At a glance
Northern Oil & Gas Inc is worth $2.99B, about 72 times its fiscal 2025 earnings. Revenue grew 11.2% to $2.48B in fiscal 2025, with 1.6% kept as profit; over 5 years it has grown 35.0% a year. It pays a 6.41% dividend yield, raised every year for at least 4 years, and returned $729.9M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +40.4% over the past year with dividends reinvested and +8.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 65.5% in the 2020 crash (S&P 500: 33.7%) and 39.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months and 4 months after the lows.
The business in plain English
Northern Oil & Gas earns its money from oil and natural gas wells it doesn't run. As a "non-operator," it buys minority stakes, called working interests, in wells that other companies drill and manage. It pays its share of each well's costs and collects its share of the oil and gas sold. More than 100 operating partners generally market the output at prices tied to spot markets. No single operator made up more than 11% of fourth-quarter 2025 oil and gas sales.
Its annual report gives no revenue split by region, but it does break out production. In the fourth quarter of 2025, 42% came from the Permian Basin, 30% from the Williston, 21% from the Appalachian and 7% from the Uinta. Before 2020 the company focused only on oil-weighted Williston properties; acquisitions added the other three basins.
Revenue was about $2.48 billion in fiscal 2025, which ended December 31. Acquisitions helped lift production 6% from a year earlier, to 140,064 barrels of oil equivalent a day (gas counted in oil terms), in the fourth quarter of 2025. The trade-off is control: partners decide when and how to drill, and results swing with oil and gas prices. Northern aims to hedge, or lock in prices for, 65% or more of its expected production over the next 18 months.
Price history
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NOG +40.4% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $745.2M, up 5.4% from a year earlier, and net income was $236.6M (+137.6%).
- For fiscal 2025, revenue was $2.48B (+11.2% year over year; +35.0% a year from FY2020 to FY2025) with a 1.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +35.0% good |
|---|---|
| Operating margin | 9.9% watch |
| Free cash flow margin | 60.8% good |
| Return on equity (FY2025) | 1.8% weak |
| Return on assets (FY2025) | 0.7% weak |
| Net cash (cash minus debt) | $-2.68B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $552.2M | $-906.0M | $331.4M |
| FY2021 | $496.9M | $6.4M | $395.9M |
| FY2022 | $1.57B | $773.2M | $923.8M |
| FY2023 | $2.17B | $923.0M | $1.18B |
| FY2024 | $2.23B | $520.3M | $1.41B |
| FY2025 | $2.48B | $38.8M | $1.50B |
Valuation snapshot
| Market value | $2.99B |
|---|---|
| P/E ratio | 72 |
| Dividend yield | 6.41% |
Rank among 1514 US companies
Market value at each year end
Northern Oil & Gas’s market value went from $871.6M at the end of 2018 to $2.99B on Oct 28, 2026, about 3.4 times as much; since the end of 2025 it is up 43%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.99B | +42.8% |
| 2025 | $2.10B | -43.5% |
| 2024 | $3.71B | -0.4% |
| 2023 | $3.73B | +55.2% |
| 2022 | $2.40B | +76.2% |
| 2021 | $1.36B | +239.2% |
| 2020 | $401.7M | -57.7% |
| 2019 | $949.5M | +8.9% |
| 2018 | $871.6M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NOG price data to Oct 28, 2026 | +38.9% | +40.4% | -4.2% | +8.6% | +5.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +38.9% |
| 2025 | -38.1% |
| 2024 | +4.8% |
| 2023 | +25.4% |
| 2022 | +54.4% |
| 2021 | +137.5% |
| 2020 | -62.6% |
| 2019 | +3.5% |
| 2018 | +10.2% |
| 2017 | -25.4% |
| 2016 | -28.8% |
| 2015 | -31.7% |
| 2014 | -62.5% |
| 2013 | -10.4% |
| 2012 | -29.9% |
| 2011 | -11.9% |
| 2010 | +129.8% |
| 2009 | +355.4% |
| 2008 | -62.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 57.4% over that stretch · deepest drop along the way 86.7%, back to its old high 12.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 58.5% over that stretch · deepest drop along the way 65.5%, back to its old high 13.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 46.8% over that stretch · deepest drop along the way 39%, back to its old high 3.9 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 1 open-market purchases ($500K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 22, 2026 | Bahram Akradi Director | buy | $500K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.1% | Jun 30, 2025 |
| American Century Investment Management, Inc. | 8.1% | Jun 30, 2025 |
| STATE STREET CORPORATION | 6.8% | Jun 30, 2026 |
| Vanguard Portfolio Management | 6.33% | Mar 31, 2026 |
| Invesco Ltd. | 6.3% | Jun 30, 2026 |
| Vanguard Capital Management | 5.04% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 4.3% | Dec 31, 2025 |
| FMR LLC | 1.8% | May 29, 2026 |
ETFs with the most weight in NOG
| PSCE Invesco S&P SmallCap Energy ETF | 4.29% |
| OSCV Opus Small Cap Value ETF | 1.18% |
| VRAI Virtus Real Asset Income ETF | 1% |
| FDIV MarketDesk Focused U.S. Dividend ETF | 0.76% |
| CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF | 0.64% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 0.63% |
| FTRI First Trust Indxx Global Natural Resources Income ETF | 0.6% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.56% |
What could go wrong
- Relies on other companies to drill. As a non-operator, the company doesn't control when, where or how its wells are drilled. If partners slow drilling, overspend or fail to pay what they owe, its production and cash flow suffer.
- Growth leans on acquisitions. Much of its growth comes from purchasing stakes, often with limited information about the properties. Overpaying, misjudging reserves or struggling to absorb deals could hurt results, and shares issued for deals can dilute existing owners.
- Oil and gas prices drive results. Revenue, cash flow and reserve values track oil and gas prices. It aims to hedge, or lock in prices on, 65% or more of the next 18 months' output, softening but not removing the risk.
- Substantial debt and lender limits. Total debt was about $2.72 billion against $48 million of cash as of June 30, 2026. Falling prices can shrink its credit line, part of the debt has floating rates, and debt agreements restrict dividends.
- Reserve estimates and property writedowns. Reserve figures rest on assumptions about prices and geology that may prove wrong. Lower prices have forced large writedowns of property values before, and could again, slashing reported earnings.
- Climate rules and fracking limits. New limits on hydraulic fracturing (pumping fluid underground to crack rock), greenhouse gas rules or higher taxes on gas production could raise costs, delay drilling or reduce long-term demand for oil and gas.
Recent events
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Quarterly results released
- Quarterly results released
- Other company announcement
- Major agreement signed; Unregistered sale of shares
- Shareholder vote results
- Major agreement signed; Unregistered sale of shares; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Northern Oil & Gas paid no dividend in fiscal 2020. Dividends per share then rose from about $0.08 in fiscal 2021 to $1.75 in fiscal 2025, increasing every year. The yield was 6.41% as of October 28, 2026. Fiscal 2025 dividends were 447% of earnings, because profit fell to $0.39 a share, but only about 12% of free cash flow (cash left after capital spending). It repurchased $214 million of stock over fiscal 2021–2025, yet shares outstanding rose 61% from August 2021 to August 2026 as new shares were issued. Dividends depend on oil and gas prices, and debt agreements limit them.
The shares swing hard in downturns. They fell 86.7% from June 2008 to March 2009 and 65.5% in the 2020 COVID crash, taking roughly 13 to 14 months to recover. In the 2022 bear market they rose 46.8%, despite a 39% drop in mid-2022. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Northern Oil and Gas make money?
It earns money by owning minority stakes in US oil and gas wells that other companies drill and run. Northern Oil & Gas pays its share of drilling costs and collects a share of the revenue from the oil and gas produced. It works with more than 100 operating partners, and the Permian Basin supplied 42% of its production in the last three months of 2025. Revenue was about $2.48 billion in fiscal 2025.
Does Northern Oil and Gas raise its dividend every year?
Yes, so far. Dividends per share rose every fiscal year from 2021 through 2025, from about $0.08 to $1.75, after no dividend in fiscal 2020. That is a short record next to companies with decades of increases, and an oil and gas producer's payout can shrink if prices fall. The yield was 6.41% as of October 28, 2026.
Is Northern Oil and Gas's dividend covered by earnings?
Not in fiscal 2025, though cash flow covered it easily. Dividends of $1.75 a share were 447% of earnings after net income fell 92.6%, leaving $0.39 a share. They used only about 12% of free cash flow, the cash left after capital spending. Net income rebounded to about $237 million in the quarter ended June 30, 2026, up 137.6% from a year earlier. The payout still depends on oil and gas prices, and debt agreements limit dividends.
How much debt does Northern Oil and Gas have?
About $2.72 billion as of June 30, 2026, against roughly $48 million of cash and $2.0 billion of shareholders' equity. The company aims to keep debt near 1.0 times adjusted EBITDA, a rough measure of yearly cash earnings before interest and taxes. Part of the debt has floating interest rates, and its bank credit line's size depends on the value of its reserves, so falling oil and gas prices could shrink it.
How has NOG stock performed over the long term?
Unevenly. As of October 28, 2026, NOG's price-based return was 5.4% a year over 10 years, 8.6% a year over five years and minus 4.2% a year over three years. The stock gained 40.4% over the prior 12 months, after losing 38.2% in calendar 2025. Across about 19.5 years of price history, its worst fall from a peak was 99%, and it lost as much as 41.3% within the year to October 28, 2026.