NORTHERN OIL & GAS, INC.
NOG · Crude Petroleum & Natural Gas · 105.8M shares · +24%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: $2M (gross $8M, SBC $6M)
Reference price $19.40 · est. market cap ~$2.1B — last insider purchase, 2026-06-22 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C61Diversified non-operated E&P with strong cash-flow conversion but weak returns and elevated leverage after a large impairment.
Strengths
- OCF margin 60.8% (82nd pct) and gross margin 80.9% (63rd pct); diversified across four basins with growing production and dividends
- Current/quick ratio ~1.09 (66th–68th pct)
Risks
- ROE 1.8% (39th pct) and ROA 0.7% — bottom-half returns; net margin just 1.6%
- Debt/equity 1.13 (92.5th pct, high) and a $702.7M ceiling-test impairment in 2025 on falling commodity prices
Notable findings
- Insider buyingInsider buying — 1 open-market buy(s) by 1 insider(s) (~$499,741, last 6mo) Form 4 ↗
- Revenue declineRevenue -99.2% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
80.9%
Operating margin
9.9%
Net margin
1.6%
Return on equity
1.8%
Return on assets
0.7%
ROIC
4.3%
Revenue growth (QoQ)
-99.2%
Net-income growth
-92.6%
Debt / equity
1.1×
Current ratio
1.1×
Tangible book value
$2.1B
Cash & investments
$14M
Stock comp / revenue
0.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-22 | Akradi Bahram | Buy | 26K | $19.40 |
| 2026-03-31 | Frantz Michael A | Grant | 1.5K | — |
| 2026-03-31 | Kimble William F | Grant | 1.5K | — |
| 2026-03-31 | EASLEY ROY ERNEST | Grant | 1.5K | — |
| 2026-03-31 | Akradi Bahram | Grant | 3.9K | — |
| 2026-03-31 | Meier Lisa | Grant | 1.5K | — |
| 2026-03-31 | Lasher Stuart G. | Grant | 1.5K | — |
| 2026-03-31 | Pomerantz Jennifer S. | Grant | 2.4K | — |
| 2026-03-16 | O'GRADY NICHOLAS L. | Grant | 52K | — |
| 2026-03-16 | O'GRADY NICHOLAS L. | Tax withheld | 25K | $27.51 |
| 2026-03-16 | Allen Chad W | Grant | 14K | — |
| 2026-03-16 | Romslo Erik J. | Grant | 11K | — |
| 2026-03-16 | Allen Chad W | Tax withheld | 6.1K | $27.51 |
| 2026-03-16 | Romslo Erik J. | Tax withheld | 5.8K | $27.51 |
| 2026-03-16 | Evans James B. | Grant | 12K | — |
| 2026-03-16 | Evans James B. | Tax withheld | 5.7K | $27.51 |
| 2026-03-16 | Dirlam Adam A. | Grant | 25K | — |
| 2026-03-16 | Dirlam Adam A. | Tax withheld | 11K | $27.51 |
| 2026-03-16 | Dirlam Adam A. | Grant | 11K | — |
| 2026-03-16 | Dirlam Adam A. | Tax withheld | 1.4K | $27.51 |
| 2026-02-09 | O'GRADY NICHOLAS L. | Tax withheld | 15K | $25.88 |
| 2026-02-09 | Allen Chad W | Tax withheld | 3.2K | $25.88 |
| 2026-02-09 | Evans James B. | Grant | 5.1K | — |
| 2026-02-09 | Evans James B. | Tax withheld | 2.7K | $25.88 |
| 2026-02-09 | Dirlam Adam A. | Grant | 12K | — |
| 2026-02-09 | Dirlam Adam A. | Tax withheld | 5.8K | $25.88 |
| 2026-02-09 | O'GRADY NICHOLAS L. | Grant | 30K | — |
| 2026-02-09 | Allen Chad W | Grant | 6.2K | — |
| 2026-02-09 | Romslo Erik J. | Grant | 6.0K | — |
| 2026-02-09 | Romslo Erik J. | Tax withheld | 3.1K | $25.88 |
| 2025-12-31 | Meier Lisa | Grant | 2.0K | — |
| 2025-12-31 | Pomerantz Jennifer S. | Grant | 2.0K | — |
| 2025-12-31 | Lasher Stuart G. | Grant | 2.0K | — |
| 2025-12-31 | Frantz Michael A | Grant | 2.0K | — |
| 2025-12-31 | Kimble William F | Grant | 2.0K | — |
| 2025-12-31 | EASLEY ROY ERNEST | Grant | 2.0K | — |
| 2025-12-31 | Akradi Bahram | Grant | 6.5K | — |
| 2025-12-29 | Romslo Erik J. | Tax withheld | 3.3K | $21.90 |
| 2025-12-29 | Evans James B. | Tax withheld | 5.0K | $21.90 |
| 2025-12-29 | Dirlam Adam A. | Tax withheld | 6.6K | $21.90 |
| 2025-12-29 | O'GRADY NICHOLAS L. | Tax withheld | 10.0K | $21.90 |
| 2025-12-29 | O'GRADY NICHOLAS L. | Gift | 2.5K | — |
| 2025-12-29 | Allen Chad W | Tax withheld | 5.0K | $21.90 |
| 2025-12-11 | EASLEY ROY ERNEST | Buy | 10K | $23.38 |
| 2025-12-10 | EASLEY ROY ERNEST | Buy | 15K | $24.46 |
| 2025-09-30 | Kimble William F | Grant | 1.8K | — |
| 2025-09-30 | Pomerantz Jennifer S. | Grant | 1.8K | — |
| 2025-09-30 | Lasher Stuart G. | Grant | 1.8K | — |
| 2025-09-30 | Frantz Michael A | Grant | 1.8K | — |
| 2025-09-30 | EASLEY ROY ERNEST | Grant | 1.8K | — |
| 2025-09-30 | Akradi Bahram | Grant | 5.6K | — |
| 2025-09-30 | Meier Lisa | Grant | 1.8K | — |
| 2025-06-30 | Meier Lisa | Grant | 1.5K | — |
| 2025-06-30 | Akradi Bahram | Grant | 4.9K | — |
| 2025-06-30 | Pomerantz Jennifer S. | Grant | 1.5K | — |
| 2025-06-30 | Kimble William F | Grant | 1.5K | — |
| 2025-06-30 | Lasher Stuart G. | Grant | 1.5K | — |
| 2025-06-30 | Frantz Michael A | Grant | 1.5K | — |
| 2025-06-30 | EASLEY ROY ERNEST | Grant | 1.5K | — |
| 2025-03-31 | Meier Lisa | Grant | 1.4K | — |
| 2025-03-31 | Lasher Stuart G. | Grant | 1.4K | — |
| 2025-03-31 | Kimble William F | Grant | 1.4K | — |
| 2025-03-31 | Frantz Michael A | Grant | 1.4K | — |
| 2025-03-31 | EASLEY ROY ERNEST | Grant | 1.4K | — |
| 2025-03-31 | Akradi Bahram | Grant | 4.6K | — |
| 2025-03-31 | Pomerantz Jennifer S. | Grant | 1.4K | — |
| 2025-03-31 | KING JACK E | Grant | 1.4K | — |
| 2025-03-15 | Dirlam Adam A. | Tax withheld | 6.1K | $29.39 |
| 2025-03-15 | O'GRADY NICHOLAS L. | Tax withheld | 14K | $29.39 |
| 2025-03-15 | Allen Chad W | Tax withheld | 4.3K | $29.39 |
| 2025-03-15 | Evans James B. | Tax withheld | 4.0K | $29.39 |
| 2025-03-15 | Romslo Erik J. | Tax withheld | 4.9K | $29.39 |
| 2025-03-15 | Dirlam Adam A. | Tax withheld | 1.9K | $29.39 |
| 2025-03-10 | O'GRADY NICHOLAS L. | Grant | 19K | — |
| 2025-03-10 | Allen Chad W | Grant | 6.6K | — |
| 2025-03-10 | Romslo Erik J. | Grant | 5.7K | — |
| 2025-03-10 | Evans James B. | Grant | 5.6K | — |
| 2025-03-10 | Dirlam Adam A. | Grant | 9.4K | — |
| 2025-03-07 | Dirlam Adam A. | Grant | 4.0K | — |
| 2025-03-07 | O'GRADY NICHOLAS L. | Buy | 1.0K | $27.48 |
| 2025-03-04 | Akradi Bahram | Buy | 40K | $28.03 |
| 2025-03-04 | Lasher Stuart G. | Buy | 20K | $27.62 |
| 2025-03-03 | O'GRADY NICHOLAS L. | Buy | 1.5K | $28.59 |
| 2025-02-03 | Romslo Erik J. | Sell | 1.5K | $35.63 |
| 2025-01-10 | Allen Chad W | Sell | 500 | $40.33 |
| 2025-01-06 | Dirlam Adam A. | Sell | 836 | $39.00 |
| 2025-01-06 | Dirlam Adam A. | Sell | 122 | $39.00 |
| 2025-01-02 | Dirlam Adam A. | Sell | 122 | $37.73 |
| 2025-01-02 | Dirlam Adam A. | Sell | 836 | $37.73 |
| 2025-01-02 | Allen Chad W | Sell | 500 | $37.73 |
| 2025-01-02 | Romslo Erik J. | Sell | 1.5K | $37.69 |
| 2024-12-31 | Pomerantz Jennifer S. | Grant | 1.2K | — |
| 2024-12-31 | Akradi Bahram | Grant | 3.8K | — |
| 2024-12-31 | EASLEY ROY ERNEST | Grant | 1.2K | — |
| 2024-12-31 | Kimble William F | Grant | 1.2K | — |
| 2024-12-31 | Meier Lisa | Grant | 1.2K | — |
| 2024-12-31 | Lasher Stuart G. | Grant | 1.2K | — |
| 2024-12-31 | Frantz Michael A | Grant | 1.2K | — |
| 2024-12-31 | KING JACK E | Grant | 1.2K | — |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (0)
Suppliers (1)
- Cawley, Gillespie & Associates, Inc.
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-02 | OtherExhibits | filing ↗ |
| 2026-06-01 | Material agreement3.02Exhibits | filing ↗ |
| 2026-05-26 | Shareholder vote | filing ↗ |
| 2026-05-26 | Material agreement3.02Reg FDExhibits | filing ↗ |
| 2026-04-28 | ResultsExhibits | filing ↗ |
| 2026-03-13 | OtherExhibits | filing ↗ |
| 2026-02-25 | ResultsExhibits | filing ↗ |
| 2026-02-24 | Material agreementAcquisition/dispositionDebt obligationReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-02 | 2026-06-02 | 0001193125-26-252586 ↗ |
| 8-K | 2026-06-01 | 2026-06-01 | 0001193125-26-251470 ↗ |
| 8-K | 2026-05-26 | 2026-05-21 | 0001104485-26-000023 ↗ |
| 8-K | 2026-05-26 | 2026-05-22 | 0001193125-26-237800 ↗ |
| 10-Q | 2026-04-29 | 2026-03-31 | 0001104485-26-000020 ↗ |
| 8-K | 2026-04-28 | 2026-04-28 | 0001104485-26-000017 ↗ |
| 8-K | 2026-03-13 | 2026-03-11 | 0001193125-26-106187 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001104485-26-000008 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0001104485-26-000005 ↗ |
| 8-K | 2026-02-24 | 2026-02-22 | 0001193125-26-064523 ↗ |
| 8-K | 2026-02-10 | 2026-02-10 | 0001104485-26-000002 ↗ |
| 8-K | 2025-12-08 | 2025-12-05 | 0001193125-25-310561 ↗ |