside NOG’s cash-generation capacity.
NOG also relies on third parties to operate its wells. Weak Waha economics led operators to shut in about 7,000 barrels of oil equivalent per day and defer three Permian turn-in lines during the second quarter, showing how production timing can move outside NOG’s direct control.
SM Energy Company (SM - Free Report) is among the operators NOG identifies as driving current drilling and completions activity. Occidental Petroleum Corporation (OXY - Free Report) is another, underscoring how NOG participates in development while depending on operating partners for execution.
NOG's Value Signals Support PatienceThe bottom line is that NOG’s valuation and free cash flow make the shares worth monitoring, but commodity exposure, leverage and limited operating control keep the risk-reward profile balanced rather than clear-cut.
The stock currently carries a Zacks Rank #3 (Hold). Its Value Score of A and VGM Score of B reinforce the valuation appeal, while a Growth Score of C and Momentum Score of F point to a less favorable near-term setup. For investors seeking a cleaner buy signal, the current mix supports patience. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Northern Oil and Gas is a non-operator oil & gas company trading at a deep discount, with a 7%+ dividend yield and robust free cash flow. NOG's business model enables capital flexibility and consistent free cash flow but exposes it to commodity price swings and limits operational control. Q2 2026 saw free cash flow rise 26% year-over-year to $159M, with management guiding up to $500M for 2026 and expanding buyback capacity.
Key Takeaways Northern Oil and Gas posted Q2 adjusted EPS of $1.13, beating estimates despite a year-over-year decline.Production rose 9% to 145,659 Boe/d, led by a 35% increase in natural gas and NGL volumes.Northern Oil and Gas repurchased 2.95 million shares and raised its buyback authorization to $243 million. Northern Oil and Gas, Inc. (NOG - Free Report) reported second-quarter 2026 adjusted earnings per share of $1.13, which beat the Zacks Consensus Estimate of $1.02. The outperformance reflects strong natural gas production. However, the bottom line declined from the year-ago adjusted profit of $1.37 due to weaker natural gas prices.
The Minnetonka, MN-based oil and gas exploration and production company reported oil and gas sales of $671 million, beating the Zacks Consensus Estimate of $546 million. Moreover, the top line increased from the year-ago figure of $574 million, driven by higher oil price realization.
On June 1, the company closed the Duvernay Light Oil Joint Development for total consideration of $262.1 million. During the quarter, NOG completed 30 ground game transactions, adding over 2,300 net acres and an additional 6.2 net wells for $44.7 million, which was inclusive of associated development costs.
During the second quarter, Northern Oil and Gas repurchased 2.95 million shares of common stock at an average price of $20.37, including commissions and increased the share repurchase authorization program to about $243 million.
NOG’s Q2 Production DetailsThe second-quarter production increased 9% year over year to 145,659 barrels of oil equivalent per day (Boe/d). Additionally, the figure beat our estimate of 143,105 Boe/d.
While oil volume totaled 68,275 Bopd (an 11% decrease year over year), natural gas (and natural gas liquids) amounted to 464,330 thousand cubic feet per day (a 35% increase). Our model estimate for oil volume and natural gas production was pegged at 71,300 Bopd and 415,800 thousand cubic feet per day, respectively.
The average sales price for crude was $90.02 per barrel, indicating a 54% increase from the prior-year quarter’s level of $58.37. Moreover, the figure beat our expectation of $69.40 per barrel.
The average realized natural gas price was $2.64 per thousand cubic feet compared with $2.89 in the year-earlier period. Our model estimate for the same was pinned at $2.32 per thousand cubic feet.
NOG’s Costs & ExpensesTotal operating expenses in the quarter decreased to $392.7 million from $530.6 million in the year-ago period. This was mainly on account of a reduction in production expenses, legal settlement expense, depletion, depreciation, amortization and accretion expenses, impairment of oil and gas assets expenses, and other expenses. The metric was below our estimate of $400.1 million.
Capital Expenditures of NOGThe company reported capital expenditures of $195.8 million for the second quarter, excluding non-budgeted acquisitions and other unplanned items. Of this total, $151 million was dedicated to drilling and completion activities on organic assets, while $44.7 million was allocated to Ground Game efforts, including associated development costs.
During the second quarter, NOG placed 12.7 net wells into production.
NOG’s Financial PositionThis Zacks Rank #3 (Hold) company’s free cash flow for the quarter totaled $159 million.
As of June 30, 2026, Northern Oil and Gas had $47.6 million in cash and cash equivalents. The company had a long-term debt of $2.7 billion, with a debt-to-capitalization of 57.7%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Important Energy Earnings at a GlanceWhile we have discussed NOG’s second-quarter results in detail, let us take a look at three other key reports in the energy space.
U.S. energy operator APA Corporation (APA - Free Report) reported second-quarter 2026 adjusted earnings of $1.89 per share, beating the Zacks Consensus Estimate of $1.85. The bottom line rose from the year-ago adjusted profit of 87 cents. The outperformance was primarily driven by higher realized oil prices and lower year-over-year expenses.
Revenues of $2.4 billion were down 8.2% from the year-ago quarter’s sales and missed the Zacks Consensus Estimate by 1.5%, caused by a decrease in natural gas revenues.
As of June 30, APA had $444 million in cash and cash equivalents and $3.7 billion in long-term debt, representing a debt-to-capitalization of 34.8%.
Magnolia Oil & Gas Corporation (MGY - Free Report) reported a second-quarter 2026 net profit of 99 cents per share, which beat the Zacks Consensus Estimate of 90 cents. The bottom line more than doubled from the year-ago quarter’s 43 cents. This outperformance can be attributed to higher oil and NGL prices and growth in overall production volumes.
The oil and gas exploration and production company’s total revenues were $479 million, which beat the Zacks Consensus Estimate of $440 million. The top line also increased 50.2% from $319 million recorded in the year-ago period, driven by higher revenues from oil and natural gas liquids (NGL).
As of June 30, 2026, Magnolia had cash and cash equivalents of $295.9 million. The company had long-term debt of $393.6 million, reflecting a debt-to-capitalization of 15.5%.
Permian Resources Corporation (PR - Free Report) reported second-quarter 2026 adjusted earnings of 69 cents per share, beating the Zacks Consensus Estimate of 56 cents by 23.2%. The bottom line also increased significantly from the year-ago quarter’s adjusted earnings of 27 cents. This outperformance was primarily driven by higher oil and NGL price realizations.
The company’s oil and gas sales of $1.86 billion beat the Zacks Consensus Estimate of $1.64 billion by 13.3%. Revenues also increased from the year-ago quarter’s $1.2 billion, aided by a higher year-over-year contribution from oil sales, NGL sales and purchased gas sales during the quarter.
As of June 30, 2026, PR had $131.7 million in cash and cash equivalents. The company had a long-term debt of approximately $3 billion, reflecting a debt-to-capitalization of 20%.
Bank of America Corp DE raised its holdings in shares of Northern Oil and Gas, Inc. (NYSE:NOG – Free Report) by 18.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,245,639 shares of the company’s stock after acquiring an additional 194,861 shares during the quarter. Bank of America Corp DE owned approximately 1.18% of Northern Oil and Gas worth $36,410,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. Quadrant Capital Group LLC increased its stake in Northern Oil and Gas by 14.9% in the 4th quarter. Quadrant Capital Group LLC now owns 3,092 shares of the company’s stock worth $66,000 after acquiring an additional 400 shares during the last quarter. SBI Securities Co. Ltd. boosted its position in shares of Northern Oil and Gas by 18.8% during the 4th quarter. SBI Securities Co. Ltd. now owns 3,207 shares of the company’s stock valued at $69,000 after acquiring an additional 507 shares during the last quarter. Virtus Investment Advisers LLC grew its holdings in shares of Northern Oil and Gas by 8.4% in the fourth quarter. Virtus Investment Advisers LLC now owns 7,394 shares of the company’s stock valued at $159,000 after purchasing an additional 572 shares in the last quarter. Isthmus Partners LLC increased its position in Northern Oil and Gas by 0.8% in the first quarter. Isthmus Partners LLC now owns 82,358 shares of the company’s stock worth $2,407,000 after purchasing an additional 619 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its stake in Northern Oil and Gas by 0.7% during the fourth quarter. State of Alaska Department of Revenue now owns 91,485 shares of the company’s stock valued at $1,963,000 after purchasing an additional 633 shares in the last quarter. 98.80% of the stock is currently owned by hedge funds and other institutional investors.
Northern Oil and Gas Price Performance Shares of NYSE NOG opened at $24.49 on Friday. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.80 and a quick ratio of 0.53. Northern Oil and Gas, Inc. has a 12 month low of $17.18 and a 12 month high of $31.17. The firm’s 50 day simple moving average is $20.38 and its 200-day simple moving average is $24.09. The stock has a market capitalization of $2.61 billion, a price-to-earnings ratio of -4.73 and a beta of 0.70.
Northern Oil and Gas (NYSE:NOG – Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $1.13 earnings per share for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.05). The firm had revenue of $745.24 million during the quarter, compared to analysts’ expectations of $594.09 million. Northern Oil and Gas had a negative net margin of 25.35% and a positive return on equity of 18.69%. The company’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.37 EPS. Analysts expect that Northern Oil and Gas, Inc. will post 3.53 EPS for the current year.
Northern Oil and Gas Dividend Announcement The business also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be issued a $0.45 dividend. The ex-dividend date is Tuesday, September 29th. This represents a $1.80 dividend on an annualized basis and a yield of 7.4%. Northern Oil and Gas’s dividend payout ratio (DPR) is -34.75%.
Wall Street Analyst Weigh In Several equities research analysts have weighed in on NOG shares. Raymond James Financial reissued an “outperform” rating and set a $28.00 price objective on shares of Northern Oil and Gas in a research note on Wednesday, July 15th. Citigroup cut their price objective on shares of Northern Oil and Gas from $36.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, July 20th. Mizuho raised shares of Northern Oil and Gas to a “hold” rating in a research note on Friday, July 31st. Wall Street Zen raised Northern Oil and Gas from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Morgan Stanley set a $25.00 target price on shares of Northern Oil and Gas and gave the company an “underweight” rating in a research note on Monday, June 29th. Four analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $30.62.
View Our Latest Research Report on NOG
Insider Transactions at Northern Oil and Gas In related news, Director Bahram Akradi bought 25,760 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was purchased at an average cost of $19.40 per share, with a total value of $499,744.00. Following the purchase, the director directly owned 1,713,444 shares of the company’s stock, valued at $33,240,813.60. This trade represents a 1.53% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 2.80% of the company’s stock.
Northern Oil and Gas Company Profile (Free Report)
Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.
Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.
Recommended Stories Five stocks we like better than Northern Oil and Gas Sony and TSMC’s $4.7 Billion Venture Is About More Than Camera Sensors Quantum Leaps: Debt-Free as AI Storage Demand Accelerates NVIDIA’s $500 Billion GPU Financing Deal Fuels Path Toward $270 Sandisk’s Margins Look Like Software. Can They Last? Want to see what other hedge funds are holding NOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Northern Oil and Gas, Inc. (NYSE:NOG – Free Report).
Receive News & Ratings for Northern Oil and Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northern Oil and Gas and related companies with MarketBeat.com's FREE daily email newsletter.
« PREVIOUS HEADLINEBank of America Corp DE Has $35.06 Million Stock Holdings in Trinity Industries, Inc. $TRN
NEXT HEADLINE »Bank of America Corp DE Has $33.95 Million Holdings in Bain Capital Specialty Finance, Inc. $BCSF
3 Mid-Cap Energy Firms Analysts See Moving Up to the Big LeaguesNorthern Oil and Gas NYSE: NOG reported higher second-quarter cash flow and production, citing the benefits of its diversified non-operated portfolio despite Permian Basin curtailments tied to weak Waha natural gas economics.
Chief Financial Officer Chad Allen said adjusted EBITDA increased 17% sequentially, while free cash flow rose more than 400% from the first quarter. The company generated $159 million of free cash flow during the quarter, according to Allen.
Get Northern Oil and Gas alerts:
3 Oil Exploration Stocks To Cushion WTI SwingsTotal production increased 9% from a year earlier, supported by record natural gas volumes that rose 35% year over year and 5% sequentially. Allen said the company experienced significant production curtailments in the Permian during the quarter because of challenging Waha pricing, but volumes have begun returning as market conditions improved. Three net wells brought online are expected to contribute during the third quarter.
Production Mix and Costs Outside of the Waha-driven curtailments, Northern Oil and Gas said its assets performed ahead of internal expectations in several regions. The Williston and Uinta basins exceeded internal expectations, while Appalachian production reached a record with a full quarter of contributions from the company’s Utica joint development.
President Adam Dirlam said early results from the Utica development have been strong. During the question-and-answer session, Chief Technical Officer Jim Evans said the company was seeing performance above internal expectations across its basins, including the Williston, where longer lateral wells have become more efficient.
Allen said Northern Oil and Gas’ unhedged net realized oil price improved 36% from the first quarter. Natural gas realizations were 90% of Henry Hub, while realized prices including hedges and Waha basis effects reached 123% of Henry Hub. Strong natural gas liquids pricing also contributed to results.
Production expenses per barrel of oil equivalent declined 4% from the prior-year period. The company reported budgeted capital expenditures of $196 million, including $151 million for organic drilling and completion activity and $45 million for its “ground game” acquisition efforts. Normalized well costs were $761 per lateral foot, largely unchanged from the first quarter.
Second-quarter spending was weighted toward oil-producing areas, with the Permian accounting for 37% and the Williston 33%. Appalachia and the Uinta each represented 14% of spending, while the recently acquired Duvernay position contributed 2%.
Capital Returns and Balance Sheet Northern Oil and Gas ended the quarter with more than $1 billion in total liquidity. During the quarter, it repurchased 2.95 million shares, or about 3% of shares outstanding, at an average price of $20.37 per share. Allen said approximately 81% of those purchases occurred before the late-June dividend record date.
The repurchases largely offset shares issued to the seller of the company’s Duvernay acquisition, leaving the share count roughly flat, according to Allen. After quarter-end, the board increased the company’s repurchase authorization to approximately $243 million.
The board also declared a quarterly dividend of $0.45 per share, representing roughly $48 million that was paid July 31. Allen said the dividend was covered multiple times by second-quarter free cash flow and described it as a floor rather than a ceiling for shareholder returns.
Looking ahead, Chief Executive Officer Nick O’Grady said that, based on current commodity-price strip assumptions, the company expects its assets to generate $1.4 billion to more than $1.5 billion of adjusted EBITDA in 2026. He said sustaining current production volumes would require approximately $850 million to $900 million of drilling and completion capital, resulting in estimated free cash flow of about $375 million to more than $500 million.
Duvernay Expansion and Acquisition Strategy Dirlam highlighted the company’s June closing of its Parallax acquisition, a Duvernay joint development transaction that expanded Northern Oil and Gas into Canada. He characterized the asset as self-funding, with roughly 20 years of inventory and an average breakeven below $50. The acquisition cost was less than $600,000 per location, he said.
The company continued to build its acreage and well inventory through its ground-game efforts. In Appalachia, Northern Oil and Gas has amassed roughly 80 locations through leasing activities, excluding acreage already converted into development, Dirlam said.
During the second quarter, the company acquired more than six net wells that were in process, weighted toward the Permian and Bakken. Through the first half of 2026, its ground-game activities had captured the same number of drilling opportunities as in all of 2025, according to Dirlam.
The drilling and completion list grew to nearly 52 net wells as operators pulled forward some Permian and Williston activity. Northern Oil and Gas elected to participate in about 17 net wells, nearly 20% above its trailing 12-month run rate. About 90% of those elections were directed toward oil-focused basins, with normalized authorization-for-expenditure costs down 5% from the company’s 2025 average. Management Addresses Valuation and Capital Allocation O’Grady said management believes the public market is not fully recognizing the company’s asset value. He estimated that Northern Oil and Gas’ assets were worth more than $7 billion, compared with an enterprise value of $4.6 billion. He said the company would continue evaluating acquisitions, asset sales, dividends, share repurchases and debt reduction as potential capital-allocation tools.
In response to questions about leverage, O’Grady said debt reduction could be achieved through cash-flow growth or asset monetizations, while Allen said the company viewed share repurchases as attractive at current trading levels. O’Grady also said the company’s diversified non-operated model allows it to allocate capital among regions based on economics rather than maintain operating teams and drilling programs in each basin.
Management said activity in the Permian had begun to recover faster than previously expected as logistical constraints eased and operators pulled some development activity forward. O’Grady said the company was not yet prepared to declare a full recovery, but said the trend could support the remainder of the year.
About Northern Oil and Gas (NYSE:NOG)Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company's primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.
Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Should You Invest $1,000 in Northern Oil and Gas Right Now?Before you consider Northern Oil and Gas, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Northern Oil and Gas wasn't on the list.
While Northern Oil and Gas currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
The AI wave will soon hit public markets with Anthropic and OpenAI set to go public later this year. However, you don't have to wait to invest. This report shows seven AI stocks that you can buy today while the big model providers get ready to go public.
For the quarter ended June 2026, Northern Oil and Gas (NOG - Free Report) reported revenue of $670.8 million, up 16.8% over the same period last year. EPS came in at $1.13, compared to $1.37 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $545.76 million, representing a surprise of +22.91%. The company delivered an EPS surprise of +10.78%, with the consensus EPS estimate being $1.02.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Northern Oil and Gas performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Average Daily Production - Total: 145,659.00 BOE/D versus the five-analyst average estimate of 143,105.40 BOE/D.Average Daily Production - Oil: 68,275.00 BBL/D versus 68,651.69 BBL/D estimated by five analysts on average.Average Daily Production - Natural Gas and NGLs: 464,330.00 Mcf/D versus 446,662.30 Mcf/D estimated by five analysts on average.Average Sales Prices - Natural Gas and NGLs Net of Settled Natural Gas Derivatives: $3.63 compared to the $3.02 average estimate based on four analysts.Average Sales Prices - Oil Net of Settled Oil Derivatives: $69.37 compared to the $69.74 average estimate based on four analysts.Net Production - Natural Gas and NGLs: 42,254.00 Mcf compared to the 40,323.96 Mcf average estimate based on three analysts.Net Production - Oil: 6,213.00 KBBL versus 6,286.20 KBBL estimated by three analysts on average.Net Production - Total: 13,255.00 KBOE versus 13,006.76 KBOE estimated by three analysts on average.Average Sales Prices - Oil: $90.02 compared to the $78.46 average estimate based on two analysts.Net Sales- Oil and Gas Sales: $670.8 million versus $546.43 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +16.8% change.Net Sales- Oil Sales: $559.26 million versus the two-analyst average estimate of $443.59 million. The reported number represents a year-over-year change of +38.9%.Net Sales- Natural Gas and NGL Sales: $111.53 million versus $100.35 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -35% change.View all Key Company Metrics for Northern Oil and Gas here>>>
Shares of Northern Oil and Gas have returned +7.9% over the past month versus the Zacks S&P 500 composite's +2.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Northern Oil and Gas (NOG - Free Report) came out with quarterly earnings of $1.13 per share, beating the Zacks Consensus Estimate of $1.02 per share. This compares to earnings of $1.37 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +10.78%. A quarter ago, it was expected that this independent oil and gas company would post earnings of $0.71 per share when it actually produced earnings of $0.74, delivering a surprise of +4.23%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Northern Oil and Gas, which belongs to the Zacks Oil and Gas - Exploration and Production - United States industry, posted revenues of $670.8 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 22.91%. This compares to year-ago revenues of $574.37 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Northern Oil and Gas shares have lost about 7.9% since the beginning of the year versus the S&P 500's gain of 12.8%.
What's Next for Northern Oil and Gas?While Northern Oil and Gas has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Northern Oil and Gas was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.84 on $557.83 million in revenues for the coming quarter and $3.50 on $2.07 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Exploration and Production - United States is currently in the bottom 13% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Big Sky Industrial Inc. (BSIN - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 11.
This company is expected to post quarterly loss of $0.05 per share in its upcoming report, which represents a year-over-year change of +73.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Big Sky Industrial Inc.'s revenues are expected to be $2.1 million, up 3.5% from the year-ago quarter.
Northern Oil and Gas (NOG - Free Report) reported $670.8 million in revenue for the quarter ended June 2026, representing a year-over-year increase of 16.8%. EPS of $1.13 for the same period compares to $1.37 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $545.76 million, representing a surprise of +22.91%. The company delivered an EPS surprise of +10.78%, with the consensus EPS estimate being $1.02.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Northern Oil and Gas performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Average Daily Production - Total: 145,659.00 BOE/D compared to the 143,105.40 BOE/D average estimate based on five analysts.Average Daily Production - Oil: 68,275.00 BBL/D versus the five-analyst average estimate of 68,651.69 BBL/D.Average Daily Production - Natural Gas and NGLs: 464,330.00 Mcf/D versus 446,662.30 Mcf/D estimated by five analysts on average.Average Sales Prices - Natural Gas and NGLs Net of Settled Natural Gas Derivatives: $3.63 versus $3.02 estimated by four analysts on average.Average Sales Prices - Oil Net of Settled Oil Derivatives: $69.37 versus the four-analyst average estimate of $69.74.Net Production - Natural Gas and NGLs: 42,254.00 Mcf compared to the 40,323.96 Mcf average estimate based on three analysts.Net Production - Oil: 6,213.00 KBBL versus 6,286.20 KBBL estimated by three analysts on average.Net Production - Total: 13,255.00 KBOE compared to the 13,006.76 KBOE average estimate based on three analysts.Average Sales Prices - Oil: $90.02 versus $78.46 estimated by two analysts on average.Average Sales Prices - Natural Gas and NGLs: $2.64 versus $2.47 estimated by two analysts on average.Net Sales- Oil and Gas Sales: $670.8 million versus $546.43 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +16.8% change.View all Key Company Metrics for Northern Oil and Gas here>>>
Shares of Northern Oil and Gas have returned +2.1% over the past month versus the Zacks S&P 500 composite's +3.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG” or “Company”) today announced the Company’s second quarter results.
MANAGEMENT COMMENTS
“The strength of the NOG model shows most clearly when the macro backdrop is at its most volatile, and the flexibility of our diversified, non-operated business model is precisely what carried us through this quarter. Adjusted EBITDA was up 17% sequentially over the first quarter and we reiterated our full year production guidance despite less than ideal operating conditions. This directly demonstrates the resiliency of our platform. We strategically expanded our total addressable market by entering the Duvernay, a high quality, low break-even basin with significant growth potential, while also further enhancing our lower 48 footprint through our accretive and dynamic ground game program. Additionally, we opportunistically repurchased ~3 million shares of our stock at a highly attractive valuation, exactly the kind of disciplined capital allocation the NOG model is built to enable,” commented Nick O’Grady, Chief Executive Officer. “NOG remains as strong and as well positioned as ever with an asset base that is materially undervalued by the public market juxtaposed against one of the strongest private asset markets in decades. We believe our value proposition will be well illuminated over time, and we remain steadfast in executing a business plan built to ensure the market recognizes both the value inherent in what we own today and our ability to generate attractive risk-adjusted returns across the cycle.”
FINANCIAL RESULTS
Oil and natural gas sales for the second quarter were $670.8 million. Second quarter GAAP net income was $236.6 million or $2.19 per diluted share. Second quarter Adjusted Net Income was $122.5 million or $1.13 per adjusted diluted share. Adjusted EBITDA in the second quarter was $401.0 million, a 17% increase from the first quarter of 2026, driven primarily by a 13% improvement in realized commodity price per boe. See “Non-GAAP Financial Measures” below.
PRODUCTION
Second quarter 2026 production averaged 145,659 Boe per day, a 9% increase from the second quarter of 2025. Oil represented approximately 47% of total production in the second quarter at an average of 68,275 Bbls per day. As previously announced, oil volumes were impacted by approximately 7,000 Boe per day of well shut-ins and 3 deferred turn-in-lines in certain Permian assets in April, May and part of June. The wells that were shut in are back on line and the turn-in-lines are expected to TIL in the third quarter. During the quarter, NOG added 12.7 net wells to production, compared to 13.5 net wells, excluding major acquisitions, added to production in the second quarter of 2025. The Company anticipates an acceleration of TILs through the second half of 2026.
Well performance continues to be strong across all of NOG’s basins. Appalachian volumes set another production record as our joint development program in West Virginia culminated mid-quarter and our Utica joint development contributed a full quarter of production. Additionally, NOG’s Uinta Assets significantly outperformed internal estimates both on legacy production as well as on the 2026 development program.
PRICING
During the second quarter, NOG’s unhedged net realized oil price was $90.02 per Bbl. The Company’s average differential to WTI prices was ($3.03), a 43% improvement from the second quarter of 2025. NOG’s unhedged net realized gas price in the second quarter was $2.64 per Mcf, representing a 90% realization compared with Henry Hub pricing. Natural gas realizations were pressured throughout the majority of the quarter due to weak Waha pricing, offset by solid NGL realizations and improved differentials in other regions. Conditions began to improve in late June and appear to be returning to normalized levels.
HEDGING
In the second quarter, the Company recorded a non-cash unrealized mark-to-market gain on derivatives of approximately $156.5 million, driven by changes to the value of the Company’s derivatives portfolio. Realized hedge losses were $86.3 million as gains on the Company’s natural gas hedges were more than offset by losses on the Company’s crude oil hedges.
OPERATING COSTS
Lease operating costs were $127.1 million in the second quarter of 2026, or $9.59 per Boe, 4% lower on a per unit basis compared to the second quarter of 2025. Production taxes were $45.7 million in the second quarter of 2026, compared to $35.6 million in the second quarter of 2025 due to higher oil prices. Second quarter general and administrative (“G&A”) costs totaled $24.5 million or $1.85 per Boe, as compared to $1.28 per Boe in the second quarter of 2025. The increase primarily reflects $7.7 million, mainly for the transaction costs associated with the Company’s Duvernay acquisition, which closed in June. NOG’s adjusted cash G&A costs, which excludes non-cash share-based compensation and acquisition cost amounts of $4.4 million and $7.7 million, respectively, totaled $12.4 million or $0.94 per Boe in the second quarter, up $0.05 per Boe compared to the second quarter of 2025.
CAPITAL EXPENDITURES AND ACQUISITIONS
Capital expenditures for the second quarter were $195.8 million (excluding non-budgeted acquisitions and other). This was comprised of $151.0 million of total drilling and completion (“D&C”) capital on organic assets, and $44.7 million of Ground Game activity, inclusive of associated development costs. Normalized well costs on the Company’s AFE elections increased modestly, averaging approximately $761 per lateral foot in the second quarter, as compared to $749 in the first quarter of 2026. NOG’s Permian Basin spending was 37% of the capital expenditures for the second quarter followed by the Williston at 33%, Appalachian at 14%, the Uinta at 14% and the Duvernay at 2%.
LIQUIDITY AND CAPITAL RESOURCES
NOG had total liquidity of $1.0 billion as of June 30, 2026, consisting of $975.0 million of committed borrowing availability under its Revolving Credit Facility and $47.6 million of cash on hand.
SHAREHOLDER RETURNS
In May 2026, the Company’s board of directors declared a cash dividend on the Company’s common stock in the amount of $0.45 per share. The dividend was paid on July 31, 2026, to stockholders of record as of the close of business on June 29, 2026.
In August 2026, the Company’s board of directors declared a cash dividend on the Company’s common stock in the amount of $0.45 per share. The dividend is payable on October 30, 2026, to stockholders of record as of the close of business on September 29, 2026.
During the second quarter, the Company repurchased 2.95 million shares of its common stock (approximately 3% of outstanding shares) at an average price of $20.37, including commissions, ~81% of which were purchased before the dividend record date.
On July 10, 2026, NOG’s Board of Directors authorized a $150.0 million increase to the Company’s common stock repurchase program, which provides a current total repurchase capacity of approximately $243.0 million.
2026 ANNUAL GUIDANCE
NOG has made minor changes to its previous guidance reflected in the table below.
Previous Guidance
(May 26, 2026)
Revised FY 2026
Guidance
Annual Production (2-stream, Boe per day)
143,000 - 148,000
143,000 - 148,000
Annual Oil Production (Bbls per day)
71,500 - 73,500
71,500 - 73,500
Total Budgeted Capital Expenditures ($ in millions)
$850 - $900
$850 - $900
Net Total Wells Turned-in-Line
74.0 - 76.0
74.0 - 76.0
Operating Expenses and Differentials
LOE/Production Expenses (per Boe)
$9.70 - $9.90
$9.70 - $9.80
Production Taxes (as a percentage of Oil & Gas Sales)
7.5% - 8.0%
7.5% - 8.0%
Oil Differential to NYMEX WTI (per Bbl)
($5.25 - $5.60)
($5.00 - $5.40)
Gas Realization as a Percentage of NYMEX Henry Hub (per Mcf)
70.0% - 72.5%
70.0% - 75.0%
DD&A Rate (per Boe)
$15.00 - $15.50
$15.00 - $15.50
General and Administrative Expense (per Boe):
Non-Cash
$0.25 - $0.30
$0.25 - $0.30
Cash (excluding transaction costs on non-budgeted acquisitions)
$0.83 - $0.86
$0.83 - $0.86
SECOND QUARTER 2026 RESULTS
The following tables set forth selected operating and financial data for the periods indicated.
Three Months Ended June 30,
2026
2025
% Change
Net Production:
Oil (MBbl)
6,213
7,002
(11
)%
Natural Gas (MMcf)
42,254
31,204
35
%
Total (MBoe)
13,255
12,203
9
%
Average Daily Production:
Oil (Bbl)
68,275
76,944
(11
)%
Natural Gas (Mcf)
464,330
342,900
35
%
Total (Boe)
145,659
134,094
9
%
Average Sales Prices:
Oil (per Bbl)
$
90.02
$
58.37
54
%
Effect of Gain (Loss) on Settled Oil Derivatives on Average Price (per Bbl)
(20.65
)
6.21
(433
)%
Oil Net of Settled Oil Derivatives (per Bbl)
69.37
64.58
7
%
Natural Gas and NGLs (per Mcf) (1)
2.64
2.89
(9
)%
Effect of Gain on Settled Natural Gas Derivatives on Average Price (per Mcf)
0.99
0.56
77
%
Natural Gas and NGLs Net of Settled Natural Gas and NGL Derivatives (per Mcf) (1)
3.63
3.45
5
%
Realized Price on a Boe Basis Excluding Settled Commodity Derivatives (1)
50.61
40.87
24
%
Effect of Gain (Loss) on Settled Commodity Derivatives on Average Price (per Boe)
(6.51
)
4.99
(230
)%
Realized Price on a Boe Basis Including Settled Commodity Derivatives (1)
44.10
45.86
(4
)%
Costs and Expenses (per Boe):
Production Expenses
$
9.59
$
9.95
(4
)%
Production Taxes
3.45
2.92
18
%
General and Administrative Expenses
1.85
1.28
45
%
Depletion, Depreciation, Amortization and Accretion
14.55
16.86
(14
)%
Net Producing Wells at Period End
1,369.7
1,151.7
19
%
HEDGING UPDATE
NOG hedges portions of its expected production volumes to increase the predictability of its cash flow and to help maintain a strong financial position. The following table summarizes NOG’s open crude oil commodity derivative contracts scheduled to settle after June 30, 2026.
Crude Oil Commodity Derivative Swaps(1)
Crude Oil Commodity Derivative Collars
Contract Period
Volume (Bbls/Day)
Weighted Average Price
($/Bbl)
Collar Sub-Floor Volume (Bbls/Day)
Collar Floor Volume (Bbls/Day)
Collar Ceiling Volume (Bbls/Day)
Weighted Average Sub-Floor Price
($/Bbl)
Weighted Average Floor Price
($/Bbl)
Weighted Average Ceiling Price
($/Bbl)
2026(1)
Q3
18,245
$
67.55
2,250
19,187
26,680
$
47.22
$
62.34
$
71.44
Q4
17,245
68.08
2,250
19,187
26,680
47.22
62.34
71.44
2027(1)
Q1
7,750
$
69.47
2,500
6,750
6,750
$
45.00
$
61.14
$
73.76
Q2
7,750
69.47
2,500
6,750
6,750
45.00
61.14
73.76
Q3
5,500
70.50
421
3,842
3,842
45.00
63.04
75.31
Q4
5,500
70.50
—
3,000
3,000
—
64.03
76.37
2028(1)
Q1
500
$
70.04
—
—
—
$
—
$
—
$
—
Q2
500
70.04
—
—
—
—
—
—
Q3
500
70.04
—
—
—
—
—
—
Q4
500
70.04
—
—
—
—
—
—
2029(1)
Q1
500
$
70.04
—
—
—
$
—
$
—
$
—
Q2
500
70.04
—
—
—
—
—
—
Q3
500
70.04
—
—
—
—
—
—
Q4
500
70.04
—
—
—
—
—
—
The following table summarizes NOG’s open natural gas commodity derivative contracts scheduled to settle after June 30, 2026.
Natural Gas Commodity Derivative Swaps(1)
Natural Gas Commodity Derivative Collars
Contract Period
Volume (MMBTU/Day)
Weighted Average Price ($/MMBTU)
Collar Floor Volume (MMBTU/Day)
Collar Ceiling Volume (MMBTU/Day)
Weighted Average Floor Price
($/MMBTU)
Weighted Average Ceiling Price
($/MMBTU)
2026(1)
Q3
115,054
$
4.03
150,486
150,486
$
3.45
$
4.89
Q4
135,054
4.16
150,105
150,105
3.47
5.06
2027(1)
Q1
89,056
$
4.01
77,389
77,389
$
3.46
$
4.79
Q2
90,989
4.00
65,714
65,714
3.45
4.43
Q3
90,000
4.00
65,000
65,000
3.45
4.43
Q4
71,413
3.96
46,467
46,467
3.45
4.41
2028(1)
Q1
28,077
$
3.83
9,890
9,890
$
3.50
$
4.17
Q2
20,220
3.83
10,110
10,110
3.50
4.17
Q3
20,000
3.83
10,000
10,000
3.50
4.17
Q4
16,630
3.85
10,000
10,000
3.50
4.07
2029(1)
Q1
—
$
—
9,889
9,889
$
3.50
$
3.88
Q2
—
—
10,110
10,110
3.50
3.88
Q3
—
—
10,000
10,000
3.50
3.88
Q4
—
—
6,630
6,630
3.50
3.88
The following table summarizes NOG’s open NGL commodity derivative contracts scheduled to settle after June 30, 2026.
Natural Gas Liquids Commodity Derivative Swaps(1)
Swaps
Contract Period
Volume
(BBL/Day)
Weighted Average Price
($/BBL)
2026(1)
Q3
1,050
$
33.03
Q4
875
33.32
2027(1)
Q1
725
$
32.30
Q2
650
30.73
Q3
625
30.69
Q4
575
30.87
The following table presents NOG’s settlements on commodity derivative instruments and unsettled gains and losses on open commodity derivative instruments for the periods presented, which is included in the revenue section of NOG’s statement of operations:
Three Months Ended
June 30,
(In thousands)
2026
2025
Cash Received (Paid) on Settled Derivatives, Net
$
(86,320
)
$
60,931
Non-Cash Mark-to-Market Gain on Derivatives
156,502
67,888
Gain on Commodity Derivatives, Net
$
70,182
$
128,819
CAPITAL EXPENDITURES & DRILLING ACTIVITY
(In thousands, except for net well data and dollars per foot)
Three Months Ended
June 30, 2026
Capital Expenditures Incurred:
Organic Drilling and Development Capital Expenditures
$
151,019
Ground Game Acquisition Capital Expenditures, Inclusive of Development Costs
$
44,743
Other
$
6,611
Non-Budgeted Acquisitions
$
261,049
Net Wells Added to Production
12.7
Net Producing Wells (Period-End)
1,369.7
Net Wells in Process (Period-End)
51.8
Weighted Average Gross AFE for Wells Elected to
$
10,421
Weighted Average Gross AFE for Wells Elected to, normalized for lateral length ($ per foot)
$
761
SECOND QUARTER 2026 EARNINGS RELEASE CONFERENCE CALL
In conjunction with NOG’s release of its financial and operating results, investors, analysts and other interested parties are invited to listen to a conference call with management on Friday, August 7, 2026 at 8:00 a.m. Central Time.
Those wishing to listen to the conference call may do so via webcast or phone as follows:
Webcast: https://events.q4inc.com/attendee/694699964
Dial-In Number: (888) 596-4144 (US/Canada) and (646) 968-2525 (International)
Conference ID: 4503139 - NOG Second Quarter 2026 Earnings Conference Call
Replay Dial-In Number: (800) 770-2030 (US/Canada) and (647) 362-9199 (International)
Replay Access Code: 4503139 - Replay will be available through August 6, 2027
ABOUT NOG
Northern Oil and Gas (NOG) is the largest publicly traded dedicated non-operator in the United States, built on a differentiated strategy of acquiring non-operated minority working interests and mineral rights across the premier basins of North America. By combining deep industry relationships with disciplined capital allocation, NOG has built a scaled, diversified portfolio that generates durable production and strong cash flow for its shareholders. More information about NOG can be found at www.noginc.com.
SAFE HARBOR
This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this release regarding NOG’s financial position, operating and financial performance, business strategy, dividend plans and practices, plans and objectives of management for future operations, industry conditions, indebtedness covenant compliance, capital expenditures, production, cash flow, borrowing base under NOG’s Revolving Credit Facility, NOG’s intention or ability to pay or increase dividends on its capital stock, and impairment are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production, sales, market size, collaborations, cash flows, and trends or operating results also constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond NOG’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in crude oil and natural gas prices, the pace of drilling and completions activity on NOG’s current properties and properties pending acquisition; infrastructure constraints and related factors affecting NOG’s properties; general economic or industry conditions, whether internationally, nationally and/or in the communities in which NOG conducts business, including any future economic downturn, cost inflation, supply chain disruptions, the impact of continued or further inflation, disruption in the financial markets, changes in the interest rate environment and actions taken by OPEC and other oil producing countries as it pertains to the global supply and demand of, and prices for, crude oil, natural gas and NGLs; ongoing legal disputes over, and potential shutdown of, the Dakota Access Pipeline; NOG’s ability to identify and consummate additional development opportunities and potential or pending acquisition transactions, the projected capital efficiency savings and other operating efficiencies and synergies resulting from NOG’s acquisition transactions, integration and benefits of property acquisitions, or the effects of such acquisitions on NOG’s cash position and levels of indebtedness; changes in NOG’s reserves estimates or the value thereof; disruption to NOG’s business due to acquisitions and other significant transactions; changes in local, state, and federal laws, regulations or policies that may affect NOG’s business or NOG’s industry (such as the effects of tax law changes, and changes in environmental, health, and safety regulation and regulations addressing climate change, and trade policy and tariffs); conditions of the securities markets; risks associated with NOG’s 3.625% convertible senior notes due 2029 (the “Convertible Notes”), including the potential impact that the Convertible Notes may have on NOG’s financial position and liquidity, potential dilution, and that provisions of the Convertible Notes could delay or prevent a beneficial takeover of NOG; the potential impact of the capped call transactions undertaken in tandem with the Convertible Notes issuances, including counterparty risk; increasing attention to environmental, social and governance matters; NOG’s ability to raise or access capital on acceptable terms; cyber-incidents could have a material adverse effect on NOG’s business, financial condition or results of operations; changes in accounting principles, policies or guidelines; events beyond NOG’s control, including a global or domestic health crisis, acts of terrorism, political or economic instability or armed conflict in oil and gas producing regions; and other economic, competitive, governmental, regulatory and technical factors affecting NOG’s operations, products and prices. Additional information concerning potential factors that could affect future results is included in the section entitled “Item 1A. Risk Factors” and other sections of NOG’s most recent Annual Report on Form 10-K for the year ended December 31, 2025, and Quarterly Report on Form 10-Q, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause NOG’s actual results to differ from those set forth in the forward-looking statements.
NOG has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond NOG’s control. Accordingly, results actually achieved may differ materially from expected results described in these statements. NOG does not undertake, and specifically disclaims, any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
June 30,
Six Months Ended
June 30,
(In thousands, except share and per share data)
2026
2025
2026
2025
Revenues
Oil and Gas Sales
$
670,796
$
574,369
$
1,210,651
$
1,151,321
Gain (Loss) on Commodity Derivatives, Net
70,182
128,819
(468,874
)
150,581
Other Revenues
4,257
3,621
8,487
7,006
Total Revenues
745,235
706,809
750,264
1,308,908
Operating Expenses
Production Expenses
127,089
121,430
256,836
235,470
Production Taxes
45,699
35,616
84,042
71,685
General and Administrative Expenses
24,529
15,628
47,703
30,109
Legal Settlement Expense
—
33,091
—
33,091
Depletion, Depreciation, Amortization and Accretion
192,885
205,741
389,983
411,432
Impairment of Oil and Gas Assets
—
115,576
268,276
115,576
Other Expenses
2,496
3,561
5,771
6,098
Total Operating Expenses
392,698
530,643
1,052,611
903,461
Income (Loss) From Operations
352,537
176,166
(302,347
)
405,447
Other Income (Expense)
Interest Expense, Net
(41,442
)
(44,389
)
(84,027
)
(87,739
)
Gain (Loss) on Unsettled Interest Rate Derivatives, Net
1,474
1
3,040
(143
)
Loss on Foreign Currency Transactions
(4,655
)
—
(4,655
)
—
Loss on Extinguishment of Debt
—
—
(14
)
—
Gain on Contingent Consideration
2,682
—
2,682
—
Total Other Expense, Net
(41,941
)
(44,388
)
(82,974
)
(87,882
)
Income (Loss) Before Income Taxes
310,596
131,778
(385,321
)
317,565
Income Tax Expense (Benefit)
73,968
32,193
(99,102
)
78,998
Net Income (Loss)
$
236,628
$
99,585
$
(286,219
)
$
238,567
Net Income (Loss) Attributable to Common Stockholders
$
236,628
$
99,585
$
(286,219
)
$
238,567
Net Income (Loss) Per Common Share – Basic
$
2.24
$
1.02
$
(2.80
)
$
2.43
Net Income (Loss) Per Common Share – Diluted
$
2.19
$
1.00
$
(2.80
)
$
2.39
Weighted Average Common Shares Outstanding – Basic
105,871,269
98,060,407
102,207,355
98,308,686
Weighted Average Common Shares Outstanding – Diluted
108,091,366
99,394,539
102,207,355
99,692,134
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
Three Months Ended June 30,
Six Months Ended June 30,
(In thousands, except share and per share data)
2026
2025
2026
2025
Net Income (Loss)
$
236,628
$
99,585
$
(286,219
)
$
238,567
Other Comprehensive Loss:
Foreign Currency Translation Adjustment
(3,164
)
—
(3,164
)
—
Total Other Comprehensive Loss
(3,164
)
—
(3,164
)
—
Comprehensive Income (Loss)
$
233,464
$
99,585
$
(289,383
)
$
238,567
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands, except par value and share data)
June 30, 2026
December 31, 2025
Assets
Current Assets:
Cash and Cash Equivalents
$
47,603
$
14,299
Accounts Receivable, Net
377,818
349,927
Advances, Prepaid Expenses, and Other
27,968
37,061
Derivative Instruments
30,914
166,678
Income Tax Receivable
17,799
18,066
Total Current Assets
502,102
586,031
Property and Equipment:
Oil and Natural Gas Properties, Full Cost Method of Accounting
Proved
12,429,203
11,441,786
Unproved
301,755
86,034
Less – Accumulated Depletion and Impairment
(7,440,256
)
(6,784,649
)
Total Oil and Natural Gas Properties, Net
5,290,702
4,743,171
Other Property and Equipment, Net
2,438
3,196
Total Property and Equipment, Net
5,293,140
4,746,367
Derivative Instruments
9,726
3,036
Deferred Income Taxes
8,152
—
Other Noncurrent Assets, Net
14,745
73,941
Total Assets
$
5,827,865
$
5,409,375
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts Payable
$
206,275
$
218,620
Accrued Liabilities and Other
399,176
320,673
Derivative Instruments
25,041
—
Total Current Liabilities
630,492
539,293
Long-term Debt, Net
2,724,814
2,395,393
Deferred Tax Liability
158,290
247,645
Derivative Instruments
255,868
48,102
Contingent Consideration
6,614
—
Asset Retirement Obligations
54,949
50,831
Other Noncurrent Liabilities
1,505
1,770
Total Liabilities
$
3,832,532
$
3,283,034
Commitments and Contingencies
Stockholders’ Equity
Common Stock, Par Value $0.001; 270,000,000 Shares Authorized;
106,549,128 Shares Outstanding at 6/30/2026
97,265,559 Shares Outstanding at 12/31/2025
509
499
Additional Paid-In Capital
1,802,928
1,644,563
Retained Earnings
195,060
481,279
Accumulated Other Comprehensive Loss
(3,164
)
—
Total Stockholders’ Equity
1,995,333
2,126,341
Total Liabilities and Stockholders’ Equity
$
5,827,865
$
5,409,375
Non-GAAP Financial Measures
Adjusted Net Income, Adjusted EBITDA and Free Cash Flow are non-GAAP measures. NOG defines Adjusted Net Income as income before income taxes, excluding (i) (gain) loss on unsettled commodity derivatives, net of tax, (ii) (gain) loss on extinguishment of debt, net of tax, (iii) contingent consideration (gain) loss, net of tax, (iv) acquisition transaction costs, net of tax, (v) (gain) loss on unsettled interest rate derivatives, net of tax, (vi) (gain) loss on foreign currency transactions and (vii) impairment of long-lived assets, net of tax. NOG defines Adjusted EBITDA as net income before (i) interest expense, (ii) income taxes, (iii) depreciation, depletion, amortization and accretion, (iv) non-cash stock-based compensation expense, (v) (gain) loss on extinguishment of debt, (vi) contingent consideration (gain) loss (vii) acquisition transaction costs, (viii) (gain) loss on unsettled interest rate derivatives, (ix) (gain) loss on unsettled commodity derivatives, (x) (gain) loss on foreign currency transactions, (xi) impairment of long-lived assets, and (xii) other non-cash adjustments. NOG defines Free Cash Flow as cash flows from operations before changes in working capital and other items, less (i) capital expenditures, excluding non-budgeted acquisitions and changes in accrued capital expenditures and other items. A reconciliation of each of these measures to the most directly comparable GAAP measure is included below.
Management believes the use of these non-GAAP financial measures provides useful information to investors to gain an overall understanding of current financial performance. Management believes Adjusted Net Income and Adjusted EBITDA provide useful information to both management and investors by excluding certain expenses and unrealized commodity gains and losses that management believes are not indicative of NOG’s core operating results. Management believes that Free Cash Flow is useful to investors as a measure of a company’s ability to internally fund its budgeted capital expenditures, to service or incur additional debt, and to measure success in creating stockholder value. In addition, these non-GAAP financial measures are used by management for budgeting and forecasting as well as subsequently measuring NOG’s performance, and management believes it is providing investors with financial measures that most closely align to its internal measurement processes. The non-GAAP financial measures included herein may be defined differently than similar measures used by other companies and should not be considered an alternative to, or more meaningful than, the comparable GAAP measures. From time to time NOG provides forward-looking Free Cash Flow estimates or targets; however, NOG is unable to provide a quantitative reconciliation of the forward looking non-GAAP measure to its most directly comparable forward looking GAAP measure because management cannot reliably quantify certain of the necessary components of such forward looking GAAP measure. The reconciling items in future periods could be significant.
Reconciliation of Adjusted Net Income
Three Months Ended
June 30,
(In thousands, except share and per share data)
2026
2025
Income Before Income Taxes
$
310,596
$
131,778
Add:
Impact of Selected Items:
Acquisition Transaction Costs
7,698
1,046
Gain on Unsettled Commodity Derivatives
(156,502
)
(67,888
)
Gain on Unsettled Interest Rate Derivatives
(1,474
)
(1
)
Gain Contingent Consideration
(2,682
)
—
Loss on Foreign Currency Transactions
4,655
—
Impairment of Oil and Gas Assets
—
115,576
Adjusted Income Before Adjusted Income Tax Expense
162,291
180,511
Adjusted Income Tax Expense (1)
(39,761
)
(44,225
)
Adjusted Net Income (non-GAAP)
$
122,530
$
136,286
Weighted Average Shares Outstanding – Basic
105,871,269
98,060,407
Weighted Average Shares Outstanding – Diluted
108,091,366
99,394,539
Income Before Income Taxes Per Common Share – Basic
$
2.93
$
1.34
Add:
Impact of Selected Items
(1.40
)
0.50
Impact of Income Tax
(0.37
)
(0.45
)
Adjusted Net Income Per Common Share – Basic
$
1.16
$
1.39
Income Before Income Taxes Per Common Share – Adjusted Diluted
$
2.87
$
1.33
Add:
Impact of Selected Items
(1.37
)
0.49
Impact of Income Tax
(0.37
)
(0.45
)
Adjusted Net Income Per Common Share – Adjusted Diluted
$
1.13
$
1.37
Reconciliation of Adjusted EBITDA
Three Months Ended
June 30,
(In thousands)
2026
2025
Net Income
$
236,628
$
99,585
Add:
Interest Expense, Net
41,442
44,435
Income Tax Expense
73,968
32,193
Depreciation, Depletion, Amortization and Accretion
192,885
205,741
Non-Cash Stock-Based Compensation
4,409
3,729
Other Adjustments
—
6,000
Acquisition Transaction Costs
7,698
1,046
Gain on Unsettled Commodity Derivatives
(156,502
)
(67,888
)
Gain on Unsettled Interest Rate Derivatives
(1,474
)
(1
)
Gain Contingent Consideration
(2,682
)
—
Loss on Foreign Currency Transactions
4,655
—
Impairment of Oil and Gas Assets
—
115,576
Adjusted EBITDA
$
401,027
$
440,416
Reconciliation of Free Cash Flow
Three Months Ended
June 30,
(In thousands)
2026
2025
Net Cash Provided by Operating Activities
$
321,617
362,112
Exclude: Changes in Working Capital and Other Items
32,061
(23,700
)
Less: Capital Expenditures (1)
(194,676
)
(212,234
)
Free Cash Flow
$
159,002
$
126,178
Three Months Ended
June 30,
(In thousands)
2026
2025
Cash Paid for Capital Expenditures
$
379,811
327,361
Less: Non-Budgeted Acquisitions, inclusive of Acquisition Transaction Costs
(171,527
)
(61,555
)
Plus: Change in Accrued Capital Expenditures and Other
MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG” or the “Company”) today announced that its Board of Directors has declared a cash dividend on the Company’s common stock.
DIVIDEND DECLARATION
NOG’s Board of Directors has declared a cash dividend in the amount of $0.45 per share, representing an equal amount to the prior quarterly dividend. The dividend is payable on October 30, 2026, to stockholders of record as of the close of business on September 29, 2026.
ABOUT NOG
Northern Oil and Gas (NOG) is the largest publicly traded dedicated non-operator in the United States, built on a differentiated strategy of acquiring non-operated minority working interests and mineral rights across the premier basins of North America. By combining deep industry relationships with disciplined capital allocation, NOG has built a scaled, diversified portfolio that generates durable production and strong cash flow for its shareholders. More information about NOG can be found at www.noginc.com.
The market expects Northern Oil and Gas (NOG - Free Report) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on August 6, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis independent oil and gas company is expected to post quarterly earnings of $1.02 per share in its upcoming report, which represents a year-over-year change of -25.6%.
Revenues are expected to be $545.76 million, down 5% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.71% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Northern Oil and Gas?For Northern Oil and Gas, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Northern Oil and Gas will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Northern Oil and Gas would post earnings of $0.71 per share when it actually produced earnings of $0.74, delivering a surprise of +4.23%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Northern Oil and Gas doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
An Industry Player's Expected ResultsAnother stock from the Zacks Oil and Gas - Exploration and Production - United States industry, Chord Energy Corporation (CHRD - Free Report) , is soon expected to post earnings of $6.68 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +273.2%. Revenues for the quarter are expected to be $1.43 billion, up 20.8% from the year-ago quarter.
The consensus EPS estimate for Chord Energy Corporation has been revised 20.7% lower over the last 30 days to the current level. However, an equal Most Accurate Estimate has resulted in an Earnings ESP of 0.00%.
This Earnings ESP, combined with its Zacks Rank #4 (Sell), makes it difficult to conclusively predict that Chord Energy Corporation will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
First Trust Advisors LP grew its position in Northern Oil and Gas, Inc. (NYSE:NOG – Free Report) by 116.8% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 1,167,971 shares of the company’s stock after buying an additional 629,197 shares during the period. First Trust Advisors LP owned approximately 1.10% of Northern Oil and Gas worth $34,140,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Ascentis Independent Advisors bought a new stake in shares of Northern Oil and Gas during the first quarter valued at approximately $33,000. Jones Financial Companies Lllp boosted its stake in Northern Oil and Gas by 181.0% during the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock valued at $33,000 after purchasing an additional 713 shares during the last quarter. Global Retirement Partners LLC increased its holdings in shares of Northern Oil and Gas by 572.8% in the 4th quarter. Global Retirement Partners LLC now owns 1,682 shares of the company’s stock worth $36,000 after purchasing an additional 1,432 shares in the last quarter. Plato Investment Management Ltd purchased a new position in shares of Northern Oil and Gas in the fourth quarter worth $43,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Northern Oil and Gas by 429.4% during the second quarter. EverSource Wealth Advisors LLC now owns 1,514 shares of the company’s stock valued at $43,000 after purchasing an additional 1,228 shares in the last quarter. Institutional investors own 98.80% of the company’s stock.
Northern Oil and Gas Price Performance NYSE NOG opened at $19.88 on Wednesday. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of -3.12 and a beta of 0.69. Northern Oil and Gas, Inc. has a 1-year low of $17.18 and a 1-year high of $31.17. The company has a debt-to-equity ratio of 1.43, a current ratio of 0.53 and a quick ratio of 0.53. The business’s fifty day moving average price is $20.49 and its 200-day moving average price is $24.14.
Northern Oil and Gas (NYSE:NOG – Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.71 by $0.03. The company had revenue of $5.03 million during the quarter, compared to analyst estimates of $511.38 million. Northern Oil and Gas had a positive return on equity of 18.43% and a negative net margin of 33.17%.Northern Oil and Gas’s revenue was down 6.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.33 earnings per share. On average, equities analysts predict that Northern Oil and Gas, Inc. will post 3.5 earnings per share for the current year.
Northern Oil and Gas Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Monday, June 29th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 9.1%. The ex-dividend date of this dividend is Monday, June 29th. Northern Oil and Gas’s dividend payout ratio (DPR) is presently -28.26%.
Wall Street Analyst Weigh In Several equities research analysts recently commented on NOG shares. Wall Street Zen downgraded Northern Oil and Gas from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Royal Bank Of Canada upped their target price on shares of Northern Oil and Gas from $30.00 to $35.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 8th. Mizuho dropped their price target on shares of Northern Oil and Gas from $31.00 to $29.00 and set a “neutral” rating on the stock in a report on Tuesday, July 14th. Weiss Ratings lowered shares of Northern Oil and Gas from a “sell (d+)” rating to a “sell (d)” rating in a research note on Thursday, July 23rd. Finally, Morgan Stanley set a $25.00 price objective on shares of Northern Oil and Gas and gave the company an “underweight” rating in a report on Monday, June 29th. Four research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Northern Oil and Gas has an average rating of “Hold” and an average target price of $30.62.
Check Out Our Latest Research Report on NOG
Insider Transactions at Northern Oil and Gas In other news, Director Bahram Akradi purchased 25,760 shares of the business’s stock in a transaction on Monday, June 22nd. The stock was acquired at an average cost of $19.40 per share, for a total transaction of $499,744.00. Following the purchase, the director directly owned 1,713,444 shares in the company, valued at $33,240,813.60. This trade represents a 1.53% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.80% of the company’s stock.
Northern Oil and Gas Company Profile (Free Report)
Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.
Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.
Further Reading Five stocks we like better than Northern Oil and Gas These 3 Stocks Have Soared in 2026—Can They Keep Climbing? Hasbro’s Earnings Beat Shows Why This Is No Longer Just a Toy Story Rambus: Another AI Phoenix Ready to Rise From the Ashes of Correction Chips & Clips: Memory Tariffs Rewire Tech Supply Chains
Receive News & Ratings for Northern Oil and Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northern Oil and Gas and related companies with MarketBeat.com's FREE daily email newsletter.
« PREVIOUS HEADLINEADAR1 Capital Management LLC Grows Stock Position in Relmada Therapeutics, Inc. $RLMD
NEXT HEADLINE »Amundi Raises Stock Holdings in Astrazeneca Plc $AZN
Dimensional Fund Advisors LP lessened its holdings in Northern Oil and Gas, Inc. (NYSE:NOG – Free Report) by 2.3% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,146,203 shares of the company’s stock after selling 97,082 shares during the period. Dimensional Fund Advisors LP owned 3.92% of Northern Oil and Gas worth $121,201,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Ascentis Independent Advisors purchased a new stake in shares of Northern Oil and Gas in the 1st quarter valued at about $33,000. Jones Financial Companies Lllp boosted its position in shares of Northern Oil and Gas by 181.0% during the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock valued at $33,000 after acquiring an additional 713 shares during the last quarter. Global Retirement Partners LLC grew its holdings in shares of Northern Oil and Gas by 572.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,682 shares of the company’s stock worth $36,000 after purchasing an additional 1,432 shares in the last quarter. Plato Investment Management Ltd purchased a new position in shares of Northern Oil and Gas during the fourth quarter worth about $43,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of Northern Oil and Gas by 429.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,514 shares of the company’s stock worth $43,000 after purchasing an additional 1,228 shares during the last quarter. Hedge funds and other institutional investors own 98.80% of the company’s stock.
Analysts Set New Price Targets NOG has been the topic of a number of recent analyst reports. Raymond James Financial reaffirmed an “outperform” rating and issued a $28.00 target price on shares of Northern Oil and Gas in a research note on Wednesday, July 15th. Citigroup decreased their price target on shares of Northern Oil and Gas from $36.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, July 20th. Weiss Ratings cut shares of Northern Oil and Gas from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday. Morgan Stanley set a $25.00 price objective on shares of Northern Oil and Gas and gave the company an “underweight” rating in a research report on Monday, June 29th. Finally, Wall Street Zen downgraded shares of Northern Oil and Gas from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Northern Oil and Gas presently has an average rating of “Hold” and a consensus price target of $30.62.
Check Out Our Latest Report on NOG
Insider Transactions at Northern Oil and Gas In related news, Director Bahram Akradi purchased 25,760 shares of the firm’s stock in a transaction on Monday, June 22nd. The shares were acquired at an average cost of $19.40 per share, with a total value of $499,744.00. Following the purchase, the director directly owned 1,713,444 shares of the company’s stock, valued at approximately $33,240,813.60. This trade represents a 1.53% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 2.80% of the stock is currently owned by insiders.
Northern Oil and Gas Price Performance NOG stock opened at $20.28 on Tuesday. The firm has a market cap of $2.21 billion, a P/E ratio of -3.18 and a beta of 0.69. The firm’s fifty day moving average is $20.59 and its 200 day moving average is $24.14. Northern Oil and Gas, Inc. has a 52 week low of $17.18 and a 52 week high of $31.17. The company has a debt-to-equity ratio of 1.43, a quick ratio of 0.53 and a current ratio of 0.53.
Northern Oil and Gas (NYSE:NOG – Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.03. Northern Oil and Gas had a negative net margin of 33.17% and a positive return on equity of 18.43%. The business had revenue of $5.03 million during the quarter, compared to the consensus estimate of $511.38 million. During the same period in the previous year, the firm posted $1.33 earnings per share. The firm’s revenue for the quarter was down 6.2% on a year-over-year basis. Research analysts predict that Northern Oil and Gas, Inc. will post 3.48 earnings per share for the current year.
Northern Oil and Gas Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Monday, June 29th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 8.9%. The ex-dividend date is Monday, June 29th. Northern Oil and Gas’s dividend payout ratio (DPR) is presently -28.26%.
Northern Oil and Gas Company Profile (Free Report)
Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.
Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.
Recommended Stories Five stocks we like better than Northern Oil and Gas AirJoule’s Kubota Deal Is a Major Validation—But the Hard Part Comes Next Dividend Stocks May Be the Quiet Rotation Trade Investors Are Missing Now Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There? Verizon May Be an AI Infrastructure Stock Hiding in Plain Sight Want to see what other hedge funds are holding NOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Northern Oil and Gas, Inc. (NYSE:NOG – Free Report).
Receive News & Ratings for Northern Oil and Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northern Oil and Gas and related companies with MarketBeat.com's FREE daily email newsletter.
« PREVIOUS HEADLINERoyal Bank Of Canada Issues Positive Forecast for Digital Realty Trust (NYSE:DLR) Stock Price
NEXT HEADLINE »Norwegian Cruise Line Holdings Ltd. $NCLH Shares Acquired by Dimensional Fund Advisors LP
HomeMarketsTed Oakley says investors are passing up commodity-stock opportunitiesJuly 17, 2026, 7:46 a.m. ET
Agnico Eagle Mines’ underground hauling trucks in an undated photo. Oxbow Advisors says investors are overlooking mining companies like Agnico. Photo: Photo courtesy of Agnico Eagle Mines LimitedA “generational bear market” is looming for investors with little powder to take advantage of, as they have chased rising popular stocks, warns one veteran wealth manager.
“In something like that, you’ll probably correct at least 40%, if not more,” Ted Oakley, the founder and managing partner of Oxbow Advisors, told The Julia La Roche show in an episode that aired Thursday.
Northern Oil and Gas (NOG) has seen a significant increase in its stock price after releasing its second-quarter operational update. The report addressed key inv
MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG” or the “Company”) today provided an update on several business matters including second quarter hedging results, an update on ground game transactions and shareholder returns. HIGHLIGHTS NOG reiterates 2026 production and capital expenditure guidance Strong second quarter for the Ground Game closing on over 2,300 net acres and 6.2 net wells On June 1, closed the previously announced Duvernay Joint Development acquisitio.
MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG” or the “Company”) announced today that it plans to issue its second quarter 2026 financial and operating results on Thursday, August 6, 2026, after the market closes. Additionally, the Company will host a conference call on Friday, August 7, 2026, at 8:00 a.m. Central Time. Those wishing to listen to the conference call may do so via phone or the Company's webcast. Conference Call and Webcast Details: Date: August 7, 20.
SG Americas Securities LLC boosted its position in Northern Oil and Gas, Inc. (NYSE:NOG – Free Report) by 499.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 421,809 shares of the company’s stock after buying an additional 351,490 shares during the quarter. SG Americas Securities LLC owned approximately 0.43% of Northern Oil and Gas worth $9,056,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently made changes to their positions in the company. AQR Capital Management LLC lifted its position in shares of Northern Oil and Gas by 55.1% during the 1st quarter. AQR Capital Management LLC now owns 40,781 shares of the company’s stock valued at $1,233,000 after buying an additional 14,492 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Northern Oil and Gas by 3.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 58,334 shares of the company’s stock worth $1,763,000 after acquiring an additional 1,865 shares during the period. Jones Financial Companies Lllp increased its holdings in Northern Oil and Gas by 181.0% in the 1st quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock worth $33,000 after acquiring an additional 713 shares during the last quarter. Empowered Funds LLC raised its stake in Northern Oil and Gas by 5.0% in the 1st quarter. Empowered Funds LLC now owns 65,217 shares of the company’s stock valued at $1,972,000 after acquiring an additional 3,124 shares during the period. Finally, Intech Investment Management LLC raised its stake in Northern Oil and Gas by 41.8% in the 1st quarter. Intech Investment Management LLC now owns 46,453 shares of the company’s stock valued at $1,404,000 after acquiring an additional 13,690 shares during the period. 98.80% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In A number of brokerages have weighed in on NOG. Morgan Stanley set a $24.00 target price on shares of Northern Oil and Gas and gave the stock an “underweight” rating in a research report on Friday, January 23rd. Bank of America boosted their price target on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the company a “buy” rating in a research report on Tuesday, March 24th. Piper Sandler upped their price target on shares of Northern Oil and Gas from $27.00 to $32.00 and gave the company a “neutral” rating in a research note on Thursday, March 12th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Northern Oil and Gas in a report on Thursday, January 22nd. Finally, Mizuho set a $29.00 price objective on shares of Northern Oil and Gas in a research note on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $31.00.
Read Our Latest Research Report on Northern Oil and Gas
Northern Oil and Gas Stock Performance Northern Oil and Gas stock opened at $30.81 on Monday. Northern Oil and Gas, Inc. has a 1-year low of $19.88 and a 1-year high of $32.62. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.13. The firm has a market capitalization of $3.00 billion, a PE ratio of 93.37 and a beta of 0.96. The firm’s 50 day simple moving average is $26.58 and its 200 day simple moving average is $24.17.
Northern Oil and Gas (NYSE:NOG – Get Free Report) last announced its quarterly earnings results on Wednesday, February 25th. The company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.71 by $0.12. The firm had revenue of $610.18 million during the quarter, compared to the consensus estimate of $524.98 million. Northern Oil and Gas had a net margin of 1.57% and a return on equity of 19.74%. The business’s quarterly revenue was up 18.5% compared to the same quarter last year. During the same period last year, the firm earned $1.11 EPS. As a group, analysts expect that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current fiscal year.
Northern Oil and Gas Announces Dividend The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Monday, March 30th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 5.8%. The ex-dividend date is Monday, March 30th. Northern Oil and Gas’s payout ratio is presently 545.45%.
Northern Oil and Gas Company Profile (Free Report)
Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.
Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.
Featured Articles Five stocks we like better than Northern Oil and Gas Want to see what other hedge funds are holding NOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Northern Oil and Gas, Inc. (NYSE:NOG – Free Report).
Receive News & Ratings for Northern Oil and Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northern Oil and Gas and related companies with MarketBeat.com's FREE daily email newsletter.
« PREVIOUS HEADLINESG Americas Securities LLC Increases Stock Holdings in ACM Research, Inc. $ACMR
NEXT HEADLINE »SG Americas Securities LLC Boosts Stake in Credicorp Ltd. $BAP
Northern Oil and Gas (NYSE:NOG – Get Free Report) and Universal Energy (OTCMKTS:UVSE – Get Free Report) are both energy companies, but which is the superior business? We will contrast the two businesses based on the strength of their institutional ownership, valuation, profitability, risk, dividends, earnings and analyst recommendations.
Valuation & Earnings This table compares Northern Oil and Gas and Universal Energy”s gross revenue, earnings per share (EPS) and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Northern Oil and Gas $2.48 billion 1.11 $38.76 million $0.33 85.66 Universal Energy N/A N/A N/A N/A N/A Northern Oil and Gas has higher revenue and earnings than Universal Energy.
Analyst Ratings This is a summary of current ratings and price targets for Northern Oil and Gas and Universal Energy, as provided by MarketBeat.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Northern Oil and Gas 1 4 3 1 2.44 Universal Energy 0 0 0 0 0.00 Northern Oil and Gas presently has a consensus target price of $31.71, suggesting a potential upside of 12.19%. Given Northern Oil and Gas’ stronger consensus rating and higher possible upside, equities analysts plainly believe Northern Oil and Gas is more favorable than Universal Energy.
Profitability This table compares Northern Oil and Gas and Universal Energy’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Northern Oil and Gas 1.57% 19.74% 8.14% Universal Energy N/A N/A N/A Institutional & Insider Ownership 98.8% of Northern Oil and Gas shares are held by institutional investors. 2.9% of Northern Oil and Gas shares are held by company insiders. Comparatively, 0.2% of Universal Energy shares are held by company insiders. Strong institutional ownership is an indication that large money managers, endowments and hedge funds believe a company is poised for long-term growth.
Volatility and Risk Northern Oil and Gas has a beta of 0.94, suggesting that its share price is 6% less volatile than the S&P 500. Comparatively, Universal Energy has a beta of 0.36, suggesting that its share price is 64% less volatile than the S&P 500.
Summary Northern Oil and Gas beats Universal Energy on 11 of the 11 factors compared between the two stocks.
About Northern Oil and Gas (Get Free Report)
Northern Oil and Gas, Inc., an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of crude oil and natural gas properties in the United States. It primarily holds interests in the Williston Basin, the Appalachian Basin, and the Permian Basin in the United States. The company is based in Minnetonka, Minnesota.
About Universal Energy (Get Free Report)
Universal Energy Corp., an independent energy company, engages in the acquisition, exploration, development, and production of crude oil and natural gas in the United States and Canada. It has 13 oil and gas lease projects. The company was founded in 2002 and is based in Lake Mary, Florida.
Receive News & Ratings for Northern Oil and Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northern Oil and Gas and related companies with MarketBeat.com's FREE daily email newsletter.
« PREVIOUS HEADLINEContrasting Omeros (NASDAQ:OMER) and Medtronic (NYSE:MDT)
NEXT HEADLINE »BigBear.ai (NYSE:BBAI) and Fujitsu (OTCMKTS:FJTSY) Financial Survey
Biloxi Marsh Lands (OTCMKTS:BLMC – Get Free Report) and Northern Oil and Gas (NYSE:NOG – Get Free Report) are both energy companies, but which is the better stock? We will contrast the two companies based on the strength of their earnings, institutional ownership, valuation, risk, dividends, profitability and analyst recommendations.
Profitability This table compares Biloxi Marsh Lands and Northern Oil and Gas’ net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Biloxi Marsh Lands N/A N/A N/A Northern Oil and Gas 1.57% 19.74% 8.14% Valuation and Earnings This table compares Biloxi Marsh Lands and Northern Oil and Gas”s top-line revenue, earnings per share (EPS) and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Biloxi Marsh Lands N/A N/A $100,000.00 ($0.56) -4.64 Northern Oil and Gas $2.48 billion 1.16 $38.76 million $0.33 89.35 Northern Oil and Gas has higher revenue and earnings than Biloxi Marsh Lands. Biloxi Marsh Lands is trading at a lower price-to-earnings ratio than Northern Oil and Gas, indicating that it is currently the more affordable of the two stocks.
Institutional & Insider Ownership 98.8% of Northern Oil and Gas shares are held by institutional investors. 2.9% of Northern Oil and Gas shares are held by company insiders. Strong institutional ownership is an indication that hedge funds, large money managers and endowments believe a stock is poised for long-term growth.
Dividends Biloxi Marsh Lands pays an annual dividend of $0.10 per share and has a dividend yield of 3.8%. Northern Oil and Gas pays an annual dividend of $1.80 per share and has a dividend yield of 6.1%. Biloxi Marsh Lands pays out -17.9% of its earnings in the form of a dividend. Northern Oil and Gas pays out 545.5% of its earnings in the form of a dividend, suggesting it may not have sufficient earnings to cover its dividend payment in the future. Northern Oil and Gas has increased its dividend for 4 consecutive years. Northern Oil and Gas is clearly the better dividend stock, given its higher yield and longer track record of dividend growth.
Analyst Recommendations This is a summary of recent ratings and recommmendations for Biloxi Marsh Lands and Northern Oil and Gas, as reported by MarketBeat.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Biloxi Marsh Lands 0 0 0 0 0.00 Northern Oil and Gas 1 4 3 1 2.44 Northern Oil and Gas has a consensus target price of $31.71, indicating a potential upside of 7.56%. Given Northern Oil and Gas’ stronger consensus rating and higher probable upside, analysts clearly believe Northern Oil and Gas is more favorable than Biloxi Marsh Lands.
Volatility and Risk Biloxi Marsh Lands has a beta of -1.86, suggesting that its share price is 286% less volatile than the S&P 500. Comparatively, Northern Oil and Gas has a beta of 0.94, suggesting that its share price is 6% less volatile than the S&P 500.
Summary Northern Oil and Gas beats Biloxi Marsh Lands on 16 of the 17 factors compared between the two stocks.
About Biloxi Marsh Lands (Get Free Report)
Biloxi Marsh Lands Corporation engages in the exploration, development, and production of oil and natural gas properties. It owns approximately 90,000 acres of surface, subsurface, and minerals in St. Bernard Parish, Louisiana. The company was incorporated in 1936 and is based in Metairie, Louisiana.
About Northern Oil and Gas (Get Free Report)
Northern Oil and Gas, Inc., an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of crude oil and natural gas properties in the United States. It primarily holds interests in the Williston Basin, the Appalachian Basin, and the Permian Basin in the United States. The company is based in Minnetonka, Minnesota.
Receive News & Ratings for Biloxi Marsh Lands Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Biloxi Marsh Lands and related companies with MarketBeat.com's FREE daily email newsletter.
« PREVIOUS HEADLINEReviewing Ecolab (NYSE:ECL) and Axalta Coating Systems (NYSE:AXTA)
NEXT HEADLINE »Ingersoll Rand Inc. (NYSE:IR) Receives Average Recommendation of “Hold” from Analysts
Harbor Capital Advisors Inc. lessened its holdings in shares of Northern Oil and Gas, Inc. (NYSE:NOG – Free Report) by 97.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,353 shares of the company’s stock after selling 46,824 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Northern Oil and Gas were worth $29,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. First Horizon Corp acquired a new position in shares of Northern Oil and Gas in the third quarter valued at approximately $27,000. Jones Financial Companies Lllp grew its position in shares of Northern Oil and Gas by 181.0% in the first quarter. Jones Financial Companies Lllp now owns 1,107 shares of the company’s stock valued at $33,000 after purchasing an additional 713 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Northern Oil and Gas by 429.4% in the second quarter. EverSource Wealth Advisors LLC now owns 1,514 shares of the company’s stock valued at $43,000 after purchasing an additional 1,228 shares during the last quarter. Smartleaf Asset Management LLC grew its position in shares of Northern Oil and Gas by 85.7% in the second quarter. Smartleaf Asset Management LLC now owns 1,521 shares of the company’s stock valued at $44,000 after purchasing an additional 702 shares during the last quarter. Finally, Strs Ohio acquired a new position in shares of Northern Oil and Gas in the first quarter valued at approximately $88,000. Institutional investors and hedge funds own 98.80% of the company’s stock.
Northern Oil and Gas Stock Down 5.1% NYSE NOG opened at $28.06 on Thursday. The business has a fifty day moving average price of $27.43 and a two-hundred day moving average price of $24.35. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.09 and a quick ratio of 1.09. Northern Oil and Gas, Inc. has a fifty-two week low of $19.88 and a fifty-two week high of $32.62. The stock has a market capitalization of $2.73 billion, a PE ratio of 85.02 and a beta of 0.94.
Northern Oil and Gas (NYSE:NOG – Get Free Report) last announced its quarterly earnings results on Wednesday, February 25th. The company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.12. The company had revenue of $610.18 million for the quarter, compared to analyst estimates of $524.98 million. Northern Oil and Gas had a net margin of 1.57% and a return on equity of 19.74%. The firm’s revenue was up 18.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.11 EPS. Equities analysts expect that Northern Oil and Gas, Inc. will post 5.18 earnings per share for the current fiscal year.
Northern Oil and Gas Dividend Announcement The business also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Monday, March 30th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 6.4%. The ex-dividend date of this dividend is Monday, March 30th. Northern Oil and Gas’s dividend payout ratio (DPR) is currently 545.45%.
Analysts Set New Price Targets A number of brokerages recently issued reports on NOG. Weiss Ratings reissued a “hold (c-)” rating on shares of Northern Oil and Gas in a research report on Thursday, January 22nd. Mizuho set a $29.00 price target on Northern Oil and Gas in a research report on Wednesday, January 21st. Citigroup increased their price target on Northern Oil and Gas from $34.00 to $39.00 and gave the stock a “buy” rating in a research report on Tuesday, March 31st. Royal Bank Of Canada reduced their price target on Northern Oil and Gas from $33.00 to $30.00 and set a “sector perform” rating on the stock in a research report on Tuesday, January 20th. Finally, Morgan Stanley set a $24.00 price target on Northern Oil and Gas and gave the stock an “underweight” rating in a research report on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $31.71.
View Our Latest Report on Northern Oil and Gas
Northern Oil and Gas Profile (Free Report)
Northern Oil and Gas, Inc is a publicly traded independent energy company focused on the acquisition, exploration and development of oil and natural gas resources in the United States. The company’s primary operations are concentrated in the Williston Basin, where it secures acreage positions and partners with drilling operators to advance upstream projects. Through strategic leasehold acquisitions and joint ventures, Northern Oil and Gas seeks to expand its footprint in both conventional and unconventional reservoirs.
Northern Oil and Gas employs horizontal drilling and hydraulic fracturing technologies to develop unconventional resource plays, particularly in the Bakken, Three Forks and Red River formations of North Dakota and Montana.
Read More Five stocks we like better than Northern Oil and Gas Want to see what other hedge funds are holding NOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Northern Oil and Gas, Inc. (NYSE:NOG – Free Report).
Receive News & Ratings for Northern Oil and Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northern Oil and Gas and related companies with MarketBeat.com's FREE daily email newsletter.
« PREVIOUS HEADLINEFlagship Harbor Advisors LLC Makes New $1.02 Million Investment in First Trust Dorsey Wright Focus 5 ETF $FV
NEXT HEADLINE »Gerrit Kazmaier Sells 9,356 Shares of Workday (NASDAQ:WDAY) Stock
MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG” or the “Company”) announced today that it published its Environmental, Social and Governance (“ESG”) Report for the year ended December 31, 2025. The report is available on the Company’s website under the Sustainability section, in addition to prior year reports.
Highlights from the 2025 Report include an independent third‑party assessment of our cybersecurity program against the NIST 2.0 framework, and a climate hazard risk analysis for each of our well sites. Importantly, in 2025, NOG also purchased and retired 250 tonnes of CO2e, offsetting more than 100% of its Scope 1 and Scope 2 emissions through a diversified portfolio of U.S. based offset projects. The purchase of these carbon offsets fulfills and exceeds the Company’s commitment to reducing emissions under our direct control as stated in our 2022 ESG report.
NOG’s ESG disclosure framework relies on the Sustainability Accounting Standards Board (SASB) Oil & Gas – Exploration & Production standard as well as the SASB Asset Management and Custody Activities standard. The Company believes that providing disclosures across these two standards best captures NOG’s business model of owning and managing non-operated minority working and mineral interests.
ABOUT NOG
NOG is a real asset company with a primary strategy of acquiring and investing in non-operated minority working and mineral interests in the premier hydrocarbon producing basins within the contiguous United States. More information about NOG can be found at www.noginc.com.
MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG” or the “Company”) announced today that it plans to issue its first quarter 2026 financial and operating results on Tuesday, April 28, 2026, after the market closes.
In connection with its earnings release, NOG will host a conference call and webcast to discuss its financial results at 8:00 a.m. Central Time on Wednesday, April 29, 2026.
Those wishing to listen to the conference call may do so via phone or the Company’s webcast.
Conference Call and Webcast Details:
Date:
April 29, 2026
Time:
8:00 a.m. Central Time
Dial-In:
(800) 715-9871
International Dial-In:
(646) 307-1963
Conference ID:
4503139
Webcast:
First Quarter 2026 Earnings Conference Call
Replay Information:
A replay of the conference call will be available through May 13, 2026, by dialing:
Dial-In:
(800) 770-2030
International Dial-In:
(647) 362-9199
Conference ID:
4503139
An archive of the conference call webcast will also be available on NOG’s website through April 28, 2027.
ABOUT NOG
NOG is a real asset company with a primary strategy of acquiring and investing in non-operated minority working and mineral interests in the premier hydrocarbon producing basins within the contiguous United States. More information about NOG can be found at www.noginc.com.
Wall Street expects a year-over-year decline in earnings on lower revenues when Northern Oil and Gas (NOG - Free Report) reports results for the quarter ended March 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on April 28, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis independent oil and gas company is expected to post quarterly earnings of $0.80 per share in its upcoming report, which represents a year-over-year change of -39.9%.
Revenues are expected to be $523.52 million, down 9.3% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 24.8% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Northern Oil and Gas?For Northern Oil and Gas, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Northern Oil and Gas will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Northern Oil and Gas would post earnings of $0.71 per share when it actually produced earnings of $0.83, delivering a surprise of +16.90%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Northern Oil and Gas doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Key Takeaways NOG to report Q1 on April 28 with estimated EPS of 80 cents and $523.5M in revenues, both down YoY.Northern Oil and Gas faces weak prices, deferrals, rising costs and wider differentials, squeezing margins.NOG may see upside from gas output growth, lower well costs, hedging and a 2.6% rise in volumes. Northern Oil and Gas, Inc. (NOG - Free Report) is set to release first-quarter 2026 results on April 28. The Zacks Consensus Estimate for earnings is pegged at 80 cents per share, and that for revenues is pinned at $523.5 million.
Let us delve into the factors that are likely to have influenced this oil and gas exploration and production company’s performance in the to-be-reported quarter. But first, it is worth taking a look at NOG’s performance in the last reported quarter.
Highlights of NOG’s Q4 EarningsIn the last reported quarter, this Minnetonka, MN-based independent energy company’s earnings topped the Zacks Consensus Estimate, driven by strong production, with total output beating the consensus mark by 4.2%. It reported adjusted earnings per share of 83 cents, which beat the Zacks Consensus Estimate of 71 cents. However, revenues of $447.7 million missed the Zacks Consensus Estimate of $515 million.
The company’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, resulting in an average surprise of 29.7%.
This is depicted in the graph below:
NOG’s Trend in Estimate RevisionThe Zacks Consensus Estimate for first-quarter 2026 earnings has witnessed four upward and two downward movements in the past 30 days. The estimated figure indicates a 39.9% year-over-year decrease. The Zacks Consensus Estimate for revenues indicates a 9.3% decrease from the year-ago period.
Factors to Consider for NOG’s Q1 PerformanceNorthern Oil and Gas faces near-term pressure from weak commodity prices and operator-driven activity deferrals, which are already impacting production visibility. Management highlighted a typical first-quarter downtick due to weather, curtailments and lower activity. Rising gas exposure comes with weaker realizations, and widening oil differentials further compress margins. Additionally, ongoing non-cash impairments tied to lower oil prices and higher maintenance costs signal underlying stress, while the uncertain timing of deferred wells and inconsistent operator behavior add volatility to near-term earnings outcomes. The increase in NOG’s costs might have dented its to-be-reported bottom line. According to our model prediction, the company’s first-quarter total operating expenses are likely to total $636.2 million, which is up 70.6% from the year-ago quarter’s level.
Despite headwinds, strong gas production growth, lower well costs and high-grading of drilling locations could support upside. Front-loaded capital deployment and ground game success may drive better-than-expected volumes, while hedging and cost discipline help sustain margins, positioning the company for a potential earnings beat. According to our model, NOG's total average daily production volume is expected to increase 2.6% year over year, reaching 138.5 thousand barrels of oil equivalent per day (Mboe/d).
What Does Our Model Predict for NOG?Our proven model does not conclusively predict an earnings beat for Northern Oil and Gas this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. This is not the case here.
NOG currently has an Earnings ESP of 0.00% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to ConsiderHere are some firms from the other space that you may want to consider, as they have the right combination of elements to post an earnings beat this season.
ARC Resources Ltd. (AETUF - Free Report) has an Earnings ESP of +21.55% and sports a Zacks Rank #1 at present. The firm is scheduled to release earnings on April 28. You can see the complete list of today’s Zacks #1 Rank stocks here.
ARC Resources is engaged in the exploration, acquisition and development of oil and natural gas properties in western Canada. AETUF’s earnings missed the Zacks Consensus Estimate in one of the trailing four quarters, beat the same in two and were in line in one of the quarters, delivering an average surprise of 2.2%.
Enterprise Products Partners L.P. (EPD - Free Report) currently has an Earnings ESP of +1.91% and a Zacks Rank of 2. It is scheduled to release its first-quarter 2026 earnings on April 28.
The Zacks Consensus Estimate for EPD’s 2026 EPS indicates 7.5% year-over-year growth. Valued at around $79.8 billion, EPD’s shares have gained 21.3% in a year.
Antero Resources Corporation (AR - Free Report) has an Earnings ESP of +5.46% and a Zacks Rank #2 at present. The firm is scheduled to release earnings on April 29.
Antero Resources is an independent exploration and production company focused on the development of natural gas, NGLs and oil resources primarily in the Appalachian Basin. The Zacks Consensus Estimate for 2026 EPS indicates 137.4% year-over-year growth. Valued at around $11.3 billion, AR’s shares have risen 13.3% in a year.
Northern Oil and Gas (NOG - Free Report) came out with quarterly earnings of $0.74 per share, beating the Zacks Consensus Estimate of $0.71 per share. This compares to earnings of $1.33 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +4.23%. A quarter ago, it was expected that this independent oil and gas company would post earnings of $0.71 per share when it actually produced earnings of $0.83, delivering a surprise of +16.9%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Northern Oil and Gas, which belongs to the Zacks Oil and Gas - Exploration and Production - United States industry, posted revenues of $539.86 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 5.57%. This compares to year-ago revenues of $576.95 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Northern Oil and Gas shares have added about 25.2% since the beginning of the year versus the S&P 500's gain of 4.8%.
What's Next for Northern Oil and Gas?While Northern Oil and Gas has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Northern Oil and Gas was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.73 on $538.33 million in revenues for the coming quarter and $3.04 on $2.14 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Exploration and Production - United States is currently in the top 4% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Ring Energy (REI - Free Report) , has yet to report results for the quarter ended March 2026.
This independent oil and gas company is expected to post quarterly earnings of $0.03 per share in its upcoming report, which represents a year-over-year change of -40%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Ring Energy's revenues are expected to be $70.9 million, down 10.4% from the year-ago quarter.
Key Takeaways NOG Q1 EPS of 74 cents beat estimates on strong output, but fell from $1.33 a year ago.Revenues of $539.9M beat estimates but declined Y/Y due to lower oil and gas sales.Production rose 10% to 148,303 Boe/d, while operating expenses surged 77% to $660M. Northern Oil and Gas, Inc. (NOG - Free Report) reported first-quarter 2026 adjusted earnings per share of 74 cents, which beat the Zacks Consensus Estimate of 71 cents. The outperformance reflects strong production. However, the bottom line declined from the year-ago adjusted profit of $1.33 due to weaker natural gas prices and a 77% increase in operating expenses.
The Minnetonka, MN-based oil and gas exploration and production company reported oil and gas sales of $539.9 million, beating the Zacks Consensus Estimate of $511 million, supported by higher crude oil realizations. However, the top line decreased from the year-ago figure of $576.9 million. The year-over-year decline was mainly due to lower oil and gas sales during this quarter.
In February, NOG closed the joint Ohio Utica acquisition of upstream and midstream assets with an adjusted ownership split of 40% for $464.6 million, including the previously paid $58.8 million deposit.
In March, NOG completed a common stock offering of 8.3 million shares of common stock, generating net proceeds of $227.9 million. Funds raised in the offering were applied to the outstanding borrowings on the company’s revolving credit facility.
NOG’s Q1 Production DetailsThe first-quarter production increased 10% year over year to 148,303 barrels of oil equivalent per day (Boe/d). Additionally, the figure beat our estimate of 141,049 Boe/d.
While oil volume totaled 73,567 Bod (a 6% decrease year over year), natural gas (and natural gas liquids) amounted to 448,444 thousand cubic feet per day (a 33% increase). Our model estimate for oil volume and natural gas production was pegged at 70,000 Bod and 411,400 thousand cubic feet per day, respectively.
The average sales price for crude was $66.32 per barrel, indicating a 2% increase from the prior-year quarter’s level of $64.92. Moreover, the figure beat our expectation of $52.51 per barrel.
The average realized natural gas price was $2.50 per thousand cubic feet compared with $3.86 in the year-earlier period. Our model estimate for the same was pinned at $4.58 per thousand cubic feet.
NOG’s Costs & ExpensesTotal operating expenses in the quarter rose to $660 million from $372.8 million in the year-ago period. This was mainly on account of a surge in production expenses, general and administrative expenses, impairment of oil and gas assets, and other expenses. The metric came above our estimate of $636.2 million.
Capital Expenditures of NOGThe company reported capital expenditures of $270.1 million for the first quarter, excluding non-budgeted acquisitions and other unplanned items. Of this total, $226.5 million was dedicated to drilling and completion activities on organic assets, while $43.6 million was allocated to Ground Game efforts, including associated development costs.
During the first quarter, NOG placed 17.1 net wells into production.
NOG’s Financial PositionThis Zacks Rank #3 (Hold) company’s free cash flow for the quarter totaled $30.4 million.
As of March 31, 2026, Northern Oil had $37 million in cash and cash equivalents. The company had a long-term debt of $2.6 billion, with a debt-to-capitalization of 58.8%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Important Energy Earnings at a GlanceWhile we have discussed NOG’s first-quarter results in detail, let us take a look at three other key reports in the energy space.
Patterson-UTI Energy, Inc. (PTEN - Free Report) reported a first-quarter 2026 adjusted net loss of 6 cents per share, narrower than the Zacks Consensus Estimate of a 10-cent loss. However, the bottom line decreased from the year-ago quarter's breakeven result due to a decrease in operating income in its Drilling Services, Completion Services and Drilling Products segments.
Total revenues of $1.1 billion beat the Zacks Consensus Estimate by 3.1%. This was driven by higher-than-expected revenues from the Drilling Services and Completion Services segments. The Drilling Services and Completion Services segments reported revenues of $351.7 million and $679.6 million, which beat the consensus mark of $350 million and $37.1 million, respectively. However, the top line decreased about 12.8% year over year. This underperformance can be attributed to the decrease in year-over-year segment revenues.
As of March 31, 2026, the company had cash and cash equivalents worth $337.2 million and long-term debt of $1.2 billion. Its debt-to-capitalization was 27.8%.
NOV Inc. (NOV - Free Report) reported first-quarter 2026 adjusted earnings of 15 cents per share, which missed the Zacks Consensus Estimate of 17 cents. The bottom line also decreased 21% from the year-ago quarter’s 19 cents.
The oil and gas equipment and services company’s total revenues of $2.05 billion beat the Zacks Consensus Estimate by $2 million but fell 2.4% from the year-ago quarter’s figure of $2.1 billion.
The lower-than-expected quarterly earnings of the company were primarily attributable to conflict in the Middle East, which disrupted logistics, delayed deliveries and increased operational costs.
As of March 31, the company had cash and cash equivalents of $1.3 billion and long-term debt of $1.7 billion with a debt-to-capitalization of 21.2%. NOV had $1.5 billion available on its primary revolving credit facility during the same time.
Nabors Industries Ltd. (NBR - Free Report) reported a first-quarter 2026 adjusted loss of $1.54 per share, narrower than the Zacks Consensus Estimate of a loss of $2.39. Additionally, the metric is significantly above the prior-year quarter’s reported loss of $7.5 per share. This outperformance was mainly driven by higher adjusted operating income from its International Drilling segment.
The oil and gas drilling company’s operating revenues of $783.5 million beat the Zacks Consensus Estimate of $779 million. The top line also increased from the year-ago quarter’s $736.2 million, primarily supported by higher contributions from the U.S. Drilling, International Drilling and Drilling Solutions segments.
As of March 31, 2026, Nabors had $500.9 million in cash and short-term investments. Long-term debt was about $2.1 billion, with a debt-to-capitalization of 78.8%.
Northern Oil and Gas (NOG) receives a 'Hold' rating with a $16/share price target, citing excessive volatility and complex financials. NOG's non-operator model, heavy hedging, and reliance on M&A introduce significant risks, limiting upside from high oil prices. Despite record production and a high yield, negative GAAP earnings, dilution, and high leverage undermine the investment case.
For the quarter ended March 2026, Northern Oil and Gas (NOG - Free Report) reported revenue of $539.86 million, down 6.4% over the same period last year. EPS came in at $0.74, compared to $1.33 in the year-ago quarter.
The reported revenue represents a surprise of +5.57% over the Zacks Consensus Estimate of $511.4 million. With the consensus EPS estimate being $0.71, the EPS surprise was +4.23%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Northern Oil and Gas performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Average Daily Production - Total: 148,303.00 BOE/D versus the five-analyst average estimate of 141,049.30 BOE/D.Average Daily Production - Oil: 73,567.00 BBL/D versus the five-analyst average estimate of 71,669.23 BBL/D.Average Daily Production - Natural Gas and NGLs: 448,444.00 Mcf/D versus 416,720.50 Mcf/D estimated by five analysts on average.Average Sales Prices - Natural Gas and NGLs Net of Settled Natural Gas Derivatives: $2.77 compared to the $3.26 average estimate based on four analysts.Average Sales Prices - Oil Net of Settled Oil Derivatives: $62.00 compared to the $62.19 average estimate based on four analysts.Net Production - Natural Gas and NGLs: 40,360.00 Mcf compared to the 37,818.07 Mcf average estimate based on three analysts.Net Production - Oil: 6,621.00 KBBL versus 6,427.38 KBBL estimated by three analysts on average.Net Production - Total: 13,347.00 KBOE compared to the 12,730.40 KBOE average estimate based on three analysts.Average Sales Prices - Oil: $66.32 versus the two-analyst average estimate of $59.35.Net Sales- Oil and Gas Sales: $539.86 million versus the three-analyst average estimate of $514.84 million. The reported number represents a year-over-year change of -6.4%.Net Sales- Oil Sales: $439.08 million versus the two-analyst average estimate of $375.33 million. The reported number represents a year-over-year change of -4.5%.Net Sales- Natural Gas and NGL Sales: $100.77 million versus the two-analyst average estimate of $122.85 million. The reported number represents a year-over-year change of -14.1%.View all Key Company Metrics for Northern Oil and Gas here>>>
Shares of Northern Oil and Gas have returned -11.7% over the past month versus the Zacks S&P 500 composite's +11% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Zacks' 7 Best Strong Buy Stocks (New Research Report) Valued at $99, click below to receive our just-released report predicting the 7 stocks that will soar highest in the coming month.
Click Here, It's Really Free
Published in earnings earnings-estimates-revisions earnings-surprise
MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG” or the “Company”) today announced that its Board of Directors has declared a cash dividend on the Company's common stock. DIVIDEND DECLARATION NOG's Board of Directors has declared a cash dividend in the amount of $0.45 per share, representing an equal amount to the prior quarterly dividend. The dividend is payable on July 31, 2026, to stockholders of record as of the close of business on June 29, 2026. ABOUT NOG NOG is.
