Northern Oil and Gas, Inc.
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Range $25 – $36
Price Chart
About the company
Northern Oil and Gas, Inc. operates as an independent energy enterprise within the United States. The company's core business revolves around the entire lifecycle of crude oil and natural gas properties, from their acquisition and exploration to their development and eventual production.
- CEO
- Nicholas O'Grady
- IPO
- 2007
- Employees
- 64
- HQ
- Minnetonka, MN, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $2.83B
- P/E
- -5.11
- Fwd P/E
- 6.55
- PEG
- 0.02
- P/S
- 1.27
- P/B
- 1.38
- EV/EBITDA
- 17.15
- Div Yield
- 6.91%
- Gross Margin
- 34.45%
- Op Margin
- 32.01%
- Net Margin
- -21.83%
- ROE
- -23.85%
- ROIC
- 10.41%
Latest fiscal year · YoY change
- Revenue
- $2.10B-3.2%
- Gross Profit
- $675.20M-19.2%
- Op Income
- $613.87M
- Net Income
- $38.76M-92.6%
- EPS
- $0.40-92.3%
- OCF Growth
- +6.9%
- FCF Growth
- +195.0%
- 52W High
- $31.17
- 52W Low
- $17.18
- 50D MA
- $20.74
- 200D MA
- $23.64
- Beta
- 0.73
- RSI (14)
- 74
- Avg Volume
- 3.04M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
NOG said Q2 showed its diversified non-op model working, with higher EBITDA and free cash flow despite Permian curtailments, while management emphasized undervalued assets and active capital allocation.· August 7, 2026
- Adjusted EBITDA rose 17% sequentially and free cash flow jumped more than 400% from Q1.
- Total production increased 9% year over year, led by record natural gas volumes up 35% year over year and 5% sequentially.
- Waha-related curtailments hurt Q2, but management said volumes are coming back online and 3 net turn-ins are set to help Q3.
- Capital spending was $196 million, while NOG repurchased 2.95 million shares at an average price of $20.37 and raised buyback authorization to about $243 million.
- Management highlighted continued outperformance across Appalachia, the Uinta and the Williston, plus the newly closed Duvernay/Parallax deal and ongoing ground-game activity.
Q2 adjusted EBITDA was up 17% sequentially, and free cash flow was up over 400% from Q1. Total production was up 9% year over year, with record natural gas volumes up 35% year over year and 5% sequentially. Production expenses per BOE were down 4% year over year. Budgeted capital expenditures were $196 million, including $151 million of organic D&C and $45 million of ground game activity, and normalized well costs were $761 per lateral foot. The company ended the quarter with over $1 billion of total liquidity. Chad said the quarter generated $159 million of free cash flow, and Nick said current-strip 2026 adjusted EBITDA should be $1.4 billion to over $1.5 billion, with $850 million to $900 million of D&C capital and about $375 million to over $500 million of free cash flow. The board declared a $0.45 per share dividend, or about $48 million paid on July 31, and expanded repurchase capacity to approximately $243 million.
Nick O'Grady framed the quarter around three themes: the market undervaluing NOG’s assets, strong cash flow generation, and a disciplined acquisition record. He repeatedly stressed that the company is a capital allocator, not a traditional operator, and argued that the public market is focusing too narrowly on quarterly guidance and free cash flow metrics rather than asset value and inventory replacement. His tone was confident and combative, especially on the valuation disconnect, but he also said the company will keep returning cash, buying assets, and monetizing assets if that best maximizes long-term value.
Chad Allen emphasized that Q2 demonstrated the diversification of the portfolio, with other basins offsetting Permian turbulence. He pointed to adjusted EBITDA up 17% sequentially, free cash flow up over 400% from Q1, production up 9% year over year, and record gas volumes up 35% year over year. He also highlighted $196 million of budgeted capex, 3% of shares repurchased at an average of $20.37, more than $1 billion of liquidity, and a $0.45 quarterly dividend that was covered several times over by $159 million of free cash flow. His comments on capital allocation were that the dividend is a floor, not a ceiling, and that the company is using excess cash for buybacks, debt reduction, inventory, and acquisitions.
Analysts focused on whether NOG’s capex and production guidance looked conservative, the company’s leverage and debt-reduction framework, basin outperformance, LOE trends, and the impact of weather or gas volatility. Management said the guidance still assumes a steady pickup in activity, that lower costs from prior AFEs are only now flowing through because of their accrual model, and that some Permian logistics issues have resolved faster than expected. On leverage, Nick argued the company could reduce it quickly if it wanted to, but that share repurchases are an immediate, clearly accretive opportunity at current trading levels. He also said recent well performance has been strong across Appalachia, the Uinta, Williston and even early Ohio activity, while LOE should be manageable as new growth areas help offset natural cost inflation and well aging.
The bull case from this call is that NOG is generating meaningfully more cash even with basin-specific disruptions: EBITDA, free cash flow, and gas volumes all improved, and management said Q3 should benefit from volumes returning and 3 net turn-ins. The company also believes its asset base is materially undervalued, with over $1 billion of liquidity, a bigger buyback program, and a dividend that management says is several times covered.
The main risks discussed were Permian/Waha curtailments, volatile oil and gas pricing, and the possibility that investors continue to discount NOG because it is a non-op and because reported metrics may not capture asset value well. Management also acknowledged that LOE can rise as fields mature, that some operating and weather-related disruptions remain possible, and that the stock-market valuation gap versus peers remains unresolved.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 94.1%
- Shares Outstanding
- 108.78M
- Float Shares
- 102.33M
of shares held by institutions
380 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for NOG, newest first.
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 16.04M | ▲ 322.77K |
| Vanguard Group Inc | 10.87M | ▲ 141.50K |
| American Century Companies Inc | 8.46M | ▲ 483.02K |
| State Street Corp | 7.18M | ▲ 643.82K |
| Invesco Ltd. | 6.01M | ▲ 491.92K |
| Vanguard Capital Management LLC | 4.58M | ▲ 79.74K |
| Dimensional Fund Advisors LP | 4.49M | ▲ 341.64K |
| Geode Capital Management, LLC | 2.71M | ▲ 267.29K |
| Millennium Management LLC | 2.30M | ▲ 1.76M |
| Ubs Group AG | 2.09M | ▼ 521.86K |
| Goldman Sachs Group Inc | 1.93M | ▲ 536.29K |
| Morgan Stanley | 1.87M | ▼ 524.07K |
Held by 279 ETFs
Biggest fund positions in NOG by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jun 30, 26 | Akradi Bahram | other | 6,336 |
| Jun 30, 26 | Lasher Stuart G. | other | 2,410 |
| Jun 30, 26 | Kimble William F | other | 2,410 |
| Jun 30, 26 | Frantz Michael A | other | 2,410 |
| Jun 30, 26 | Pomerantz Jennifer S. | other | 3,788 |
| Jun 30, 26 | Meier Lisa | other | 2,410 |
| Jun 22, 26 | Akradi Bahram | buy | 25,760 |
| Mar 31, 26 | Pomerantz Jennifer S. | other | 2,351 |
| Mar 31, 26 | Kimble William F | other | 1,496 |
| Mar 31, 26 | EASLEY ROY ERNEST | other | 1,496 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our NOG coverage
Recent articles, reports, and earnings notes.
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Generate NOG report →NOG Announces Pricing of $500 Million Private Offering of Senior Notes
businesswire.com · Aug 19
Is NOG a Buy Now as Low Valuation Meets Commodity and Leverage Risks?
zacks.com · Aug 19
Northern Oil and Gas: Big Upside, If You Can Stomach The Risks
seekingalpha.com · Aug 19
NOG Announces Proposed $500 Million Private Offering of Senior Notes
gurufocus.com · Aug 19
NOG Announces Proposed $500 Million Private Offering of Senior Notes
businesswire.com · Aug 19
Northern Oil and Gas Q2 Earnings Beat Estimates, Decline Y/Y
zacks.com · Aug 17
Bank of America Corp DE Purchases 194,861 Shares of Northern Oil and Gas, Inc. $NOG
defenseworld.net · Aug 15
Northern Oil and Gas Q2 Earnings Call Highlights
marketbeat.com · Aug 8
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.