NOG
EnergyNorthern Oil and Gas, Inc. · Oil & Gas Exploration & Production · $3B
What is Northern Oil and Gas, Inc.?
Northern Oil and Gas is an independent energy company focused on acquiring and holding non-operated working interests in oil and natural gas properties across key U.S. basins. Headquartered in Minnetonka, Minnesota, it takes a distinctive approach by participating in wells drilled by others rather than operating rigs itself.
Rather than operating drilling programs directly, Northern Oil and Gas acquires working interests in wells operated by third parties. This non-operator model allows the company to gain exposure to oil and gas production across the Williston Basin, Appalachian Basin, and Permian Basin without bearing the full burden of day-to-day operational management. Revenue is generated through its share of production from a large portfolio of producing wells, giving it broad diversification across operators and geographies.
Northern Oil and Gas was founded in 2007 and is headquartered in Minnetonka, Minnesota.
- Non-operated working interests in crude oil and natural gas wells
- Acreage positions across the Williston, Appalachian, and Permian Basins
- Acquisition-driven portfolio growth strategy
- Proved reserves across thousands of gross producing wells
Is NOG a Good Stock to Buy?
UQS Score rates NOG as Below Average overall, reflecting meaningful challenges across most of its five scoring pillars.
The one area where NOG stands out is Valuation — the stock screens as Attractive relative to peers, suggesting the market may already be pricing in many of the company's headwinds. For investors focused on entry price, this is the pillar worth watching.
Quality, Moat, Growth, and Risk all carry Weak ratings, pointing to thin competitive differentiation, limited earnings durability, and elevated exposure to commodity price swings — risks that are common in non-operated energy models.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does NOG pay dividends?
Yes — Northern Oil and Gas, Inc. pays a dividend.
Northern Oil and Gas pays a regular dividend, which is relatively uncommon among smaller independent energy producers. The dividend reflects the company's intent to return cash to shareholders alongside its acquisition strategy. However, given the commodity-driven nature of its revenues, dividend sustainability can be sensitive to oil and gas price cycles — a factor worth weighing alongside the yield.
When does NOG report earnings?
Northern Oil and Gas reports earnings on a quarterly cadence, consistent with standard practice for U.S.-listed equities.
Results tend to track closely with crude oil and natural gas price movements, given the company's production-linked revenue model. Periods of elevated commodity prices generally support stronger cash flow, while downturns can pressure margins across the non-operated portfolio.
For the most recent quarter's results and guidance, visit Northern Oil and Gas's investor relations page directly.
NOG Price History
+73.1% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Northern Oil and Gas, Inc.?
Based on Northern Oil and Gas, Inc.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
NOG Long-term Outlook
The fundamental outlook for NOG is shaped by its Weak Growth and Weak Risk pillar ratings, suggesting limited near-term earnings expansion and meaningful sensitivity to commodity cycles. The Attractive Valuation label indicates the stock may offer a margin of safety, but that alone does not offset the structural challenges flagged across the other pillars. Investors considering a longer-term position should weigh the non-operator model's scalability against its dependence on third-party operators and volatile energy markets.
Growth drivers
- Continued bolt-on acquisitions of non-operated working interests in core basins
- Production upside tied to operator activity in the Permian and Williston Basins
- Commodity price recovery supporting cash flow and dividend capacity
Key risks
- Heavy exposure to crude oil and natural gas price volatility
- Reliance on third-party operators for drilling decisions and execution
- Weak Moat rating signals limited pricing power and competitive differentiation
NOG vs Peers
Northern Oil and Gas operates in a space alongside several other royalty and non-operated energy companies, each with a distinct model and basin focus.
Freehold operates a pure royalty model in Canada, collecting revenue without direct working-interest exposure, which typically results in lower operational risk than NOG's non-operated structure.
Headwater is a Canadian operator with a focused, lower-risk production base, contrasting with NOG's multi-basin, acquisition-driven approach in the U.S.
Vermilion brings international diversification across Europe and North America, offering a different commodity and geopolitical risk profile compared to NOG's purely domestic U.S. footprint.
Frequently Asked Questions
What does Northern Oil and Gas do?
Northern Oil and Gas acquires and holds non-operated working interests in oil and natural gas wells across the United States. Rather than running its own drilling operations, it partners with third-party operators in basins like the Williston, Appalachian, and Permian, earning a share of production revenue from thousands of gross producing wells.
Does NOG pay dividends?
Yes, Northern Oil and Gas pays a regular dividend. This is notable for a company of its size in the independent energy space. Because revenues are tied to commodity prices, the dividend's sustainability can fluctuate with oil and gas market conditions. Investors should monitor payout trends alongside energy price cycles.
When does NOG report earnings?
Northern Oil and Gas reports on a quarterly cadence, in line with standard U.S. listing requirements. For exact dates and the most recent results, check the investor relations section of the company's official website, as our data source does not cover specific upcoming earnings dates.
Is NOG a good stock to buy?
UQS Score rates NOG as Below Average overall. While the Valuation pillar is Attractive — suggesting the stock may be priced with a margin of safety — the Quality, Moat, Growth, and Risk pillars all carry Weak ratings. Whether that trade-off suits your portfolio depends on your risk tolerance and commodity outlook.
Is NOG overvalued?
Based on UQS pillar analysis, NOG's Valuation is rated Attractive, meaning it does not appear overvalued relative to peers. However, an attractive price alone does not make a stock a strong investment — the Weak ratings across other pillars suggest the low valuation may reflect genuine fundamental concerns rather than a simple market mispricing.
How does NOG compare to its competitors?
Compared to peers like Freehold Royalties, Headwater Exploration, and Vermilion Energy, NOG's non-operated U.S. working-interest model is relatively unique. Royalty-focused peers tend to carry lower operational risk, while internationally diversified operators like Vermilion offer different geographic exposure. NOG's Attractive Valuation may stand out, but its Weak Moat and Risk ratings are worth comparing carefully.
What is NOG's market cap bracket?
Northern Oil and Gas is classified as a mid-cap company. This places it in a range that typically offers more liquidity than small-cap energy names while still carrying more volatility and less institutional coverage than large-cap integrated oil majors.
Who founded Northern Oil and Gas?
Northern Oil and Gas was founded in 2007. For detailed founding history and leadership background, the company's official investor relations page and public filings provide the most accurate and complete information.
Is NOG a long-term quality investment?
As a long-term quality indicator, NOG's UQS profile raises caution. Weak ratings across Quality, Moat, Growth, and Risk suggest the business lacks the durable competitive advantages and earnings consistency typically associated with high-quality long-term holdings. The Attractive Valuation may appeal to value-oriented investors, but quality durability is a separate consideration.
What is the main competitive advantage of Northern Oil and Gas?
NOG's primary differentiator is its non-operator model, which allows it to gain diversified exposure to oil and gas production without the capital intensity of running drilling operations. However, UQS rates its Moat as Weak, reflecting that this model offers limited pricing power and can be replicated by other capital allocators in the energy space.
What sector does NOG belong to?
Northern Oil and Gas operates in the Energy sector, specifically within upstream oil and gas exploration and production. Its non-operated structure sets it apart from traditional E&P companies, but it remains fully exposed to commodity price cycles that define the broader energy sector's performance.
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Pro Analysis
NOG — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 24, 2026 | 35.3 | 26.1 | 15.0 | 33.2 | 24.4 | 98.1 | +0.3 |
| May 13, 2026 | 35.0 | 26.1 | 15.0 | 31.7 | 24.4 | 98.1 | -3.3 |
| May 8, 2026 | 38.3 | 28.3 | 15.0 | 31.7 | 41.1 | 100.0 | +1.2 |
| May 7, 2026 | 37.1 | 28.3 | 15.0 | 31.7 | 36.2 | 96.6 | +0.1 |
| May 4, 2026 | 37.0 | 28.3 | 15.0 | 31.7 | 36.2 | 96.2 | 0.0 |
| May 2, 2026 | 37.0 | 28.3 | 15.0 | 31.4 | 36.2 | 96.3 | -0.1 |
| May 1, 2026 | 37.1 | 28.3 | 15.0 | 32.0 | 36.2 | 96.3 | +0.1 |
| Apr 29, 2026 | 37.0 | 28.3 | 15.0 | 31.8 | 36.2 | 96.3 | -0.2 |
| Apr 26, 2026 | 37.2 | 28.3 | 15.0 | 32.5 | 36.2 | 96.3 | -0.1 |
| Apr 24, 2026 | 37.3 | 28.3 | 15.0 | 32.5 | 36.2 | 96.7 | 0.0 |
NOG — Pillar Breakdown
Quality
— 26.1/100 (25%)Northern Oil and Gas, Inc. currently shows below-average quality metrics, suggesting challenges with profitability.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 33.2/100 (20%)Northern Oil and Gas, Inc. faces growth headwinds with declining or stagnant revenue trends.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 24.4/100 (15%)Northern Oil and Gas, Inc. presents elevated risk with concerns around leverage or financial stability.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 98.1/100 (15%)Northern Oil and Gas, Inc. appears attractively valued relative to its earnings, cash flows, and sector peers.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 15/100 (25%)Northern Oil and Gas, Inc. operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for NOG.
Score Composition
Financial Data
More Stock Analysis
How is the NOG UQS Score Calculated?
The UQS (Unified Quality Score) for Northern Oil and Gas, Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Northern Oil and Gas, Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Northern Oil and Gas, Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.