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NORTHERN OIL AND GAS INC (NOG) Stock Fundamental Analysis

NYSE:NOG - New York Stock Exchange, Inc. - US6655313079 - Common Stock - Currency: USD

24.86  +0.27 (+1.1%)

After market: 24.86 0 (0%)

Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to NOG. NOG was compared to 208 industry peers in the Oil, Gas & Consumable Fuels industry. While NOG belongs to the best of the industry regarding profitability, there are concerns on its financial health. NOG has a decent growth rate and is not valued too expensively.


Dividend Valuation Growth Profitability Health

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8

1. Profitability

1.1 Basic Checks

In the past year NOG was profitable.
NOG had a positive operating cash flow in the past year.
The reported net income has been mixed in the past 5 years: NOG reported negative net income in multiple years.
Each year in the past 5 years NOG had a positive operating cash flow.
NOG Yearly Net Income VS EBIT VS OCF VS FCFNOG Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M -500M 1B

1.2 Ratios

NOG's Return On Assets of 11.41% is amongst the best of the industry. NOG outperforms 87.02% of its industry peers.
Looking at the Return On Equity, with a value of 26.96%, NOG belongs to the top of the industry, outperforming 89.90% of the companies in the same industry.
The Return On Invested Capital of NOG (16.57%) is better than 92.31% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for NOG is in line with the industry average of 23.51%.
The 3 year average ROIC (22.03%) for NOG is well above the current ROIC(16.57%). The reason for the recent decline needs to be investigated.
Industry RankSector Rank
ROA 11.41%
ROE 26.96%
ROIC 16.57%
ROA(3y)18.39%
ROA(5y)-10.2%
ROE(3y)55.05%
ROE(5y)N/A
ROIC(3y)22.03%
ROIC(5y)19.84%
NOG Yearly ROA, ROE, ROICNOG Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200 400

1.3 Margins

NOG's Profit Margin of 26.64% is fine compared to the rest of the industry. NOG outperforms 79.81% of its industry peers.
NOG has a Operating Margin of 41.30%. This is amongst the best in the industry. NOG outperforms 86.06% of its industry peers.
NOG's Operating Margin has improved in the last couple of years.
NOG's Gross Margin of 76.13% is amongst the best of the industry. NOG outperforms 88.46% of its industry peers.
In the last couple of years the Gross Margin of NOG has grown nicely.
Industry RankSector Rank
OM 41.3%
PM (TTM) 26.64%
GM 76.13%
OM growth 3Y33.88%
OM growth 5Y23.52%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y13.67%
GM growth 5Y3.3%
NOG Yearly Profit, Operating, Gross MarginsNOG Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 -100 -200 -300

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2

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) well above the Cost of Capital (WACC), NOG is creating value.
NOG has less shares outstanding than it did 1 year ago.
NOG has more shares outstanding than it did 5 years ago.
The debt/assets ratio for NOG is higher compared to a year ago.
NOG Yearly Shares OutstandingNOG Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M 100M
NOG Yearly Total Debt VS Total AssetsNOG Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B 5B

2.2 Solvency

NOG has an Altman-Z score of 1.59. This is a bad value and indicates that NOG is not financially healthy and even has some risk of bankruptcy.
NOG's Altman-Z score of 1.59 is in line compared to the rest of the industry. NOG outperforms 59.13% of its industry peers.
A Debt/Equity ratio of 0.96 indicates that NOG is somewhat dependend on debt financing.
The Debt to Equity ratio of NOG (0.96) is worse than 67.31% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.96
Debt/FCF N/A
Altman-Z 1.59
ROIC/WACC1.74
WACC9.55%
NOG Yearly LT Debt VS Equity VS FCFNOG Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1B 2B

2.3 Liquidity

A Current Ratio of 0.92 indicates that NOG may have some problems paying its short term obligations.
With a Current ratio value of 0.92, NOG is not doing good in the industry: 62.98% of the companies in the same industry are doing better.
A Quick Ratio of 0.92 indicates that NOG may have some problems paying its short term obligations.
The Quick ratio of NOG (0.92) is comparable to the rest of the industry.
Industry RankSector Rank
Current Ratio 0.92
Quick Ratio 0.92
NOG Yearly Current Assets VS Current LiabilitesNOG Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M 500M

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5

3. Growth

3.1 Past

The earnings per share for NOG have decreased strongly by -14.31% in the last year.
Measured over the past years, NOG shows a quite strong growth in Earnings Per Share. The EPS has been growing by 9.73% on average per year.
Looking at the last year, NOG shows a very strong growth in Revenue. The Revenue has grown by 24.84%.
Measured over the past years, NOG shows a very strong growth in Revenue. The Revenue has been growing by 36.34% on average per year.
EPS 1Y (TTM)-14.31%
EPS 3Y15.13%
EPS 5Y9.73%
EPS Q2Q%-6.16%
Revenue 1Y (TTM)24.84%
Revenue growth 3Y64.84%
Revenue growth 5Y36.34%
Sales Q2Q%26.04%

3.2 Future

Based on estimates for the next years, NOG will show a decrease in Earnings Per Share. The EPS will decrease by -8.25% on average per year.
The Revenue is expected to grow by 1.34% on average over the next years.
EPS Next Y-15.79%
EPS Next 2Y-17.77%
EPS Next 3Y-6.63%
EPS Next 5Y-8.25%
Revenue Next Year-0.71%
Revenue Next 2Y-1.56%
Revenue Next 3Y1.34%
Revenue Next 5YN/A

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
NOG Yearly Revenue VS EstimatesNOG Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 500M 1B 1.5B 2B
NOG Yearly EPS VS EstimatesNOG Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2 4 6 8

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6

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 4.77, the valuation of NOG can be described as very cheap.
Based on the Price/Earnings ratio, NOG is valued cheaply inside the industry as 90.87% of the companies are valued more expensively.
Compared to an average S&P500 Price/Earnings ratio of 27.11, NOG is valued rather cheaply.
NOG is valuated cheaply with a Price/Forward Earnings ratio of 7.00.
Based on the Price/Forward Earnings ratio, NOG is valued cheaper than 83.17% of the companies in the same industry.
NOG's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 35.78.
Industry RankSector Rank
PE 4.77
Fwd PE 7
NOG Price Earnings VS Forward Price EarningsNOG Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

91.35% of the companies in the same industry are more expensive than NOG, based on the Enterprise Value to EBITDA ratio.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 2.65
NOG Per share dataNOG EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 10 15 20

4.3 Compensation for Growth

The excellent profitability rating of NOG may justify a higher PE ratio.
NOG's earnings are expected to decrease with -6.63% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)0.49
EPS Next 2Y-17.77%
EPS Next 3Y-6.63%

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6

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 7.30%, NOG is a good candidate for dividend investing.
NOG's Dividend Yield is a higher than the industry average which is at 6.33.
Compared to an average S&P500 Dividend Yield of 2.39, NOG pays a better dividend.
Industry RankSector Rank
Dividend Yield 7.3%

5.2 History

NOG has been paying a dividend for over 5 years, so it has already some track record.
NOG has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)N/A
Div Incr Years3
Div Non Decr Years3
NOG Yearly Dividends per shareNOG Yearly Dividends per shareYearly Dividends per share 2021 2022 2023 2024 2025 0.5 1 1.5

5.3 Sustainability

NOG pays out 25.26% of its income as dividend. This is a sustainable payout ratio.
DP25.26%
EPS Next 2Y-17.77%
EPS Next 3Y-6.63%
NOG Yearly Income VS Free CF VS DividendNOG Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M -500M
NOG Dividend Payout.NOG Dividend Payout, showing the Payout Ratio.NOG Dividend Payout.PayoutRetained Earnings

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NORTHERN OIL AND GAS INC

NYSE:NOG (8/13/2025, 7:28:28 PM)

After market: 24.86 0 (0%)

24.86

+0.27 (+1.1%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)07-31 2025-07-31/amc
Earnings (Next)11-03 2025-11-03/amc
Inst Owners117.89%
Inst Owner Change-0.01%
Ins Owners2.87%
Ins Owner Change0.48%
Market Cap2.45B
Analysts78.67
Price Target36.67 (47.51%)
Short Float %21.67%
Short Ratio11.49
Dividend
Industry RankSector Rank
Dividend Yield 7.3%
Yearly Dividend1.62
Dividend Growth(5Y)N/A
DP25.26%
Div Incr Years3
Div Non Decr Years3
Ex-Date09-29 2025-09-29 (0.45)
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)8.16%
Min EPS beat(2)-1.4%
Max EPS beat(2)17.71%
EPS beat(4)3
Avg EPS beat(4)12.63%
Min EPS beat(4)-1.4%
Max EPS beat(4)18.32%
EPS beat(8)5
Avg EPS beat(8)7.46%
EPS beat(12)8
Avg EPS beat(12)4.39%
EPS beat(16)10
Avg EPS beat(16)5.8%
Revenue beat(2)1
Avg Revenue beat(2)-1.24%
Min Revenue beat(2)-8.7%
Max Revenue beat(2)6.21%
Revenue beat(4)3
Avg Revenue beat(4)9.37%
Min Revenue beat(4)-8.7%
Max Revenue beat(4)37.46%
Revenue beat(8)4
Avg Revenue beat(8)2.1%
Revenue beat(12)7
Avg Revenue beat(12)10.75%
Revenue beat(16)8
Avg Revenue beat(16)-4.99%
PT rev (1m)-1.25%
PT rev (3m)-7.11%
EPS NQ rev (1m)-3.64%
EPS NQ rev (3m)-8.57%
EPS NY rev (1m)0%
EPS NY rev (3m)-1.79%
Revenue NQ rev (1m)-0.94%
Revenue NQ rev (3m)-3.76%
Revenue NY rev (1m)-0.36%
Revenue NY rev (3m)-1.36%
Valuation
Industry RankSector Rank
PE 4.77
Fwd PE 7
P/S 1.01
P/FCF N/A
P/OCF 1.72
P/B 1.02
P/tB 1.02
EV/EBITDA 2.65
EPS(TTM)5.21
EY20.96%
EPS(NY)3.55
Fwd EY14.28%
FCF(TTM)-1.23
FCFYN/A
OCF(TTM)14.43
OCFY58.03%
SpS24.64
BVpS24.34
TBVpS24.34
PEG (NY)N/A
PEG (5Y)0.49
Profitability
Industry RankSector Rank
ROA 11.41%
ROE 26.96%
ROCE 19.65%
ROIC 16.57%
ROICexc 16.68%
ROICexgc 16.68%
OM 41.3%
PM (TTM) 26.64%
GM 76.13%
FCFM N/A
ROA(3y)18.39%
ROA(5y)-10.2%
ROE(3y)55.05%
ROE(5y)N/A
ROIC(3y)22.03%
ROIC(5y)19.84%
ROICexc(3y)22.07%
ROICexc(5y)19.88%
ROICexgc(3y)22.07%
ROICexgc(5y)19.88%
ROCE(3y)26.13%
ROCE(5y)23.52%
ROICexcg growth 3Y36.15%
ROICexcg growth 5Y35.22%
ROICexc growth 3Y36.15%
ROICexc growth 5Y35.22%
OM growth 3Y33.88%
OM growth 5Y23.52%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y13.67%
GM growth 5Y3.3%
F-Score7
Asset Turnover0.43
Health
Industry RankSector Rank
Debt/Equity 0.96
Debt/FCF N/A
Debt/EBITDA 1.3
Cap/Depr 200.01%
Cap/Sales 63.56%
Interest Coverage 6.36
Cash Conversion 80.14%
Profit Quality N/A
Current Ratio 0.92
Quick Ratio 0.92
Altman-Z 1.59
F-Score7
WACC9.55%
ROIC/WACC1.74
Cap/Depr(3y)383.04%
Cap/Depr(5y)349.2%
Cap/Sales(3y)82.59%
Cap/Sales(5y)83.74%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-14.31%
EPS 3Y15.13%
EPS 5Y9.73%
EPS Q2Q%-6.16%
EPS Next Y-15.79%
EPS Next 2Y-17.77%
EPS Next 3Y-6.63%
EPS Next 5Y-8.25%
Revenue 1Y (TTM)24.84%
Revenue growth 3Y64.84%
Revenue growth 5Y36.34%
Sales Q2Q%26.04%
Revenue Next Year-0.71%
Revenue Next 2Y-1.56%
Revenue Next 3Y1.34%
Revenue Next 5YN/A
EBIT growth 1Y21.75%
EBIT growth 3Y120.69%
EBIT growth 5Y68.41%
EBIT Next Year82.42%
EBIT Next 3Y21.92%
EBIT Next 5Y15.51%
FCF growth 1Y66.25%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y36.43%
OCF growth 3Y52.59%
OCF growth 5Y32.9%