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Northern OIL & GAS, Inc. (NOG) stock

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NYSE: NOG NYSE Oil & Gas Exploration & Production Next results ~November 5, 2026

D Fundamentals grade

Northern OIL & GAS, Inc. is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$55

Valuation models combined (2)

Base case. Range ~$38–$72. Weighted average of 2 models (forward price-to-earnings vs peers, justified price-to-book).

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Northern OIL & GAS, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 0 selling3 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds180 adding, 180 cuttingOf 54 active managers that changed their stake, 26 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Northern OIL & GAS files

Where Northern OIL & GAS stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.92bn, down 25.6% on a year earlier, a steeper fall than the 22.7% decline a quarter earlier. That puts it 25 of 25 for growth among the oil & gas exploration & production companies we cover. Free-cash-flow margin rose to 75.7% from 58.5% a year earlier. Operating margin narrowed to -24.1% from 37.7%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 7 financial-health checks. Our valuation models combined value is $105 a share, against a share price of $28.46.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Northern OIL & GAS, Inc.'s trailing-twelve-month revenue fell 25.6% year on year, with a free-cash-flow margin of 75.7%. Where it stands out: free-cash-flow margin of 75.7% ranks 2 of 51 oil & gas exploration & production companies we cover. Where it lags: long-term debt as % of assets of 46.8% ranks 41 of 43 oil & gas exploration & production companies we cover.

Our discounted-cash-flow model values the business at ~$210 per share in the base case (~$160–$290 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Gross margin compressing: TTM gross margin fell to 74.2%, down 8.0pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 75.7% of revenue turned into free cash flow, against a median of 23.2% for oil & gas exploration & production companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 20.6% over 90 days.

Things to watch

  • Revenue shrinking. Revenue fell 25.6% over the last 12 months.
  • Loss-making. Operating margin is -24.1%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 61.8 points on a year ago.
  • Volatile shares. Over the past year the shares showed annualised volatility of 45% and a beta of -0.6 against the S&P 500.
  • Growth easing. The growth rate is 2.9 points lower than a quarter earlier.
  • Gross margin slipping. Gross margin is down 8.0 points on a year ago.

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$1.13 against an average estimate of $1.12: beat by 0.6%
Revenue
$745m, up 5.4% on a year earlier
Share reaction
+3.5% in the first session after the results on October 13, 2026, against -1.1% for the S&P 500
Next report
November 5, 2026; average EPS estimate $1.06

Northern OIL & GAS's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-9.0%
  • 1 week-9.4%
  • 1 month+8.3%
  • This year+27.3%
  • 1 year+26.1%
  • 5 years+39.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.9B
Operating margin
-24.1%
Net margin
-25.4%
EPS (TTM, diluted)
$-4.81

Growth

Revenue growth
−25.6%
Change in growth rate
−2.9 pts
Share count change
+0.9%

Cash

Free cash flow (TTM)
$1.4B
FCF margin
75.7%
Stock pay % of revenue
0.8%

Earnings

Last results
October 13, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Announcement
  3. Agreement
  4. Financing
  5. Financing
  6. Announcement
  7. Results
  8. Dividend
  9. Announcement
  10. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Northern OIL & GAS, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Our value per share comes from a discounted-cash-flow model of Northern OIL & GAS, Inc.'s free cash flow after stock-based pay ( $1.3B, FY2026 Q1 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Northern OIL & GAS, Inc. as an oil and gas producer, with every model that fits that kind of business. Cost of equity 8.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.74 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Proved-reserve net asset value The SEC standardised measure of the company's proved oil and gas reserves (future net cash flows after tax at SEC average prices, discounted at 10%) less debt and other claims, per share. ~$11 Left out: far from the other models (more than 3x away from their median)
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$210 ~$160–$290 Left out: out of range vs price (8.28x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$38 ~$31–$59 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$140 ~$99–$190 Left out: out of range vs price (5.27x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$72 ~$60–$88 Included
Combined value Weighted average of the models that apply: the primary model (proved-reserve net asset value) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$55 ~$38–$72 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Northern OIL & GAS, Inc. with oil and gas producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$30.01$21.38$15.94$17.57$18.19$6.81$16.12$24.91$31.27$32.78$20.26$25.80
Market value$1.8bn$1.3bn$995m$416m$704m$291m$1.0bn$2.2bn$2.9bn$3.3bn$2.0bn$2.6bn
+ Net debt (− = net cash)$844m$838m$898m$833m$1.1bn$948m$795m$1.5bn$1.9bn$2.4bn$2.4bn$2.7bn
Enterprise value$2.7bn$2.1bn$1.9bn$1.2bn$1.8bn$1.2bn$1.8bn$3.7bn$4.7bn$5.7bn$4.4bn$5.3bn
Multiples
Price / sales 6.6x9.0x4.8x0.6x1.5x0.5x2.0x1.4x1.3x1.5x0.8x1.4x
Price / earnings ———2.9x——159.6x2.8x3.1x6.4x51.9x—
Price / free cash flow 7.4x12.9x13.6x1.7x6.4x1.0x—2.3x2.4x2.4x1.3x—
EV / EBITDA ——31.2x2.9x————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

55 /100

Moderate moat

How hard Northern OIL & GAS's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 1 / 20

    Net income has been a median 2.5% of total assets over 10 years.

  • Pricing power 17 / 20

    Gross margin has been a median 81.1%, moving by 5.2 percentage points (standard deviation) across 9 years.

  • Durability 8 / 20

    Operating margin has been a median 26.1%; its worst year was -101.3%.

  • Cash conversion 19 / 20

    Free cash flow was positive in 9 of 10 years, at a median 53.8% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 107.5% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $606m and EPS of $1.06 (range $0.82 to $1.35) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.22 −8% $2.2bn −12%
Next $5.03 +19% $2.5bn +15%

Next year's EPS estimate has moved +20.6% in 90 days, across 8 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.12 $1.13 +0.6%
Mar 2026 $0.68 $0.74 +9.3%
Dec 2025 $0.77 $0.83 +7.6%
Sept 2025 $0.87 $1.03 +18.3%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Northern OIL & GAS, Inc.'s revenue by +14.8% next year and +5.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+21.8%, weight 67%) and the company's own record (+0.5%, weight 33%) . How the weights are set.

Analyst recommendations

10 analysts, Oct 2026
Buy440%
Hold550%
Sell110%

Monthly trend

  1. Oct 2026135110
  2. Sep 202613419
  3. Aug 202613419
  4. Jul 202613419

Counts of recommendations published by analysts covering Northern OIL & GAS, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
24.1%
of tradable shares
Days to cover
10.05
at average volume
Short interest, 1 month
−1%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
2.9%
of shares
Employees
64
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +26.1%

$20.45 on October 31, 2025 to $25.80

ThenNowEffect
Revenue (last 12 months) $2.6bn $1.9bn −25.6%
P/S multiple 0.8x 1.4x +71.1%
Share count 100m 101m −0.9%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −20.2%

$32.34 on November 3, 2023 to $25.80

ThenNowEffect
Revenue (last 12 months) $2.2bn $1.9bn −13.7%
P/S multiple 1.3x 1.4x +4.5%
Share count 89m 101m −11.6%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NOG+137%+55%+26%+5%−38%+27%
Industry peers (median)+86%+55%−8%+1%−15%+17%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NOG67%67%50%58%25%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NOG−33%−39%−24%−21%−50%−41%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 94% from November 5, 2015 to November 6, 2020. Getting back needed a 1600% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$17.03 – $29.08
From 52-week high
−11.3%
vs 50-day average
+1.3%
vs 200-day average
+8.7%
Volatility (1 year)
45%
Beta vs S&P 500
-0.60

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±5.1%
After a week
9 up, 3 down
typical move ±7.4%
After a month
8 up, 3 down
typical move ±16.1%
Results releasedNext dayS&P 500 next day5 days21 days
October 13, 2026 +3.5% −1.1% +8.3% —
August 6, 2026 +9.3% +0.5% +23.7% +31.1%
July 13, 2026 +8.7% −0.4% +14.6% +30.9%
April 28, 2026 +4.0% −0.5% −0.8% −19.1%
February 25, 2026 −3.4% +0.3% +4.4% +11.9%
February 10, 2026 +2.7% −0.3% +5.7% +6.7%
November 6, 2025 +5.5% −1.0% +7.9% +17.8%
October 21, 2025 +0.5% −0.5% +1.7% +3.9%
July 31, 2025 −12.5% −2.0% −13.8% −8.5%
July 24, 2025 +1.5% +0.5% +0.3% −10.6%
April 29, 2025 −2.0% +0.7% −1.4% +9.5%
April 16, 2025 +7.8% −2.1% +5.9% +26.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Northern OIL & GAS, Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Northern OIL & GAS, Inc.
$1.5B $2B $2.5B $3B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.7B Revenue (TTM), FY23 Q4: $2.2B Revenue (TTM), FY24 Q1: $2B Revenue (TTM), FY24 Q2: $2.1B Revenue (TTM), FY24 Q3: $2.5B Revenue (TTM), FY24 Q4: $2.2B Revenue (TTM), FY25 Q1: $2.4B Revenue (TTM), FY25 Q2: $2.6B Revenue (TTM), FY25 Q3: $2.4B Revenue (TTM), FY25 Q4: $2.5B Revenue (TTM), FY26 Q1: $1.9B Revenue (TTM), FY26 Q2: $1.9B $1.9B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1.7B
FY23 Q4 $2.2B
FY24 Q1 $2B
FY24 Q2 $2.1B
FY24 Q3 $2.5B
FY24 Q4 $2.2B
FY25 Q1 $2.4B
FY25 Q2 $2.6B
FY25 Q3 $2.4B
FY25 Q4 $2.5B
FY26 Q1 $1.9B
FY26 Q2 $1.9B
Revenue growth, TTM YoY Northern OIL & GAS, Inc.
-40% -20% 0% 20% 40% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 12.9% Revenue growth, TTM YoY, FY23 Q4: 5.2% Revenue growth, TTM YoY, FY24 Q1: -9.4% Revenue growth, TTM YoY, FY24 Q2: -7.0% Revenue growth, TTM YoY, FY24 Q3: 43.7% Revenue growth, TTM YoY, FY24 Q4: 2.7% Revenue growth, TTM YoY, FY25 Q1: 22.8% Revenue growth, TTM YoY, FY25 Q2: 24.8% Revenue growth, TTM YoY, FY25 Q3: -4.9% Revenue growth, TTM YoY, FY25 Q4: 11.2% Revenue growth, TTM YoY, FY26 Q1: -22.7% Revenue growth, TTM YoY, FY26 Q2: -25.6% -25.6%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 12.9%
FY23 Q4 5.2%
FY24 Q1 -9.4%
FY24 Q2 -7.0%
FY24 Q3 43.7%
FY24 Q4 2.7%
FY25 Q1 22.8%
FY25 Q2 24.8%
FY25 Q3 -4.9%
FY25 Q4 11.2%
FY26 Q1 -22.7%
FY26 Q2 -25.6%
Operating margin (TTM) Northern OIL & GAS, Inc.
-50% 0% 50% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 46.2% Operating margin (TTM), FY23 Q4: 51.8% Operating margin (TTM), FY24 Q1: 41.1% Operating margin (TTM), FY24 Q2: 38.6% Operating margin (TTM), FY24 Q3: 47.5% Operating margin (TTM), FY24 Q4: 37.6% Operating margin (TTM), FY25 Q1: 41.7% Operating margin (TTM), FY25 Q2: 37.7% Operating margin (TTM), FY25 Q3: 17.3% Operating margin (TTM), FY25 Q4: 9.9% Operating margin (TTM), FY26 Q1: -34.0% Operating margin (TTM), FY26 Q2: -24.1% -24.1%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 46.2%
FY23 Q4 51.8%
FY24 Q1 41.1%
FY24 Q2 38.6%
FY24 Q3 47.5%
FY24 Q4 37.6%
FY25 Q1 41.7%
FY25 Q2 37.7%
FY25 Q3 17.3%
FY25 Q4 9.9%
FY26 Q1 -34.0%
FY26 Q2 -24.1%
FCF margin (TTM) Northern OIL & GAS, Inc.
50% 60% 70% 80% FY23 Q2 FY24 Q1 FY24 Q4 FY26 Q1 FCF margin (TTM), FY23 Q2: 51.4% FCF margin (TTM), FY23 Q3: 64.7% FCF margin (TTM), FY23 Q4: 54.6% FCF margin (TTM), FY24 Q1: 65.9% FCF margin (TTM), FY24 Q2: 64.8% FCF margin (TTM), FY24 Q3: 58.3% FCF margin (TTM), FY24 Q4: 63.3% FCF margin (TTM), FY25 Q1: 58.5% FCF margin (TTM), FY25 Q2: 56.1% FCF margin (TTM), FY25 Q3: 62.3% FCF margin (TTM), FY25 Q4: 60.8% FCF margin (TTM), FY26 Q1: 75.7% 75.7%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q2 51.4%
FY23 Q3 64.7%
FY23 Q4 54.6%
FY24 Q1 65.9%
FY24 Q2 64.8%
FY24 Q3 58.3%
FY24 Q4 63.3%
FY25 Q1 58.5%
FY25 Q2 56.1%
FY25 Q3 62.3%
FY25 Q4 60.8%
FY26 Q1 75.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Northern OIL & GAS took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $2.5B
  2. Cost of revenue $474M · 19.1%
  3. Gross profit $2B · 80.9%
  4. Selling, general and admin $61.3M · 2.5%
  5. Other operating costs $1.7B · 68.5%
  6. Operating income $246M · 9.9%
  7. Income tax $23.9M · 1.0%
  8. Interest and other $183M · 7.4%
  9. Net income $38.8M · 1.6%

Shares of revenue. Source: Northern OIL & GAS's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 14 45 149 312 336 595 275 145 209 679 472 552 497 1,571 2,166 2,226 2,476 1,917
Gross profit — — — — — — — 99 160 612 354 436 326 1,310 1,819 1,796 2,002 1,422
EBITDA 4 12 68 130 118 305 −1,119 −229 61 433 — — — — — — — —
Operating income 4 12 67 129 118 305 −1,119 −229 60 433 56 −841 78 853 1,122 838 246 −462
Net income 3 7 41 72 53 164 −975 −293 −9 144 −76 −906 6 773 923 520 39 −486
Diluted EPS $0.08 $0.14 $6.50 $11.50 $8.50 $26.90 −$160.80 −$48.00 −$1.50 $6.07 −$2.00 −$21.55 −$0.13 $8.92 $10.03 $5.14 $0.39 −$4.81
Growth (year on year)
Revenue — +213.3% +235.3% +108.6% +7.8% +77.2% −53.8% −47.3% +44.5% +224.3% −30.4% +16.9% −10.0% +216.1% +37.9% +2.7% +11.2% −25.6%
EBITDA — +176.8% +478.2% +91.8% −8.7% +158.2% −466.3% — — +613.0% — — — — — — — —
Operating income — +178.6% +484.5% +92.0% −8.6% +158.6% −466.8% — — +615.1% −87.2% <−999% — +994.4% +31.5% −25.3% −70.7% −147.5%
Net income — +147.1% +487.1% +78.0% −26.6% +208.6% −695.7% — — — −153.1% — — — +19.4% −43.6% −92.6% −179.8%
Diluted EPS — +75.0% +>999% +76.9% −26.1% +216.5% −697.8% — — — −132.9% — — — +12.4% −48.8% −92.4% −179.1%
Margins
Gross margin — — — — — — — 68.5% 76.2% 90.2% 74.8% 78.9% 65.6% 83.4% 84.0% 80.7% 80.9% 74.2%
EBITDA margin 29.7% 26.2% 45.2% 41.6% 35.2% 51.3% −406.9% −158.1% 29.0% 63.7% — — — — — — — —
Operating margin 29.0% 25.8% 45.0% 41.4% 35.1% 51.3% −407.0% −158.2% 28.9% 63.7% 11.8% −152.3% 15.7% 54.3% 51.8% 37.6% 9.9% −24.1%
Net margin 19.7% 15.5% 27.2% 23.2% 15.8% 27.5% −354.6% −202.5% −4.4% 21.2% −16.2% −164.1% 1.3% 49.2% 42.6% 23.4% 1.6% −25.4%
Free-cash-flow margin 68.8% 159.9% 56.7% 63.6% 66.2% 46.1% 89.8% 70.2% 34.9% 36.0% 23.4% 51.6% −2.8% 58.8% 54.6% 63.3% 60.8% —
Cash flow
Cash from operations 10 73 85 199 223 274 247 102 73 244 340 332 396 928 1,183 1,409 1,505 1,381
Capital spending 0 2 0 0 0 0 0 0 0 0 229 47 410 5 1 0 1 —
Free cash flow 10 71 85 198 222 274 247 102 73 244 111 285 −14 924 1,182 1,409 1,505 —
Stock-based pay 1 4 6 12 5 3 5 3 3 4 8 4 4 6 6 12 15 16
Free cash flow after stock pay 9 68 79 186 218 271 242 98 70 240 103 281 −18 918 1,176 1,397 1,489 —
Balance sheet
Cash 6 152 6 13 6 9 3 6 102 2 16 1 10 3 8 9 14 48
Total debt 0 0 70 300 510 508 848 844 1,000 835 1,128 950 805 1,543 1,866 2,395 2,423 2,750
Net debt (negative = net cash) −6 −152 64 287 504 499 844 838 898 833 1,112 948 795 1,541 1,858 2,386 2,409 2,702
Diluted shares 37m 51m 62m 63m 63m 61m 61m 61m 62m 24m 39m 43m 63m 87m 92m 101m 99m 101m
Returned to shareholders
Dividends — — — — — — — — — — 0 0 5 52 124 162 173 179
Buybacks 0 0 1 2 26 16 0 0 0 22 15 0 0 55 8 94 57 57
Total returned 0 0 1 2 26 16 0 0 0 22 15 0 5 106 132 256 230 236

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · June 30, 2026
What it owns · $5.8bn
Short-term assets $502mLonger-term assets $5.3bn
What it owes, and who funded it · $5.8bn
Short-term liabilities $630mLonger-term liabilities $3.2bnShareholders' equity $2.0bn
  • Short-term assets cover short-term liabilities $502m of assets due within a year against $630m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $502m short-term assets against $3.2bn of longer-dated liabilities.
  • More cash than debt $48m of cash against $2.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 137% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 373% to 137% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.4bn of operating cash flow against $2.7bn of debt.
  • Operating profit covers interest at least five times over Operating income of −$462m against $168m of interest.

From Northern OIL & GAS, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$57.1M
Dividends (TTM)
$179M
Returned to shareholders
15%
of free cash flow
Buybacks, last 3 fiscal years
$160M
Diluted share count
+0.9%
year over year
Total shareholder yield
8.6%
dividends 6.5% + buybacks 2.1% of market value
Days sales outstanding
72 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in oil & gas exploration & production
Last 12 months unless stated NOG TALO CRK KOS GPOR MGY Median
Revenue, last 12 months $1.9bn $2.0bn $2.2bn $1.7bn $1.5bn $1.5bn $1.4bn
Revenue growth, last 12 months −25.6% 2.4% 31.6% 20.9% 35.2% 11.4% 10.6%
Revenue growth, 3-year average −4.8% 12.0% −9.0% −0.4% −11.4% 1.4% 1.4%
Revenue growth, latest quarter 5.4% 56.5% −24.9% 31.9% −27.8% 50.1% 31.5%
Gross margin 74.2% — — — 76.3% — 75.2%
Operating margin −24.1% −12.7% 28.8% — 45.0% 38.0% 21.1%
Operating margin, 3-year average 17.4% −1.9% 12.5% — 25.2% 39.2% 16.5%
Net margin −25.4% −20.5% 23.3% −27.4% 32.3% 28.8% 10.1%
Cash from operations / revenue 72.0% 39.9% 37.6% 28.6% 54.4% 70.1% 42.4%
Free-cash-flow margin 75.7% −8.8% −33.8% 28.6% 16.2% 36.9% 19.3%
Free-cash-flow margin, 3-year average 66.7% −5.0% −34.0% 28.0% 17.2% 34.2% 19.1%
Stock pay / revenue 0.8% 1.1% 1.2% 1.5% 0.7% 2.4% 1.5%
Change in share count 0.9% −5.1% 0.9% 15.1% 4.7% −2.5% 0.4%

Median of all 57 companies we cover in oil & gas exploration & production. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 oil & gas exploration & production companies
Measure Company Peer median Rank
Revenue growth Growth -25.6% 10.6% 54 of 57
Change in growth rate Growth -2.9pp +4.9pp 44 of 57
Gross margin Profitability 74.2% 83.5% 8 of 12
Operating margin Profitability -24.1% 19.9% 37 of 42
Net margin Profitability -25.4% 10.1% 49 of 57
Free-cash-flow margin Cash generation 75.7% 23.2% 2 of 51
Stock pay as % of revenue Cash generation 0.8% 1.2% 13 of 47
Long-term debt as % of assets Balance sheet 46.8% 17.6% 41 of 43
Change in share count Balance sheet 0.9% 0.4% 28 of 48
Days sales outstanding Balance sheet 72 days 41 days 39 of 42

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Oil Gas and Natural Gas Production $2.1B ▼ 3.3%
Oil and Gas $2.1B ▼ 3.3%
Oil Reserves $1.6B ▼ 14.2%
Natural Gas and NGL $454M ▲ 78.5%
Other $13.8M ▲ 17.9%

These categories overlap or exclude eliminations, so shares aren't shown.

From Northern OIL & GAS, Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2B
Institutions reporting
338
Shares held vs prior quarter
▼ 3.5%
Positions opened / closed
52 / 71

Top buyers and sellers, Q2 2026: 180 institutions bought and 180 sold ; the biggest buyer was Millennium Management LLC (+1.8M shares) and the biggest seller FMR LLC (−4.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $291M 16.0M 14.6% ▲ 2.1%
American Century Companies Inc $153M 8.5M 7.7% ▲ 6.1%
State Street Corp $134M 7.2M 6.7% ▲ 9.8%
Vanguard Portfolio Management LLC $124M 6.9M 6.3% ▲ 4.2%
Invesco Ltd. $109M 6.0M 5.5% ▲ 8.9%
Vanguard Capital Management LLC $83.2M 4.6M 4.2% ▲ 1.8%
Dimensional Fund Advisors LP $81.5M 4.5M 4.1% ▲ 8.2%
Geode Capital Management, LLC $49.2M 2.7M 2.5% ▲ 10.9%
Millennium Management LLC $41.8M 2.3M 2.1% ▲ 327.6%
UBS Group AG $38M 2.1M 1.9% ▼ 20.0%
Goldman Sachs Group Inc $35M 1.9M 1.8% ▲ 38.5%
Morgan Stanley $34M 1.9M 1.7% ▼ 21.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Northern OIL & GAS, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1.1M 3 trades by 2 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $1.1M net buying
Insider Date Trade Shares Price Value
Akradi Bahram Director June 22, 2026 Buy 25,760 $19.40 $499,744
Easley Roy Ernest Director December 11, 2025 Buy 10,000 $23.38 $233,800
Easley Roy Ernest Director December 10, 2025 Buy 15,000 $24.46 $366,900

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 2 trades and filings

No trades in Northern OIL & GAS, Inc. disclosed in the last 12 months; 2 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded August 4, 2025, filed September 12, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded July 16, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

  • October 13, 2026
  • August 6, 2026
  • July 13, 2026
  • April 28, 2026
  • February 25, 2026
  • February 10, 2026

Recent SEC filings

Data status

When each part of this page on Northern OIL & GAS, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Northern OIL & GAS, Inc. in brief

What does Northern OIL & GAS, Inc. do?
Northern OIL & GAS, Inc. is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.
What is Northern OIL & GAS, Inc.'s stock ticker?
Northern OIL & GAS, Inc. trades under the ticker NOG on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Northern OIL & GAS, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Northern OIL & GAS, Inc. reported revenue of $1.9B, 25.6% lower than a year earlier, according to its SEC filings.
What is Northern OIL & GAS, Inc.'s free cash flow?
Northern OIL & GAS, Inc.'s free-cash-flow margin is 75.7% of revenue over the trailing twelve months, ranking 2 of the 51 oil & gas exploration & production companies we cover.
Who are Northern OIL & GAS, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., American Century Companies Inc and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Northern OIL & GAS, Inc. buying back stock, and does it pay a dividend?
Northern OIL & GAS, Inc. spent $57.1M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.9% over the year.
What is Northern OIL & GAS, Inc.'s market cap?
On November 2, 2026, Northern OIL & GAS, Inc.'s market capitalisation was about $2.6B and net debt of $2.7B. Market figures come from third-party market data and may be delayed.
Does Northern OIL & GAS, Inc. pay a dividend?
Yes: Northern OIL & GAS, Inc. paid $179M in dividends over the trailing twelve months, a dividend yield of 6.52%.
How much debt does Northern OIL & GAS, Inc. have?
Northern OIL & GAS, Inc.'s debt-to-equity ratio is 136.6%, from its latest balance sheet (373.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are Northern OIL & GAS, Inc.'s competitors?
In our Oil & Gas Exploration & Production peer group, the companies closest to Northern OIL & GAS, Inc. are Talos Energy Inc., Comstock Resources Inc, Kosmos Energy Ltd., Gulfport Energy Corp and Magnolia Oil & Gas Corp. The side-by-side comparison below sets their revenue, margins and growth against Northern OIL & GAS, Inc.'s.
Are insiders buying or selling Northern OIL & GAS, Inc. stock?
Over the last 12 months, Northern OIL & GAS, Inc.'s directors and officers reported 3 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Northern OIL & GAS, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Northern OIL & GAS, Inc. announces its own schedule.