Northern Oil and Gas, Inc. (NOG) AI Stock Analysis

Northern Oil and Gas, Inc. is an independent energy company focused on the acquisition, exploration, exploitation, development, and production of crude oil and natural gas properties across the United States. Its core operational areas include the Williston Basin, Appalachian Basin, and Permian Basin. As of December 31, 2021, the company held working interests in 7,436 gross producing wells and reported proven reserves totaling 287,682 million barrels of oil equivalent. Headquartered in Minnetonka, Minnesota, Northern Oil and Gas operates as a non-operator partner, investing alongside leading exploration and production operators to maximize asset value.

Between FY2020 and FY2025, Northern Oil and Gas expanded revenue at a 5-year CAGR of 45.2%. In FY2021, revenue of $975.1M rose 200.9%, followed by 103.7% growth to $1.99B in FY2022. FY2023 revenue dropped 4.0% to $1.91B before rebounding 13.5% to $2.16B in FY2024. In FY2025, revenue contracted 3.2% to $2.10B, with net income falling to $38.8M from $520.3M in FY2024, resulting in a net margin of 1.9%. Gross margin decreased from 60.1% in FY2021 to 32.2% in FY2025. Over the trailing twelve months, revenue was $2.01B with a profit margin of -24.1%. In the latest quarter ended June 30, 2026, quarterly revenue increased 16.0% and earnings grew 119.0% year-over-year.

As of June 30, 2026, Northern Oil and Gas held $47.6M in cash and short-term investments against $2.72B in total debt, leading to net debt of $2.68B and total assets of $5.83B. Shareholders' equity stood at $2.00B, resulting in a debt-to-equity ratio of 1.37 and a current ratio of 0.80. Operating cash flow grew to $1.51B in FY2025, generating $252.8M in free cash flow after capital expenditures of $1.25B. Cash allocation in FY2025 included $173.4M in dividends paid and $57.0M in share buybacks.

Northern Oil and Gas trades at a forward P/E of 4.6x, well below the 12.7x median of its US-listed Energy peers. Its price-to-sales multiple is 1.4x versus the peer median of 1.8x, while its EV-to-EBITDA stands at 16.0x compared to the peer median of 8.0x. The company holds an enterprise value of $5.14B against a market cap of $2.89B. Over the past year, NOG stock gained 37.2%, outperforming the SPY return of 16.8%, but over 5 years its 38.6% return trailed the SPY return of 83.0%.

Northern Oil and Gas pays a quarterly dividend of $1.80 annually, representing a forward dividend yield of 6.63%. The company has paid consecutive dividends for 6 years and carries a payout ratio of 48.3%. The most recent ex-dividend date was September 29, 2026.

Wall Street coverage includes 3 Strong Buy, 1 Buy, 4 Hold, 0 Sell, and 1 Strong Sell recommendations. The mean price target is $31.00, representing a 14.1% upside from the last close of $27.16. For the fiscal year ending December 31, 2026, consensus calls for revenue of $2.17B and EPS of $4.22. Northern Oil and Gas beat EPS estimates in 3 of the last 4 quarters, with its next earnings report scheduled for November 5, 2026.

This page is an AI-written research summary of Northern Oil and Gas, Inc. (NOG). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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