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 primarily holds interests in the Bakken and Three Forks formations in the Williston Basin of North Dakota and Montana. As of December 31, 2020, it owned working interests in 6,640 gross producing wells; and had proved reserves of 122,632 million barrels of oil equivalent. The company is based in Minnetonka, Minnesota.
IPO Year: 2022
Exchange: AMEX
Website: northernoil.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 11/20/2024 | $43.00 → $45.00 | Outperform → Sector Perform | RBC Capital Mkts |
| 10/3/2024 | $53.00 | Buy | Jefferies |
| 9/19/2024 | $47.00 | Outperform | Mizuho |
| 1/5/2024 | $39.00 | Buy → Underperform | BofA Securities |
| 1/5/2024 | $40.00 | Equal-Weight | Morgan Stanley |
| 12/14/2023 | Buy → Accumulate | Johnson Rice | |
| 8/14/2023 | $46.00 | Overweight → Neutral | Piper Sandler |
| 1/6/2023 | $38.00 | Neutral → Buy | BofA Securities |
| 10/19/2022 | $37.00 | Buy | Jefferies |
| 9/19/2022 | $32.00 → $34.00 | Neutral | BofA Securities |
10-Q - NORTHERN OIL & GAS, INC. (0001104485) (Filer)
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10-Q - NORTHERN OIL & GAS, INC. (0001104485) (Filer)
8-K - NORTHERN OIL & GAS, INC. (0001104485) (Filer)
8-K - NORTHERN OIL & GAS, INC. (0001104485) (Filer)
8-K - NORTHERN OIL & GAS, INC. (0001104485) (Filer)
8-K - NORTHERN OIL & GAS, INC. (0001104485) (Filer)
THIRD QUARTER HIGHLIGHTS Production of 121,815 Boe per day (58% oil), up 19% from the third quarter of 2023 Record oil volumes of 70,913 Bbl per day, despite only 9.5 net turn-in-lines during the quarter GAAP net income of $298.4 million, Adjusted Net Income of $141.1 million and Adjusted EBITDA of $412.4 million. See "Non-GAAP Financial Measures" below Cash flow from operations of $385.8 million. Excluding changes in net working capital, cash flow from operations was $377.1 million, an increase of 9% from the third quarter of 2023, up 1% from the second quarter of 2024 Generated record $177.1 million of Free Cash Flow, up 32% from the second quarter of 2024. See "Non-GAAP Financi
Northern Oil and Gas, Inc. (NYSE:NOG) (the "Company" or "NOG") today announced a third quarter 2024 operations update. THIRD QUARTER HIGHLIGHTS Production estimated to be 121.6 – 121.8 MBoe per day Oil volumes estimated to have increased quarter-over-quarter to record levels despite a lower 9.5 net wells turned-in-line ("TIL") Strong AFE and spud activity drove growth in D&C list to 52.2 net wells-in-process Repurchased 397,301 shares of common stock for $36.38 per share Provides hedging update Reiterates 2024 annual production guidance and capital expenditure guidance THIRD QUARTER OPERATIONAL UPDATE Production volumes in the third quarter of 2024 are estimated to have aver
Northern Oil and Gas, Inc. (NYSE:NOG) ("NOG" or the "Company") announced today that it plans to issue its third quarter 2024 financial and operating results on Tuesday, November 5, 2024, after the market closes. Additionally, the Company will host a conference call on Wednesday, November 6, 2024, at 8:00 a.m. Central Time. Those wishing to listen to the conference call may do so via phone or the Company's webcast. Conference Call and Webcast Details: Date: November 6, 2024 Time: 8:00 a.m. Central Time Dial-In: (800) 715-9871 International Dial-In: (646) 307-1963 Conference ID: 4503139 Webcast: Third Quarter 2024 Earnings Conference Call
Northern Oil and Gas, Inc. (NYSE:NOG) ("NOG") closed its previously announced acquisition of Uinta Basin assets from XCL Resources, LLC ("XCL") on October 1, 2024. The closing included the assets previously owned by Altamont Energy, LLC ("Altamont"). These transactions provide NOG with over a decade of Tier 1 inventory across ~15,800 net acres in the Uinta Basin with ~116 net underwritten undeveloped locations and additional exploration upside potential. NOG jointly acquired the assets with SM Energy, Inc. ("SM"), which will become the operator of substantially all the assets. In connection with the transaction, NOG and SM entered into cooperation and long-term joint development agreements
Northern Oil and Gas, Inc. (NYSE:NOG) ("NOG") closed its previously announced acquisition of Delaware Basin assets from Point Energy Partners, LLC ("Point"), a Vortus Investments company, on September 20, 2024. NOG jointly acquired the assets with Vital Energy, Inc. ("Vital"), which will become the operator of substantially all the assets. In connection with the transaction, NOG and Vital entered into cooperation and joint operating agreements, which include a multi-year development plan for the Point assets. At closing, NOG paid $205.0 million in cash, which includes a $22.0 million deposit paid at signing in July 2024. The closing settlement is net of preliminary and customary purchase
Point Energy Partners II ("Point Energy") today announced the completion of its previously announced $1.1 billion all cash sale of its assets to Vital Energy, Inc. (NYSE:VTLE) ("Vital") and Northern Oil and Gas, Inc. (NYSE:NOG) ("NOG"). Point Energy is a portfolio company of Vortus Investments Advisors. Point Energy is proud to announce a significant milestone in its operational journey, having increased production from an initial 300 net barrels of oil equivalent per day (boepd) to over 40,000 net boepd over a span of six years. This impressive growth underscores Point Energy's commitment to innovation and excellence in the oil and gas sector. "This incredible achievement would not have
HIGHLIGHTS NOG and SM Energy Company ("SM") exercised option to jointly acquire additional Uinta Basin assets adjacent to the XCL Resources, LLC asset acquisition, which were previously owned by Altamont Energy LLC (the "Altamont Assets") NOG to acquire a 20% undivided stake in the Altamont Assets (the "Acquired Assets") for an unadjusted purchase price of $17.5 million in cash (all data below is net to NOG) Expands Uinta footprint by ~6,500 net acres, located primarily in Duchesne and Uintah Counties, UT Transaction to close simultaneously with the close of the XCL asset acquisition NOG's total Uinta net acreage to increase to ~15,800 with ~116 net underwritten undeveloped l
Northern Oil and Gas, Inc. (NYSE:NOG) ("NOG" or the "Company") today announced that its Board of Directors has declared a cash dividend on the Company's common stock. DIVIDEND DECLARATION NOG's Board of Directors has declared a cash dividend in the amount of $0.42 per share, representing an 11% increase year-over-year and 5% sequential increase from the prior quarterly dividend. The dividend is payable on October 31, 2024, to stockholders of record as of the close of business on September 27, 2024. FUTURE DIVIDEND PLANS The Company continues to anticipate reviewing and setting dividend policy during the first fiscal quarter of each year, with the potential for interim modifications
SECOND QUARTER HIGHLIGHTS Record quarterly production of 123,342 Boe per day (57% oil), increases of 3% from the first quarter of 2024 and 36% from the second quarter of 2023 GAAP net income of $138.6 million, Adjusted Net Income of $147.8 million and Adjusted EBITDA of $413.1 million. See "Non-GAAP Financial Measures" below Cash flow from operations of $340.5 million. Excluding changes in net working capital, cash flow from operations was $374.2 million, an increase of 33% from the second quarter of 2023 Generated $133.7 million of Free Cash Flow. See "Non-GAAP Financial Measures" below Announced joint acquisition of Uinta Basin properties from XCL Resources with SM Energy C
HIGHLIGHTS Repurchased 895,076 shares of common stock during Q2 2024 Repurchased 1,444,432 shares in total during Q1 and Q2 2024 Board of Directors approved new $150 million share repurchase authorization Management will recommend that the Board of Directors approve a 5% mid-year increase to NOG's quarterly common stock dividend, to $0.42 per share, for the third quarter of 2024 Northern Oil and Gas, Inc. (NYSE:NOG) (the "Company" or "NOG") provided a shareholder return update. SHAREHOLDER RETURN UPDATE NOG repurchased 895,076 shares of common stock during the second quarter of 2024 at an average price, inclusive of commissions, of $38.96 per share. During the first half
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In the preceding three months, 7 analysts have released ratings for Northern Oil & Gas (NYSE:NOG), presenting a wide array of perspectives from bullish to bearish. The table below provides a snapshot of their recent ratings, showcasing how sentiments have evolved over the past 30 days and comparing them to the preceding months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 5 1 1 0 0 Last 30D 1 0 0 0 0 1M Ago 1 1 0 0 0 2M Ago 1 0 0 0 0 3M Ago 2 0 1 0 0 Insights from analysts' 12-month price targets are revealed, presenting an average target of $49.43, a high estimate of $56.00, and a low estimate of $43.00. Experiencing a 2.12% decline, the cu
Truist Securities analyst Neal Dingmann maintains Northern Oil & Gas (NYSE:NOG) with a Buy and lowers the price target from $57 to $54.
Northern Oil & Gas's (NYSE:NOG) short percent of float has risen 9.05% since its last report. The company recently reported that it has 12.95 million shares sold short, which is 20.48% of all regular shares that are available for trading. Based on its trading volume, it would take traders 6.53 days to cover their short positions on average. Why Short Interest Matters Short interest is the number of shares that have been sold short but have not yet been covered or closed out. Short selling is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises. Short int
B of A Securities analyst Noah Hungness maintains Northern Oil & Gas (NYSE:NOG) with a Buy and raises the price target from $48 to $49.
9 analysts have expressed a variety of opinions on Northern Oil & Gas (NYSE:NOG) over the past quarter, offering a diverse set of opinions from bullish to bearish. The table below summarizes their recent ratings, showcasing the evolving sentiments within the past 30 days and comparing them to the preceding months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 5 1 3 0 0 Last 30D 0 1 0 0 0 1M Ago 1 0 0 0 0 2M Ago 0 0 1 0 0 3M Ago 4 0 2 0 0 Providing deeper insights, analysts have established 12-month price targets, indicating an average target of $48.44, along with a high estimate of $56.00 and a low estimate of $41.00. This current average has
RBC Capital analyst Scott Hanold reiterates Northern Oil & Gas (NYSE:NOG) with a Outperform and maintains $46 price target.
SM Energy Company (NYSE:SM) shares are diving today after the company disclosed an agreement to purchase the Uinta Basin oil and gas assets from entities affiliated with XCL Resources, LLC. for an unadjusted purchase price of $2.55 billion. Simultaneously, Northern Oil and Gas, Inc. (NYSE:NOG) stated that it would purchase a 20% share of XCL’s oil and gas assets for $510 million, leaving SM Energy with an 80% stake at a net cost of $2.04 billion. SM Energy will assume operational control of the assets currently managed by XCL and plans to fund the buyout through a mix of debt and existing cash reserves. The Board has approved the XCL transaction, effective May 1, 2024, with closing
During the last three months, 10 analysts shared their evaluations of Northern Oil & Gas (NYSE:NOG), revealing diverse outlooks from bullish to bearish. The table below offers a condensed view of their recent ratings, showcasing the changing sentiments over the past 30 days and comparing them to the preceding months. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 6 0 4 0 0 Last 30D 1 0 0 0 0 1M Ago 0 0 0 0 0 2M Ago 3 0 3 0 0 3M Ago 2 0 1 0 0 The 12-month price targets assessed by analysts reveal further insights, featuring an average target of $47.9, a high estimate of $56.00, and a low estimate of $38.00. Marking an increase of 2.15%, the cur
B of A Securities analyst Noah Hungness reinstates Northern Oil & Gas (NYSE:NOG) with a Buy and announces $48 price target.
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THIRD QUARTER HIGHLIGHTS Production of 121,815 Boe per day (58% oil), up 19% from the third quarter of 2023 Record oil volumes of 70,913 Bbl per day, despite only 9.5 net turn-in-lines during the quarter GAAP net income of $298.4 million, Adjusted Net Income of $141.1 million and Adjusted EBITDA of $412.4 million. See "Non-GAAP Financial Measures" below Cash flow from operations of $385.8 million. Excluding changes in net working capital, cash flow from operations was $377.1 million, an increase of 9% from the third quarter of 2023, up 1% from the second quarter of 2024 Generated record $177.1 million of Free Cash Flow, up 32% from the second quarter of 2024. See "Non-GAAP Financi
Northern Oil and Gas, Inc. (NYSE:NOG) (the "Company" or "NOG") today announced a third quarter 2024 operations update. THIRD QUARTER HIGHLIGHTS Production estimated to be 121.6 – 121.8 MBoe per day Oil volumes estimated to have increased quarter-over-quarter to record levels despite a lower 9.5 net wells turned-in-line ("TIL") Strong AFE and spud activity drove growth in D&C list to 52.2 net wells-in-process Repurchased 397,301 shares of common stock for $36.38 per share Provides hedging update Reiterates 2024 annual production guidance and capital expenditure guidance THIRD QUARTER OPERATIONAL UPDATE Production volumes in the third quarter of 2024 are estimated to have aver
Northern Oil and Gas, Inc. (NYSE:NOG) ("NOG" or the "Company") announced today that it plans to issue its third quarter 2024 financial and operating results on Tuesday, November 5, 2024, after the market closes. Additionally, the Company will host a conference call on Wednesday, November 6, 2024, at 8:00 a.m. Central Time. Those wishing to listen to the conference call may do so via phone or the Company's webcast. Conference Call and Webcast Details: Date: November 6, 2024 Time: 8:00 a.m. Central Time Dial-In: (800) 715-9871 International Dial-In: (646) 307-1963 Conference ID: 4503139 Webcast: Third Quarter 2024 Earnings Conference Call
Northern Oil and Gas, Inc. (NYSE:NOG) ("NOG") closed its previously announced acquisition of Uinta Basin assets from XCL Resources, LLC ("XCL") on October 1, 2024. The closing included the assets previously owned by Altamont Energy, LLC ("Altamont"). These transactions provide NOG with over a decade of Tier 1 inventory across ~15,800 net acres in the Uinta Basin with ~116 net underwritten undeveloped locations and additional exploration upside potential. NOG jointly acquired the assets with SM Energy, Inc. ("SM"), which will become the operator of substantially all the assets. In connection with the transaction, NOG and SM entered into cooperation and long-term joint development agreements
Northern Oil and Gas, Inc. (NYSE:NOG) ("NOG") closed its previously announced acquisition of Delaware Basin assets from Point Energy Partners, LLC ("Point"), a Vortus Investments company, on September 20, 2024. NOG jointly acquired the assets with Vital Energy, Inc. ("Vital"), which will become the operator of substantially all the assets. In connection with the transaction, NOG and Vital entered into cooperation and joint operating agreements, which include a multi-year development plan for the Point assets. At closing, NOG paid $205.0 million in cash, which includes a $22.0 million deposit paid at signing in July 2024. The closing settlement is net of preliminary and customary purchase
HIGHLIGHTS NOG and SM Energy Company ("SM") exercised option to jointly acquire additional Uinta Basin assets adjacent to the XCL Resources, LLC asset acquisition, which were previously owned by Altamont Energy LLC (the "Altamont Assets") NOG to acquire a 20% undivided stake in the Altamont Assets (the "Acquired Assets") for an unadjusted purchase price of $17.5 million in cash (all data below is net to NOG) Expands Uinta footprint by ~6,500 net acres, located primarily in Duchesne and Uintah Counties, UT Transaction to close simultaneously with the close of the XCL asset acquisition NOG's total Uinta net acreage to increase to ~15,800 with ~116 net underwritten undeveloped l
Northern Oil and Gas, Inc. (NYSE:NOG) ("NOG" or the "Company") today announced that its Board of Directors has declared a cash dividend on the Company's common stock. DIVIDEND DECLARATION NOG's Board of Directors has declared a cash dividend in the amount of $0.42 per share, representing an 11% increase year-over-year and 5% sequential increase from the prior quarterly dividend. The dividend is payable on October 31, 2024, to stockholders of record as of the close of business on September 27, 2024. FUTURE DIVIDEND PLANS The Company continues to anticipate reviewing and setting dividend policy during the first fiscal quarter of each year, with the potential for interim modifications
SECOND QUARTER HIGHLIGHTS Record quarterly production of 123,342 Boe per day (57% oil), increases of 3% from the first quarter of 2024 and 36% from the second quarter of 2023 GAAP net income of $138.6 million, Adjusted Net Income of $147.8 million and Adjusted EBITDA of $413.1 million. See "Non-GAAP Financial Measures" below Cash flow from operations of $340.5 million. Excluding changes in net working capital, cash flow from operations was $374.2 million, an increase of 33% from the second quarter of 2023 Generated $133.7 million of Free Cash Flow. See "Non-GAAP Financial Measures" below Announced joint acquisition of Uinta Basin properties from XCL Resources with SM Energy C
HIGHLIGHTS Repurchased 895,076 shares of common stock during Q2 2024 Repurchased 1,444,432 shares in total during Q1 and Q2 2024 Board of Directors approved new $150 million share repurchase authorization Management will recommend that the Board of Directors approve a 5% mid-year increase to NOG's quarterly common stock dividend, to $0.42 per share, for the third quarter of 2024 Northern Oil and Gas, Inc. (NYSE:NOG) (the "Company" or "NOG") provided a shareholder return update. SHAREHOLDER RETURN UPDATE NOG repurchased 895,076 shares of common stock during the second quarter of 2024 at an average price, inclusive of commissions, of $38.96 per share. During the first half
TULSA, OK, July 28, 2024 (GLOBE NEWSWIRE) -- Vital Energy, Inc. (NYSE:VTLE) ("Vital Energy" or the "Company") today announced the signing of a definitive joint purchase and sale agreement to acquire the assets of Point Energy Partners ("Point"), a Vortus Investments portfolio company. The transaction will significantly increase the Company's operational scale and footprint in the Delaware Basin and add high-value development inventory. The agreement was signed in partnership with Northern Oil and Gas, Inc. (NYSE:NOG) ("NOG"). Under the terms of the agreement, the two companies will acquire Point Energy's assets in an all-cash transaction for total consideration of $1.1 billion. Vital Ener
RBC Capital Mkts downgraded Northern Oil & Gas from Outperform to Sector Perform and set a new price target of $45.00 from $43.00 previously
Jefferies resumed coverage of Northern Oil & Gas with a rating of Buy and set a new price target of $53.00
Mizuho initiated coverage of Northern Oil & Gas with a rating of Outperform and set a new price target of $47.00
BofA Securities downgraded Northern Oil & Gas from Buy to Underperform and set a new price target of $39.00
Morgan Stanley initiated coverage of Northern Oil & Gas with a rating of Equal-Weight and set a new price target of $40.00
Johnson Rice downgraded Northern Oil & Gas from Buy to Accumulate
Piper Sandler downgraded Northern Oil & Gas from Overweight to Neutral and set a new price target of $46.00
BofA Securities upgraded Northern Oil & Gas from Neutral to Buy and set a new price target of $38.00
Jefferies initiated coverage of Northern Oil & Gas with a rating of Buy and set a new price target of $37.00
BofA Securities reiterated coverage of Northern Oil & Gas with a rating of Neutral and set a new price target of $34.00 from $32.00 previously