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Buys non-operated working interests in US shale oil & gas wells (Permian, Bakken, Appalachia) alongside operating partners.
Buys non-operated working interests in US shale oil & gas wells (Permian, Bakken, Appalachia) alongside operating partners.
Pays its share of drilling and operating costs on wells run by other operators and receives the same share of the oil and gas sold, so it has no field crews of its own and small overhead. It grows by buying more interests and by taking part in new wells.
Moat: narrow (scale, process know-how). Diversified non-operated portfolio and disciplined capital allocation across multiple basins.
Headquarters: Minnetonka, Minnesota, United States · Founded: 2006 · Employees: 64
Size Northern Oil and Gas (NOG) is a United States Energy company (Oil & Gas Production) with a market value of $2.43B, the 1675th largest of 3,117 United States companies the cockpit tracks. Shares closed at $22.84 on 6 Nov 2026.
Performance Over six months the shares fell 2.4%, against -10.8% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue fell 3.0% over the last twelve months (peer median +12.3%); the operating margin is 29.6% (peer median 20.4%).
Valuation It trades at 4.9× forward earnings against a peer median of 11.1× (4th cheapest of 19).
Capital Return on invested capital runs 3.6 points above its cost of capital (7.2% WACC).
Credit Northern Oil and Gas has 2 bonds outstanding ($1.18B), rated B+ by the agencies and trading like BB at a weighted spread of 202 bp.
Short interest Short interest is 19.1% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.16B | $2.10B | $2.16B | $1.91B | $1.99B |
| Revenue growth | — | -3% | +13% | -4% | — |
| Gross profit | $724M | $675M | $836M | $914M | $1.32B |
| EBITDA | $1.43B | $1.42B | $1.52B | $1.36B | $1.53B |
| Net income | -$486M | $38.8M | $520M | $923M | $773M |
| Free cash flow | -$294M | $253M | -$266M | -$662M | -$431M |
| Capital expenditure | $1.68B | $1.25B | $1.67B | $1.85B | $1.36B |
| Total debt | $2.72B | $2.40B | $2.37B | $1.84B | $1.53B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Northern Oil and Gas NOG | $2.43B | -2% | -3% | 30% | 4.9× | n/a |
| Diamondback Energy FANG | $50.0B | -5% | +21% | 39% | 7.9× | -5.6% |
| Granite Ridge Resources GRNT | $698M | +6% | +15% | 21% | 5.3× | n/a |
| Vitesse Energy VTS | $623M | -17% | +11% | 12% | 42.9× | 13.4% |
| Permian Resources PR | $18.2B | +10% | +13% | 36% | 8.1× | -2.0% |
| Chord Energy CHRD | $7.47B | 0% | +19% | 19% | 6.3× | -13.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NOG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.2% | -9.5% | 10th highest of 21 |
| 6-month return | -2.4% | -10.8% | 4th highest of 20 |
| Distance from 52-week high | -26.7% | -30.4% | 9th highest of 21 |
| Revenue growth (TTM) | -3.0% | +12.3% | 5th lowest of 19 |
| Operating margin | 29.6% | 20.4% | 7th highest of 19 |
| Forward P/E | 4.9× | 11.1× | 4th cheapest of 19 |
| ROIC minus cost of capital | +3.6 pp | +1.4 pp | 5th highest of 21 |
| EV / EBITDA | 3.6× | 5.3× | 4th cheapest of 18 |
| Net debt / EBITDA | 1.9× | 1.1× | 4th most indebted of 18 |
| Bond spread | 202 bp | 236 bp | 3rd tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Northern Oil and Gas NOG | United States | $2.43B | -2% | -3% | 30% | 4.9× | n/a | n/a |
| Talos Energy TALO | United States | $2.48B | -1% | +13% | 14% | 7.9× | -5.0% | +25.3% |
| Gulfport Energy GPOR | United States | $2.65B | -16% | +27% | 42% | 6.3× | -13.4% | +10.6% |
| Select Water Solutions WTTR | United States | $2.09B | -4% | -2% | 4% | 28.9× | n/a | n/a |
| International Petroleum Corp. (British Columbia) IPCO.TO | Canada | $2.85B | 0% | +11% | 19% | 11.2× | n/a | n/a |
| Jiangxi Jovo Energy 605090.SS | China | $3.02B | -37% | -7% | 9% | 11.8× | -0.6% | +17.9% |
| Topaz Energy TPZ.TO | Canada | $3.17B | -9% | +22% | 60% | 22.8× | 5.9% | +29.4% |
| Energean ENOG.L | United Kingdom | $1.72B | -19% | +9% | 27% | 4.2× | -2.4% | +126.8% |
| Spartan Delta SDE.TO | Canada | $1.63B | -11% | +93% | 32% | 7.6× | n/a | n/a |
| Vermilion Energy VET.TO | Canada | $1.61B | -9% | -2% | 14% | 4.3× | -0.8% | +9.1% |
| Patterson-UTI Energy PTEN | United States | $3.76B | -13% | 0% | 0% | 26.0× | 42.6% | +33.8% |
| Etablissements Maurel & Prom MAU.PA | France | $1.57B | -29% | -11% | 31% | 5.4× | n/a | n/a |
| NextDecade NEXT | United States | $1.56B | -23% | n/a | n/a | n/a | n/a | n/a |
| Comstock Resources CRK | United States | $3.94B | -5% | +17% | 19% | 43.4× | n/a | n/a |
| BlueNord BNOR.OL | Norway | $1.49B | -6% | +28% | 32% | 10.9× | -12.2% | +15.0% |
| Beach Energy BPT.AX | Australia | $1.42B | -16% | -9% | 21% | 5.5× | -12.2% | +4.2% |
| Cardinal Energy CJ.TO | Canada | $1.40B | -8% | +18% | 31% | 11.8× | 5.3% | +17.9% |
| Parex Resources PXT.TO | Canada | $1.36B | -30% | +14% | 29% | 3.5× | -11.2% | +11.5% |
| Zhongman Petroleum and Natural Gas 603619.SS | China | $1.30B | -42% | -13% | 20% | 20.7× | n/a | n/a |
| Vedanta Oil and Gas VOGL.NS | India | $1.27B | n/a | n/a | n/a | n/a | n/a | n/a |
| Advantage Energy AAV.TO | Canada | $1.26B | +6% | +14% | 20% | 16.0× | n/a | n/a |
Northern Oil and Gas has 2 bonds outstanding with $1.18B face value. The agencies rate it B+; its bonds trade like BB. Weighted yield 6.52%, a spread of 202 bp over government bonds.