Northern Oil and Gas (NOG)
Owner of non-operated oil and gas interests across major North American basins.
Something off on this page? Send us feedback.
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
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 10, 2026 | Raymond James | Reiterate | Rating: —Target: $28 | Target: $31 |
| Jul 15, 2026 | Raymond James | Reiterate | Rating: —Target: $30 | Target: $28 |
| Jun 29, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $29 | Target: $25 |
| Jun 15, 2026 | Raymond James | Reiterate | Rating: —Target: $35 | Target: $30 |
| May 22, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $28 | Target: $29 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $47.6M · Total debt $2.72B · Total assets $5.83B · Shareholders' equity $2.00B
- Revenue
- $745.2M
- Operating income
- $352.5M
- Net income
- $236.6M
HistoryDividendAnnual yieldUpcoming
| Institutions | 104.99% | 111.07M shares | |
|---|---|---|---|
| 358 holders · as of Jun 30, 2026 | |||
| Insiders | 2.67% | 2.83M shares | |
| 13 holders · as of Jul 2, 2026 | |||
| Adds to | 107.66% | ||
105.79M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 107.66%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 15.16% | 16.04M | as of Jun 30, 2026 |
American Century Companies IncInstitution | 7.99% | 8.46M | as of Jun 30, 2026 |
American Century Investment Management, Inc.Institution | 7.59% | 8.03M | filed Aug 14, 2025 |
State Street CorpInstitution | 6.79% | 7.18M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 6.48% | 6.86M | as of Jun 30, 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 |
- 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
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Northern Oil and Gas | $23.32 | −1.93% | $2.59B | — | 5.9 | 1.2 | +5.4% |
| Vitesse Energy | $16.93 | +0.30% | $710.7M | — | 103.6 | 2.5 | +11.3% |
| Granite Ridge Resources | $4.63 | −0.32% | $612.0M | — | 6.7 | 1.2 | +36.7% |
| Kimbell Royalty Partners | $14.31 | −0.93% | $1.42B | 22.1 | 13.2 | 3.9 | +30.0% |
| Crescent Energy | $13.17 | −0.68% | $4.38B | — | 5.7 | 1.0 | +55.3% |
| Permian Resources | $21.61 | −1.62% | $18.40B | 14.5 | 9.7 | 3.2 | +55.2% |
| Viper Energy | $41.08 | −1.54% | $15.02B | 320.9 | 16.6 | 7.6 | +128.0% |
| SM Energy | $34.34 | −1.18% | $8.33B | 9.0 | 4.7 | 1.5 | +218.4% |
| Matador Resources | $52.69 | −2.59% | $6.72B | 9.3 | 6.4 | 1.7 | +28.2% |
| Median | 14.5 | 8.2 | 2.1 | +45.9% |