Northern Oil and Gas, Inc. (NOG) Stock Price & How to Invest

Northern Oil and Gas is an independent energy company built on an unusual model: instead of operating its own drilling rigs, it acquires non-operated minority working interests in oil and gas wells run by other operators, spreading its capital across thousands of wells in the Williston Basin (North Dakota), the Permian Basin (Texas and New Mexico), and the Appalachian Basin (Ohio Utica). Production reached a record of roughly 148,000 barrels of oil equivalent per day in the first quarter of 2026 (about 50% oil), and the company grows mainly by buying additional interests, including its 2026 Ohio Utica upstream and midstream acquisition, rather than by operating wells directly.

The investment picture blends a value-and-income profile with real financial risk. As of July 2026 NOG trades around $19 with a market cap near $2.0 billion against trailing-twelve-month revenue of roughly $1.93 billion, a dividend yielding close to 9%, and a low forward earnings multiple, which is why it screens as cheap. At the same time it carries substantial debt, saw a large GAAP net loss driven by non-cash derivative mark-to-market losses and a ceiling-test impairment, and depends heavily on commodity prices it does not control, so the equity behaves like a leveraged bet on oil and gas fundamentals plus acquisition discipline.

NOG carries a high debt load, with net debt to equity reported above 100% and thin interest coverage, which magnifies the impact of falling commodity prices. Its first-quarter 2026 GAAP net loss of about $523 million was driven mainly by a non-cash unrealized derivative loss of roughly $521 million and a ceiling-test impairment near $268 million, and analysts have flagged that the dividend was being paid despite trailing-twelve-month losses. As a non-operated owner, NOG does not control drilling pace, costs, or timing on its wells, leaving it dependent on third-party operators. A sustained downturn in oil or natural gas prices would pressure cash flow, the dividend, and the balance sheet at the same time.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Northern Oil and Gas, Inc.'s investor relations page or your broker.

• Stock price: ~$19
• Market cap: ~$2.0B
• Revenue (TTM): ~$1.93B
• Net income (TTM): ~-$623M (GAAP loss)
• Forward P/E: ~5x
• Dividend yield: ~9% (~$1.80/yr)

NOG screens as statistically cheap on a forward earnings and cash-flow basis, but its trailing GAAP loss reflects large non-cash derivative and impairment charges rather than negative operating cash flow (adjusted EBITDA was about $342 million in the first quarter of 2026). The elevated dividend yield partly reflects a stock that fell sharply over the past year, and the high debt load means valuation multiples should be read alongside leverage, not in isolation.

There are three common ways to get NOG exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so NOG sits alongside other stocks that express the same thesis.

Walnut takes the basket route. Describe a thesis where NOG fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

NOG is a leveraged, high-yield way to own a diversified basket of US shale wells without operating them, so the story lives and dies on oil and gas prices, disciplined acquisitions, and the balance sheet.

Whether NOG is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is NOG a buy?, and where the stock could go from here in the NOG stock forecast.

For income investors, whether NOG pays a dividend and how the payout looks is covered in does NOG pay a dividend?