Northern Oil and Gas
Owner of non-operated oil and gas interests across major North American basins.
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Profile
Acquires non-operated minority working and mineral interests in oil and natural gas properties across major U.S. basins and Alberta's Duvernay. Production sales generate revenue while third-party partners operate every well, leaving capital allocation and acquisitions at the center of the model.
Acquires minority working and mineral interests in oil and natural gas properties, then receives its share of production sales while third-party operators drill and run the wells. The portfolio spans the Williston, Permian, Appalachian, and Uinta basins in the United States plus the Duvernay in Alberta, Canada; all activities remain in one upstream reportable segment.
Builds the portfolio through larger asset purchases and a "ground game" of smaller lease acquisitions, with flexibility to elect participation and commit capital on a well-by-well basis. This structure spreads exposure across many wells and operating partners without an operated drilling fleet. Results depend on oil and gas prices, acquisition execution, operator capital and development decisions, reserve estimates, transportation capacity, and evolving environmental rules.
Company facts
Key statistics
Year to date +16.9% · Average volume (30d) 2.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 15, 2026 | Raymond James | Reiterate | Outperform | $30 | $28 | |
| Jun 29, 2026 | Morgan Stanley | Reiterate | Underweight | $29 | $25 | |
| Jun 15, 2026 | Raymond James | Reiterate | Outperform | $35 | $30 | |
| May 22, 2026 | Morgan Stanley | Reiterate | Underweight | $28 | $29 | |
| May 21, 2026 | Raymond James | Downgrade | Strong Buy | Outperform | $50 | $35 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $1.18 | $1.13 | −4.2% | $594.1M | $745.2M | +25.4% | +6.51% |
| Apr 28, 2026Q1 FY26 | $0.71 | $0.74 | +4.2% | $511.4M | $5.0M | −99.0% | +1.42% |
| Feb 25, 2026Q4 FY25 | $0.77 | $0.83 | +7.5% | $520.5M | $610.2M | +17.2% | −0.87% |
| Nov 6, 2025Q3 FY25 | $0.82 | $1.03 | +25.6% | $529.0M | $485.9M | −8.1% | +5.52% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $580.3M | $578.0M | $485.9M | $450.9M | $544.1M | $745.2M | |
| Gross profit | $224.5M | $215.2M | $139.5M | $95.9M | $178.9M | $352.5M | |
| Operating income | $229.3M | $176.2M | $125.4M | $78.8M | $155.7M | $352.5M | |
| Net income | $139.0M | $99.6M | −$129.1M | −$70.7M | −$522.8M | $236.6M | |
| Diluted EPS | $1.39 | $1.00 | −$1.33 | −$0.67 | −$5.31 | $2.19 | |
| Gross margin | 38.7% | 37.2% | 28.7% | 21.3% | 32.9% | 47.3% | |
| Operating margin | 39.5% | 30.5% | 25.8% | 17.5% | 28.6% | 47.3% |
Fiscal years (4-quarter sums)FY21 $975.1M · FY22 $1.99B · FY23 $1.91B · FY24 $2.16B · FY25 $2.10B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $47.6M · Total debt $2.72B · Total assets $5.83B · Shareholders' equity $2.00B
Dividends
Raised for 3 straight years — most recently to $0.45 from $0.42 in Mar 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 29, 2026 | Jun 29 | Jul 31 | $0.45 | |
| Mar 30, 2026 | Mar 30 | Apr 30 | $0.45 | |
| Dec 30, 2025 | Dec 30 | Jan 30 | $0.45 | |
| Sep 29, 2025 | Sep 29 | Oct 31 | $0.45 | |
| Jun 27, 2025 | Jun 27 | Jul 31 | $0.45 | |
| Mar 28, 2025 | Mar 28 | Apr 30 | $0.45 | raised from $0.42 |
| Dec 30, 2024 | Dec 30 | Jan 31 | $0.42 | |
| Sep 27, 2024 | Sep 27 | Oct 31 | $0.42 | raised from $0.40 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 108.78M · Float 102.33M · 94.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 16.04M | 14.75% | 13F | Aug 7, 2026 |
| American Century Companies Inc | 8.46M | 7.77% | 13F | Aug 12, 2026 |
| State Street Corporation | 7.18M | 6.80% | 13G | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 6.86M | 6.31% | 13F | Aug 13, 2026 |
| Invesco Ltd. | 6.01M | 5.52% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 22, 2026 | Bahram Akradi | director | +25,760 | $19.40 |
| Dec 10, 2025 | Roy Ernest Easley | director | +15,000 | $24.46 |
| Dec 11, 2025 | Roy Ernest Easley | director | +10,000 | $23.38 |
Peers
- Vitesse Energy
Closest public non-operated working-interest peer in the Williston
- Granite Ridge Resources
Non-operated, multi-basin shale portfolio with acquisition overlap
- Kimbell Royalty Partners
Mineral and royalty buyer across NOG's onshore basin map
- Crescent Energy
Acquisition-led shale operator across Permian, Uinta, and minerals
- Permian Resources
Delaware Basin operator and ground-game acquirer
- Viper Energy
Permian mineral and royalty consolidator competing for acreage interests
- SM Energy
Scaled multi-basin operator after the Civitas merger
- Matador Resources
Delaware Basin operator with active bolt-on acreage buying
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Northern Oil and Gas | $25.86 | +0.51% | $2.80B | — | 6.5 | 1.3 | +28.9% |
| Vitesse Energy | $17.19 | +0.12% | $723.8M | — | 149.3 | 2.5 | +11.3% |
| Granite Ridge Resources | $5.06 | −0.20% | $667.4M | — | 8.7 | 1.3 | +36.7% |
| Kimbell Royalty Partners | $15.46 | +3.85% | $1.47B | 22.8 | 14.7 | 4.0 | +30.0% |
| Crescent Energy | $13.76 | +1.77% | $4.47B | — | 6.4 | 1.0 | +55.3% |
| Permian Resources | $22.86 | +0.82% | $19.01B | 15.0 | 10.3 | 3.3 | +55.2% |
| Viper Energy | $44.18 | 0.00% | $15.91B | 339.8 | 18.6 | 8.1 | +135.9% |
| SM Energy | $36.27 | −1.01% | $8.78B | 9.5 | 5.3 | 1.6 | +218.4% |
| Matador Resources | $56.39 | +0.04% | $7.00B | 9.7 | 7.3 | 1.8 | +28.2% |
| Median | 15.0 | 9.5 | 2.2 | +45.9% |