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.
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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).
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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.
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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.
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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).
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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.
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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.
MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG”) today announced that it has agreed to purchase an undivided 25% interest in the Light-Oil Duvernay Assets owned and operated by Parallax Energy Operating Inc. (“Parallax” or the “Seller”).
MANAGEMENT COMMENTS
"Quality oil inventory is becoming increasingly scarce, and NOG's scaled non-operated model positions us to access opportunities that most in our sector cannot. Our ability to structure creative, accretive transactions with best-in-class operators is what sets NOG apart. The Duvernay is one of North America's premier light oil resources — high-quality, low-cost, long-life inventory with meaningful upside that remains largely untapped. Parallax is led by a team with a demonstrated track record of developing Duvernay assets, backed by Carnelian Energy Capital, one of North America’s leading energy investors. The decision to incorporate equity consideration aligns mutual interests while enhancing our per-share metrics and balance sheet. This transaction is the result of disciplined evaluation of the meaningful opportunities we see in Canada, and a direct reflection of our ability to identify and convert high-quality assets into long-term value for shareholders."
LIGHT-OIL DUVERNAY ACQUISITION
The Assets are comprised of an undivided non-operated interest which includes, net to NOG, ~4,000 Boe per day of production and ~75,000 acres in the Light-Oil Duvernay Shale at an initial unadjusted purchase price of CA$350 million (~US$259 million), subject to typical closing adjustments. The initial unadjusted purchase price will be funded with CA$113 million (~US$83.5) million of NOG common stock issued to the Seller at closing, with the remaining consideration sourced from cash on hand, operating free cash flow and borrowings under NOG’s revolving credit facility.
In addition, NOG has agreed to additional contingent consideration of CA$25 million (~US$18.5 million), payable in cash or common stock (at NOG’s election) in the first quarter of 2028 if certain average oil prices are achieved through the end of 2027.
The acquired Assets include over 500 gross high-quality, low breakeven locations. Substantially all the Assets are operated by Parallax, with NOG participating in development pursuant to a long-term Joint Development Agreement with multi-year drilling commitments entered into in connection with the acquisition.
NOG expects average production for the properties for full year 2027 of ~4,000 Boe per day (2-stream, ~80% oil). Operating costs are expected to be less than $7.50 per Boe/d, below NOG’s corporate average. NOG expects to incur up to US$40 - $45 million in capital expenditures on the assets post-closing in 2026, and US$45 - $50 million in 2027.
In connection with the transaction, NOG intends to enter into derivatives transactions to hedge currency fluctuations related to operating costs on a multi-year basis. Depending on market conditions, NOG may also repurchase a portion of the stock consideration in the open market.
The effective date for the transaction is April 1, 2026, and NOG expects to close the transaction late in the second quarter of 2026. As part of the transaction, NOG has formed a wholly-owned Canadian subsidiary, NOG Energy Canada, Ltd.
ADVISORS
Citigroup Global Markets acted as exclusive advisor to NOG on the transaction. Kirkland & Ellis LLP and Blakes, Cassels & Graydon LLP are serving as Northern’s legal advisors.
National Bank Capital Markets and RBC Capital Markets acted as financial advisors to Parallax on the transaction. Stikeman Elliot LLP served as Parallax's legal advisor.
UPDATED COMPANY GUIDANCE
NOG is providing updated company guidance proforma for the light-oil Duvernay acquisition in line with the “high-end” of the former low activity range; consistent with commentary on our first quarter 2026 earnings call.
Prior FY2026 Low Activity Guidance
Revised FY2026 Annual Guidance
Annual Production (2-stream, Boe/day)
139,000 – 143,000
143,000 – 148,000
Annual Oil Production
68,000 – 72,000
71,500 – 73,500
Net Wells Turned - in- Line (TILs)
68.0 – 72.0
74.0 – 76.0
Total Budgeted Capital Expenditures ($MM)
$850 – $900
$850 – $900
LOE/Production Expenses (per Boe)
$9.65 - $10.10
$9.70 - $9.90
Cash G&A (ex-transaction costs) (per Boe)
$0.81 - $0.86
$0.83 - $0.86
Non-Cash G&A (per Boe)
$0.25 - $0.30
$0.25 - $0.30
Production Taxes (as a % of Oil & Gas Sales)
7% - 8%
7.5% – 8.0%
Oil Differential to NYMEX WTI (per Bbl)
($5.35) – ($6.00)
($5.25 - $5.60)
Gas Realization as a % of Henry Hub/MCF
70% - 75%
70.0% – 72.5%
DD&A Rate per BOE
$15.00 – $16.00
$15.00 - $15.50
Updates to guidance are comprised of:
As described on Q1 call, stand-alone oil production update consistent with “high-end of the low case” from prior guidance Gas volume increase driven by better well performance and timing Minor contribution from pending Duvernay acquisition (late 2Q assumed closing) Capital expenditures, even inclusive of Duvernay transaction, remain unchanged, driven primarily by cost efficiencies LOE guidance updated toward low end of previous guidance Material improvement to oil differentials for the year, driven primarily by Williston pricing Overall gas differentials slightly lower, driven by Waha, mostly offset by Appalachian NGL pricing 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.
ABOUT PARALLAX ENERGY OPERATING INC.
Parallax Energy Operating Inc., an independent oil and natural gas company based in Calgary, Alberta, formed in partnership with funds managed by Carnelian Energy Capital Management, L.P., is focused on leasing, developing and operating oil and gas properties throughout Western Canada. For more information, please visit www.parallaxenergy.ca.
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 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this release regarding NOG’s financial position, common stock dividends, including any increases thereto, business strategy, plans and objectives of management for future operations and industry conditions 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 sales, market size, collaborations, 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 properties and properties pending acquisition, the effects of the COVID-19 pandemic and related economic slowdown, NOG’s ability to acquire additional development opportunities, changes in NOG’s reserves estimates or the value thereof, general economic or industry conditions, nationally and/or in the communities in which NOG conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, NOG’s ability to consummate any pending acquisition transactions (including the transactions described herein), other risks and uncertainties related to the closing of pending acquisition transactions (including the transactions described herein), NOG’s ability to raise or access capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting NOG’s operations, products, services and prices.
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. NOG does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.
It has been about a month since the last earnings report for Northern Oil and Gas (NOG - Free Report) . Shares have lost about 23.6% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Northern Oil and Gas due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.
Northern Oil Q1 Earnings & Revenues Beat Estimates, Down Y/YNorthern Oil and Gas 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.
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.
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 ExpendituresThe 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.
Financial PositionThe 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%.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates revision.
The consensus estimate has shifted 10.35% due to these changes.
VGM ScoresCurrently, Northern Oil and Gas has a average Growth Score of C, however its Momentum Score is doing a lot better with an A. Following the exact same course, the stock was allocated a score of A on the value side, putting it in the top quintile for value investors.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Northern Oil and Gas has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
