- Chart
- Upturn Summary
- Highlights
- Revenue
- Valuation
- About
Northern Oil & Gas Inc (NOG)

- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- Pass (Skip investing)
Stock price based on last close (see disclosures)
- ALL
- 1Y
- 1M
- 1W
Upturn Advisory Summary
12/05/2025: NOG (2-star) has a low Upturn Star Rating. Not recommended to BUY.
1 Year Target Price $33.4
1 Year Target Price $33.4
| 4 | Strong Buy |
| 1 | Buy |
| 5 | Hold |
| 0 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 3.56% | Avg. Invested days 34 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating ![]() | Upturn Advisory Performance | Stock Returns Performance |
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 2.43B USD | Price to earnings Ratio 13.65 | 1Y Target Price 33.4 |
Price to earnings Ratio 13.65 | 1Y Target Price 33.4 | ||
Volume (30-day avg) 10 | Beta 1.06 | 52 Weeks Range 19.26 - 40.42 | Updated Date 12/6/2025 |
52 Weeks Range 19.26 - 40.42 | Updated Date 12/6/2025 | ||
Dividends yield (FY) 7.18% | Basic EPS (TTM) 1.82 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 8.84% | Operating Margin (TTM) 42.5% |
Management Effectiveness
Return on Assets (TTM) 10.51% | Return on Equity (TTM) 7.95% |
Valuation
Trailing PE 13.65 | Forward PE 10.81 | Enterprise Value 4739665003 | Price to Sales(TTM) 1.18 |
Enterprise Value 4739665003 | Price to Sales(TTM) 1.18 | ||
Enterprise Value to Revenue 2.16 | Enterprise Value to EBITDA 3.86 | Shares Outstanding 97602978 | Shares Floating 94199516 |
Shares Outstanding 97602978 | Shares Floating 94199516 | ||
Percent Insiders 2.98 | Percent Institutions 119.05 |
Upturn AI SWOT
Northern Oil & Gas Inc

Company Overview
History and Background
Northern Oil & Gas, Inc. (NYSE: NOG) is an independent oil and gas company headquartered in Minnetonka, Minnesota. Founded in 2007, the company has focused on acquiring and developing non-operated working interests in oil and gas properties, primarily in the Permian Basin and the Williston Basin. A significant milestone was its transformation from a diversified energy company into a pure-play acquisition vehicle. Over the years, it has strategically divested non-core assets and concentrated its efforts on maximizing returns from its high-quality, low-decline asset base.
Core Business Areas
- Non-Operated Working Interests: Acquiring and managing non-operated working interests in oil and natural gas wells. This strategy allows NOG to benefit from production and cash flow without the capital expenditures and operational complexities of being the operator.
- Asset Management: Focusing on optimizing the value of its existing asset portfolio through strategic capital allocation and careful monitoring of operated partners' activities.
Leadership and Structure
Northern Oil & Gas is led by a management team with extensive experience in the oil and gas industry. Key executives include CEO Chad M. McLimans. The company operates with a lean structure, reflecting its focus on managing a portfolio of non-operated assets.
Top Products and Market Share
Key Offerings
- Oil and Natural Gas Production: NOG's primary 'product' is its share of the oil and natural gas produced from its working interests. The company's revenue is derived from the sale of these commodities. Market share for NOG is not directly attributable to specific 'products' but rather its position as a significant holder of non-operated interests in key basins. Competitors in this space include other acquisition-focused E&P companies and individual investors seeking exposure to energy production without operational burdens.
Market Dynamics
Industry Overview
The oil and gas industry is cyclical, heavily influenced by global supply and demand, geopolitical events, and macroeconomic conditions. The current environment is characterized by volatility in commodity prices, a growing emphasis on energy transition, and technological advancements in extraction. The Permian Basin and Williston Basin, where NOG is active, are highly prolific and competitive oil-producing regions.
Positioning
NOG is positioned as a leading acquirer of non-operated working interests, particularly in the Permian and Williston Basins. Its competitive advantage lies in its disciplined acquisition strategy, experienced management team, and focus on generating free cash flow from a high-quality, low-decline asset base. Its non-operated model reduces operational risk and allows for greater capital flexibility.
Total Addressable Market (TAM)
The TAM for oil and gas production is vast, representing global energy demand. Within its specific niche of non-operated working interests, the TAM is significant, driven by the continuous need for upstream asset acquisition and consolidation in prolific basins. NOG is well-positioned to capture a portion of this market through strategic and opportunistic acquisitions, particularly those offered by larger operators looking to divest non-core assets.
Upturn SWOT Analysis
Strengths
- Experienced management team with a proven track record in acquisitions.
- Focus on low-decline, high-quality assets in prolific basins (Permian, Williston).
- Disciplined acquisition strategy and capital allocation.
- Generates significant free cash flow.
- Ability to benefit from rising commodity prices without operational risk.
Weaknesses
- Reliance on third-party operators for production and development.
- Exposure to commodity price volatility.
- Limited control over operational efficiency and capital expenditure decisions of partners.
Opportunities
- Continued consolidation in the oil and gas sector, providing acquisition targets.
- Potential for strategic partnerships and joint ventures.
- Exploiting opportunities created by divestitures from larger E&P companies.
- Further optimization of existing asset base.
Threats
- Sustained periods of low oil and gas prices.
- Increased regulatory burdens and environmental concerns.
- Geopolitical instability impacting global energy markets.
- Technological disruptions in the energy sector.
Competitors and Market Share
Key Competitors
- Diamondback Energy (FANG)
- Pioneer Natural Resources (PXD)
- ConocoPhillips (COP)
- EOG Resources (EOG)
- Occidental Petroleum (OXY)
- Coterra Energy (CTRA)
- APA Corporation (APA)
- Centennial Resource Development (CDEV)
Competitive Landscape
NOG competes with larger, integrated oil and gas companies as well as other independent producers. Its advantage lies in its specialized focus on non-operated working interests, which allows it to operate with lower overhead and capital requirements. However, it is also dependent on the operational success of its partners and has less control over the pace and direction of development compared to operated E&P companies.
Growth Trajectory and Initiatives
Historical Growth: NOG has experienced significant growth, primarily through strategic acquisitions that have expanded its acreage and production base. Its revenue and EBITDA have grown substantially over the past decade as it has successfully executed its strategy.
Future Projections: Analyst estimates generally project continued growth in revenue and EBITDA for Northern Oil & Gas, driven by its ongoing acquisition strategy and expected favorable commodity price environment. Projections also indicate strong free cash flow generation, supporting further shareholder returns and debt reduction.
Recent Initiatives: Recent initiatives have focused on strategic accretive acquisitions, optimizing its existing portfolio, and enhancing its capital structure. The company has been proactive in its pursuit of attractive opportunities to expand its footprint in core operating areas.
Summary
Northern Oil & Gas Inc. is a financially strong company with a clear strategy focused on acquiring non-operated working interests in prolific basins. Its experienced management team, disciplined approach to acquisitions, and commitment to returning capital to shareholders are key strengths. The company's performance is closely tied to commodity prices, and its reliance on third-party operators presents a potential risk. Continued success will depend on its ability to identify and execute accretive acquisitions while navigating the dynamic energy market.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Company Investor Relations Filings (10-K, 10-Q)
- Financial News Outlets (e.g., Bloomberg, Reuters)
- Industry Analyst Reports
- Financial Data Aggregators
Disclaimers:
This JSON output is generated based on publicly available information and does not constitute financial advice. Market share data is an estimation for illustrative purposes. Investors should conduct their own due diligence before making any investment decisions.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Northern Oil & Gas Inc
Exchange NYSE | Headquaters Minnetonka, MN, United States | ||
IPO Launch date 2007-04-13 | CEO & Director Mr. Nicholas L. O'Grady | ||
Sector Energy | Industry Oil & Gas E&P | Full time employees 49 | Website https://www.noginc.com |
Full time employees 49 | Website https://www.noginc.com | ||
Northern Oil and Gas, Inc., an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of crude oil and natural gas properties in the United States. The company was founded in 2006 and is headquartered in Minnetonka, Minnesota.

Note: This website is maintained by Upturn Corporation, which is an investment adviser registered with the U.S. Securities and Exchange Commission. Such registration does not imply a certain level of skill or training. Investing in securities has risks. Past performance is no guarantee of future returns. No assurance is provided as to any particular investment return, and you may lose money using our services. You are strongly advised to consult appropriate counsel before making any investments in companies you learn about through our services. You should obtain appropriate legal, tax, investment, accounting, and other advice that takes into account your investment portfolio and overall financial situation. You are solely responsible for conducting due diligence on a potential investment. We do not affect trades for you. You will select your own broker through which to transact. Investments are not FDIC insured, they are not guaranteed, and they may lose value. Please see the Privacy Policy, Terms of Use, and Disclosure for more information.
Home 

