NORTHERN OIL & GAS, INC.
boothcheck covers NORTHERN OIL & GAS, INC. (NOG) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed June 27, 2026.
• Northern Oil and Gas owns non-operated minority stakes in wells run by other companies, so it funds its share of drilling and collects its share of production without operating anything itself, a structure that keeps overhead light but leaves the drilling pace in others' hands. • The Q1 2026 GAAP loss of $522.8M was almost entirely non-cash, driven by a $539.1M derivative loss and a $268.3M full-cost ceiling-test impairment, while operating cash flow stayed strong at $323.6M, so the headline l
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343 institutional managers reported holding NOG in 13F filings for the quarter ended 2026-03-31. 71 opened new positions that quarter. Held by BlackRock, Vanguard Group, State Street, among others. On the short side, 17.6M shares were sold short as of the 2026-06-15 count, about 18% of shares outstanding (6.4 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
NOG's share count grew 62.3% over the past five years even with $214.01M spent on repurchases. It pays a dividend, and has for 5 years running, raised 4 years straight. Cash returned over the past three years: $449.42M in dividends and $151.51M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at NOG over the trailing three years: 2025: 6 buys totaling $2.34M; 2026: 1 buy totaling $500k. 13 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
NOG's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-04 | +5.7% | -9.2% |
| 2023-11-03 | +1.0% | -6.9% |
| 2024-02-24 | -0.9% | +25.0% |
| 2024-05-01 | -8.9% | -2.0% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
NOG's latest 8-K filings: 2026-08-06 (items 2.02, 9.01); 2026-07-13 (items 2.02, 9.01); 2026-06-02 (items 8.01, 9.01); 2026-06-01 (items 1.01, 3.02, 9.01); 2026-05-26 (items 5.07).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 27, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.