Northern Oil & Gas (NYSE:NOG) Stock

Northern Oil & Gas

Northern Oil & Gas Inc is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil and natural gas properties. Its principal business is crude oil and natural gas exploration, development, and production. Company's oil and natural gas sales come from three geographic areas in the United States: the Williston Basin (North Dakota and Montana), the Permian Basin (New Mexico and Texas), and the Appalachian Basin (Pennsylvania and Ohio).

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NOG shares are trading higher premarket after providing a Q4 operational update and 2025 guidance. Expect 130-135 MBoe/day production in 2025 with a capital budget of $1.05-1.2 billion.

Northern Oil And Gas Eyes 2025 Growth Despite Q4 Setbacks: Details

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Northern Oil & Gas Inc

NONGFU SPRING UNSP/ADR by NONGFU SPRING CO LTD.

Nongfu Spring Co Ltd

Nogin Inc COM NEW

Nogin Inc

Nogin Inc WT EXP

Nogin Inc Warrants (01/03/2028)

WIIM

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HNRG

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Shares of oil and gas companies are trading lower amid a rise in US crude inventories.

Northern Oil &amp; Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>) reported quarterly earnings of $1.11 per share which met the analyst consensus estimate. This is a 31.06 percent decrease over earnings of $1.61 per share from the same period last year. The company reported quarterly sales of $545.472 million which missed the analyst consensus estimate of $558.455 million by 2.32 percent. This is a 0.38 percent increase over sales of $543.403 million the same period last year.

Earnings

Earnings Misses

Northern Oil & Gas Q4 2024 Adj. EPS $1.11, Inline, Sales $545.472M Miss $558.455M Estimate

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Earnings Scheduled For February 19, 2025

On Wednesday, Northern Oil and Gas, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>) provided a fourth-quarter 2024 <a target="_blank" href="https://www.benzinga.com/pressreleases/25/02/b43679675/nog-provides-fourth-quarter-2024-operational-update-provides-initial-2025-capital-and-production-g" rel="noreferrer noopener">operational update and 2025 guidance</a>.
The company sees fourth-quarter production of 131.0–132.0 MBoe per day, which is near the upper range of its annual production guidance.
The company&#8217;s elective Ground Game and leasehold acquisitions in the quarter totaled $27 million.
Capital expenditures for the fourth quarter, excluding non-budgeted transactions, are projected at $231 million – $232 million.
Nick O&#8217;Grady, NOG&#8217;s Chief Executive Officer, said, &#8220;Our platform delivered over 25% production growth in 2024 despite an unusual confluence of events that dampened production in the fourth quarter and heading into 2025. Despite these events, we are optimistic about our positioning for the future.&#8221;
Outlook: For 2025, Northern Oil and Gas expects production of 130.0–135.0 MBoe per day and a capital budget of $1.05 billion – $1.20 billion to support increased activity <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">aimed at driving growth in 2026</a>.
In particular, the company projects oil production of 75,000 – 79,000 Bbls per day of the total in 2025.
NOG expects a significant increase in its wells-in-process list in 2025, with 106–110 net well spuds projected to outpace the completion of 97–99 net wells.
Natural gas completions are anticipated to reach 8.0–10.0 net wells, marking a substantial rise from 2024, with most of these completions scheduled for the second half of 2025.
Adam Dirlam, NOG&#8217;s President, said, &#8220;In the fourth quarter, NOG took advantage of the seasonal weakness in the A&amp;D market. We signed our joint development agreement in Appalachia, had our busiest quarter of the year with our Ground Game, and in February signed another Midland Basin joint venture.&#8221;
&#8221;We continue to see a multitude of opportunities across our respective basins as we head into 2025 and are encouraged with the prospects ahead of us.&#8221;
Last month, the Board of Directors declared a first-quarter 2025 cash dividend of $0.45 per share, reflecting a 12.5% increase year over year and <a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/b43287479/nog-declares-0-45-quarterly-cash-dividend-12-5-increase-year-over-year-provides-update-on-share-re" rel="noreferrer noopener">a 7% rise from the previous quarter</a>.
The dividend is payable on April 30, 2025, to stockholders of record as of March 28, 2025.
The company plans to release its fourth quarter and year-end 2024&nbsp;&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">results on February 19, 2025</a>.
Investors can gain exposure to the stock via Invesco S&amp;P SmallCap Energy ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSCE#NASDAQ">PSCE</a>) and Nuveen Small Cap Select ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSCS#NYSE">NSCS</a>)
Price Action: NOG shares are trading lower by 2.96% at $34.08 at the last check Thursday.
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Photo via Shutterstock.

RBC Capital analyst Scott Hanold maintains Northern Oil &amp; Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>) with a Sector Perform and lowers the price target from $45 to $40.

RBC Capital Maintains Sector Perform on Northern Oil & Gas, Lowers Price Target to $40

HIGHLIGHTS
<ul>
<li>Production estimated to have been 131.0 – 132.0 MBoe per day for the fourth quarter, putting NOG toward the high end of annual total production guidance</li>
<li>Significant elective Ground Game and leasehold acquisitions totaling $27 million in the fourth quarter</li>
<li>Fourth quarter capital expenditures, excluding non-budgeted transactions, estimated to be $231 – $232 million</li>
<li>Initial 2025 production guidance of 130.0 – 135.0 Mboe per day</li>
<li>2025 capital budget of $1.05 to $1.20 billion to support increasing activity aimed at further growth in 2026</li>
<li>In early 2025, signed definitive agreement to acquire 2,275 net acres in Upton County, TX in Midland Basin joint development with a private operating partner for $40 million</li>
</ul>

Reported Earlier, NOG Reports Q4 Production Of 131–132 Mboe/Day, Sets 2025 Guidance At 130–135 Mboe/Day, And Announces $40M Midland Basin Acquisition

Northern Oil &amp; Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>) has been analyzed by 9 analysts in the last three months, revealing a diverse range of perspectives from bullish to bearish.
The following table provides a quick overview of their recent ratings, highlighting the changing sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th align="right">Bullish</th>
<th align="right">Somewhat Bullish</th>
<th align="right">Indifferent</th>
<th align="right">Somewhat Bearish</th>
<th align="right">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td align="right">3</td>
<td align="right">0</td>
<td align="right">6</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">2</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">2</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
Analysts' evaluations of 12-month price targets offer additional insights, showcasing an average target of $45.33, with a high estimate of $55.00 and a low estimate of $35.00. This upward trend is evident, with the current average reflecting a 2.0% increase from the previous average price target of $44.44.
<img src="https://www.benzinga.com/files/images/story/2025/1738180837_0.png" alt="price target chart" />
<h2>Investigating Analyst Ratings: An Elaborate Study</h2>
A comprehensive examination of how financial experts perceive Northern Oil &amp; Gas is derived from recent analyst actions. The following is a detailed summary of key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Mark Lear</td>
<td>Piper Sandler</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$35.00</td>
<td>$37.00</td>
</tr>
<tr>
<td>Neal Dingmann</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$55.00</td>
<td>$52.00</td>
</tr>
<tr>
<td>Scott Hanold</td>
<td>RBC Capital</td>
<td>Maintains</td>
<td>Sector Perform</td>
<td>$45.00</td>
<td>$45.00</td>
</tr>
<tr>
<td>Mark Lear</td>
<td>Piper Sandler</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$37.00</td>
<td>$41.00</td>
</tr>
<tr>
<td>William Janela</td>
<td>Mizuho</td>
<td>Maintains</td>
<td>Neutral</td>
<td>$47.00</td>
<td>$47.00</td>
</tr>
<tr>
<td>Neal Dingmann</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$52.00</td>
<td>$51.00</td>
</tr>
<tr>
<td>Scott Hanold</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Sector Perform</td>
<td>$45.00</td>
<td>$43.00</td>
</tr>
<tr>
<td>Mark Lear</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Neutral</td>
<td>$41.00</td>
<td>$40.00</td>
</tr>
<tr>
<td>Neal Dingmann</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$51.00</td>
<td>$44.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: In response to dynamic market conditions and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their reaction to recent developments related to Northern Oil &amp; Gas. This insight gives a snapshot of analysts' perspectives on the current state of the company.</li>
<li>Rating: Offering insights into predictions, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Northern Oil &amp; Gas compared to the broader market.</li>
<li>Price Targets: Gaining insights, analysts provide estimates for the future value of Northern Oil &amp; Gas's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
Analyzing these analyst evaluations alongside relevant financial metrics can provide a comprehensive view of Northern Oil &amp; Gas's market position. Stay informed and make data-driven decisions with the assistance of our Ratings Table.
<a href="https://www.benzinga.com/quote/NOG/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Northern Oil &amp; Gas analyst ratings.</a>
<h2>All You Need to Know About Northern Oil &amp; Gas</h2>
Northern Oil &amp; Gas Inc is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil and natural gas properties. Its principal business is crude oil and natural gas exploration, development, and production. Company's oil and natural gas sales come from three geographic areas in the United States: the Williston Basin (North Dakota and Montana), the Permian Basin (New Mexico and Texas), and the Appalachian Basin (Pennsylvania and Ohio).
<h3>Financial Insights: Northern Oil &amp; Gas</h3>
Market Capitalization Analysis: Below industry benchmarks, the company's market capitalization reflects a smaller scale relative to peers. This could be attributed to factors such as growth expectations or operational capacity.
Revenue Growth: Over the 3 months period, Northern Oil &amp; Gas showcased positive performance, achieving a revenue growth rate of 0.38% as of 30 September, 2024. This reflects a substantial increase in the company's top-line earnings. In comparison to its industry peers, the company trails behind with a growth rate lower than the average among peers in the Energy sector.
Net Margin: The company's net margin is a standout performer, exceeding industry averages. With an impressive net margin of 57.9%, the company showcases strong profitability and effective cost control.
Return on Equity (ROE): Northern Oil &amp; Gas's ROE excels beyond industry benchmarks, reaching 13.62%. This signifies robust financial management and efficient use of shareholder equity capital.
Return on Assets (ROA): Northern Oil &amp; Gas's ROA stands out, surpassing industry averages. With an impressive ROA of 6.1%, the company demonstrates effective utilization of assets and strong financial performance.
Debt Management: The company faces challenges in debt management with a debt-to-equity ratio higher than the industry average. With a ratio of 0.84, caution is advised due to increased financial risk.
<h2>The Basics of Analyst Ratings</h2>
Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
If you want to keep track of which analysts are outperforming others, you can view updated analyst ratings along withanalyst success scores in <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.
Which Stocks Are Analysts Recommending Now?
Benzinga Edge gives you instant access to all major analyst upgrades, downgrades, and price targets. Sort by accuracy, upside potential, and more. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=be8be9arja3be22bz21&amp;utm_source=benzinga-insights">Click here to stay ahead of the market</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

The Analyst Verdict: Northern Oil & Gas In The Eyes Of 9 Experts

Piper Sandler analyst Mark Lear maintains Northern Oil &amp; Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>) with a Neutral and lowers the price target from $37 to $35.

Piper Sandler Maintains Neutral on Northern Oil & Gas, Lowers Price Target to $35

Truist Securities analyst Neal Dingmann maintains Northern Oil &amp; Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>) with a Buy and raises the price target from $52 to $55.

Truist Securities Maintains Buy on Northern Oil & Gas, Raises Price Target to $55

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Throughout the last three months, 7 analysts have evaluated Northern Oil &amp; Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>), offering a diverse set of opinions from bullish to bearish.
The following table summarizes their recent ratings, shedding light on the changing sentiments within the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th align="right">Bullish</th>
<th align="right">Somewhat Bullish</th>
<th align="right">Indifferent</th>
<th align="right">Somewhat Bearish</th>
<th align="right">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td align="right">2</td>
<td align="right">0</td>
<td align="right">5</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">2</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">2</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
Analysts' evaluations of 12-month price targets offer additional insights, showcasing an average target of $45.43, with a high estimate of $52.00 and a low estimate of $37.00. This current average has increased by 2.25% from the previous average price target of $44.43. 
<img src="https://www.benzinga.com/files/images/story/2025/1736532037_0.png" alt="price target chart" />
<h2>Investigating Analyst Ratings: An Elaborate Study</h2>
A clear picture of Northern Oil &amp; Gas's perception among financial experts is painted with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Scott Hanold</td>
<td>RBC Capital</td>
<td>Maintains</td>
<td>Sector Perform</td>
<td>$45.00</td>
<td>$45.00</td>
</tr>
<tr>
<td>Mark Lear</td>
<td>Piper Sandler</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$37.00</td>
<td>$41.00</td>
</tr>
<tr>
<td>William Janela</td>
<td>Mizuho</td>
<td>Maintains</td>
<td>Neutral</td>
<td>$47.00</td>
<td>$47.00</td>
</tr>
<tr>
<td>Neal Dingmann</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$52.00</td>
<td>$51.00</td>
</tr>
<tr>
<td>Scott Hanold</td>
<td>RBC Capital</td>
<td>Raises</td>
<td>Sector Perform</td>
<td>$45.00</td>
<td>$43.00</td>
</tr>
<tr>
<td>Mark Lear</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Neutral</td>
<td>$41.00</td>
<td>$40.00</td>
</tr>
<tr>
<td>Neal Dingmann</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$51.00</td>
<td>$44.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Responding to changing market dynamics and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their response to recent developments related to Northern Oil &amp; Gas. This offers insight into analysts' perspectives on the current state of the company.</li>
<li>Rating: Analyzing trends, analysts offer qualitative evaluations, ranging from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Northern Oil &amp; Gas compared to the broader market.</li>
<li>Price Targets: Analysts gauge the dynamics of price targets, providing estimates for the future value of Northern Oil &amp; Gas's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
Assessing these analyst evaluations alongside crucial financial indicators can provide a comprehensive overview of Northern Oil &amp; Gas's market position. Stay informed and make well-judged decisions with the assistance of our Ratings Table.
<a href="https://www.benzinga.com/quote/NOG/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Northern Oil &amp; Gas analyst ratings.</a>
<h2>Get to Know Northern Oil &amp; Gas Better</h2>
Northern Oil &amp; Gas Inc is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil and natural gas properties. Its principal business is crude oil and natural gas exploration, development, and production. Company's oil and natural gas sales come from three geographic areas in the United States: the Williston Basin (North Dakota and Montana), the Permian Basin (New Mexico and Texas), and the Appalachian Basin (Pennsylvania and Ohio).
<h3>Northern Oil &amp; Gas: Delving into Financials</h3>
Market Capitalization Analysis: With a profound presence, the company's market capitalization is above industry averages. This reflects substantial size and strong market recognition.
Positive Revenue Trend: Examining Northern Oil &amp; Gas's financials over 3 months reveals a positive narrative. The company achieved a noteworthy revenue growth rate of 0.38% as of 30 September, 2024, showcasing a substantial increase in top-line earnings. When compared to others in the Energy sector, the company faces challenges, achieving a growth rate lower than the average among peers.
Net Margin: The company's net margin is a standout performer, exceeding industry averages. With an impressive net margin of 57.9%, the company showcases strong profitability and effective cost control.
Return on Equity (ROE): Northern Oil &amp; Gas's ROE lags behind industry averages, suggesting challenges in maximizing returns on equity capital. With an ROE of 13.62%, the company may face hurdles in achieving optimal financial performance.
Return on Assets (ROA): Northern Oil &amp; Gas's ROA falls below industry averages, indicating challenges in efficiently utilizing assets. With an ROA of 6.1%, the company may face hurdles in generating optimal returns from its assets.
Debt Management: Northern Oil &amp; Gas's debt-to-equity ratio surpasses industry norms, standing at 0.84. This suggests the company carries a substantial amount of debt, posing potential financial challenges.
<h2>The Basics of Analyst Ratings</h2>
Analysts are specialists within banking and financial systems that typically report for specific stocks or within defined sectors. These people research company financial statements, sit in conference calls and meetings, and speak with relevant insiders to determine what are known as analyst ratings for stocks. Typically, analysts will rate each stock once a quarter. 
In addition to their assessments, some analysts extend their insights by offering predictions for key metrics such as earnings, revenue, and growth estimates. This supplementary information provides further guidance for traders. It is crucial to recognize that, despite their specialization, analysts are human and can only provide forecasts based on their beliefs.
Which Stocks Are Analysts Recommending Now?
Benzinga Edge gives you instant access to all major analyst upgrades, downgrades, and price targets. Sort by accuracy, upside potential, and more. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=be8be9arja3be22bz21&amp;utm_source=benzinga-insights">Click here to stay ahead of the market</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

What 7 Analyst Ratings Have To Say About Northern Oil & Gas

RBC Capital analyst Scott Hanold reiterates Northern Oil &amp; Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>) with a Sector Perform and maintains $45 price target.

Reiteration

RBC Capital Reiterates Sector Perform on Northern Oil & Gas, Maintains $45 Price Target

As the largest publicly traded dedicated non-operator, NOG has a large pipeline of acquisition opportunities and the Company frequently sends expressions of interest to acquire assets or businesses in order to evaluate and conduct due diligence on potential opportunities. Many of these requests to conduct diligence are rejected. The Company is not currently engaged in formal negotiations to acquire Granite Ridge.

Reported Friday, NOG Addressed Speculation On Granite Ridge Acquisition, Confirms No Formal Negotiations

Northern Oil and Gas <a href="https://workspace.refinitiv.com/web/apps/quotewebapi?RIC=NOG.N">NOG.N</a> has made an acquisition offer for Granite Ridge Resources <a href="https://workspace.refinitiv.com/web/apps/quotewebapi?RIC=GRNT.N">GRNT.N</a>, a smaller U.S. producer with operations in basins including the Permian and Eagle Ford, according to people familiar with the matter. Minneapolis, Minnesota-based Northern has submitted at least two offers for Granite Ridge, the sources said, adding the latest bid, made in recent weeks, was at a roughly 20% premium to the target's share price. While Granite Ridge's management has rebuffed the overtures so far, Northern remains interested in a deal and could sweeten its offer next year, the sources said, requesting anonymity as the discussions are confidential. Granite Ridge declined comment. Northern did not respond to a request for comment. Granite Ridge is majority owned by entities controlled by private equity firm Grey Rock Investment Partners, which was founded by Matt Miller and Griffin Perry, who also serve as co-chairmen of the Dallas-based company. The other co-founder of Grey Rock, Kirk Lazarine, also sits on the board. The company's shares, which have been trading in New York since its 2022 merger with a blank-check acquisition firm backed by former speaker of the U.S. House of Representatives Paul Ryan, have fallen about 12% during the last three months, slightly underperforming the S&amp;P 500 Oil &amp; Gas Exploration &amp; Production <a href="https://workspace.refinitiv.com/web/apps/quotewebapi?RIC=.SPLRCOILP">.SPLRCOILP</a> index. Granite Ridge's shares were trading at $5.72 on Friday, giving it a market value of nearly $750 million. It also had debt net of cash of about $136 million as of the end of September, according to data from LSEG. Both Northern and Granite Ridge specialize in so-called non-op production, which means they contribute a share of the drilling costs and other expenses to get a share of the revenue from the sale of hydrocarbons, while another producer is in charge of the day-to-day operations of the oil and gas wells. Northern is one of the largest non-op producers in the U.S. shale patch, and has grown in recent times through a variety of smaller acquisitions, partnerships and joint ventures. If it succeeds in clinching a deal for Granite Ridge, it would rank as Northern's largest ever acquisition. Northern and Granite Ridge operate across multiple shale basins, including the Permian basin located in Texas and New Mexico, and the Williston formation in North Dakota. A takeover of Granite Ridge would also give Northern a presence in the Eagle Ford, Haynesville, and Denver-Julesburg basins.

GRNT

'Northern Oil And Gas Has Approached Granite Ridge Resources With An Acquisition Offer, Sources Say' - Reuters News

Piper Sandler analyst Mark Lear maintains Northern Oil &amp; Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>) with a Neutral and lowers the price target from $41 to $37.

Piper Sandler Maintains Neutral on Northern Oil & Gas, Lowers Price Target to $37

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Mizuho analyst William Janela downgrades Northern Oil &amp; Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>) from Outperform to Neutral and maintains the price target from $47 to $47.

Mizuho Downgrades Northern Oil & Gas to Neutral, Maintains Price Target to $47

Truist Securities analyst Neal Dingmann maintains Northern Oil &amp; Gas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>) with a Buy and raises the price target from $51 to $52.

Truist Securities Maintains Buy on Northern Oil & Gas, Raises Price Target to $52

he program, which covers drilling activities in calendar year 2025, requires a capital commitment from NOG expected not to exceed $160 million for a 15% working interest.
&nbsp;

Northern Oil And Gas Enters Joint Development Program With Existing Appalachian Operator; Adds Accretive Natural Gas Development In Appalachia With Strong Visibility And Surety Of Development

In the current session, the stock is trading at $43.88, after a 0.90% spike. Over the past month, Northern Oil &amp; Gas Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOG#NYSE">NOG</a>) stock increased by 16.73%, and in the past year, by 17.95%. With performance like this, long-term shareholders are optimistic but others are more likely to look into the price-to-earnings ratio to see if the stock might be overvalued.

<img src="https://www.benzinga.com/files/images/story/2024/1733166908_0.png" alt="Past Year Chart" />

<h3>A Look at Northern Oil &amp; Gas P/E Relative to Its Competitors</h3>
The P/E ratio is used by long-term shareholders to assess the company's market performance against aggregate market data, historical earnings, and the industry at large. A lower P/E could indicate that shareholders do not expect the stock to perform better in the future or it could mean that the company is undervalued. 
Northern Oil &amp; Gas has a lower P/E than the aggregate P/E of 14.31 of the Oil, Gas &amp; Consumable Fuels industry. Ideally, one might believe that the stock might perform worse than its peers, but it's also probable that the stock is undervalued. 

<img src="https://www.benzinga.com/files/images/story/2024/1733166908_1.png" alt="Guage" />

In conclusion, the price-to-earnings ratio is a useful metric for analyzing a company's market performance, but it has its limitations. While a lower P/E can indicate that a company is undervalued, it can also suggest that shareholders do not expect future growth. Additionally, the P/E ratio should not be used in isolation, as other factors such as industry trends and business cycles can also impact a company's stock price. Therefore, investors should use the P/E ratio in conjunction with other financial metrics and qualitative analysis to make informed investment decisions.

Intraday Update

A Look Into Northern Oil & Gas Inc's Price Over Earnings

Press Releases

NOG Provides Third Quarter 2024 Operational Update

NOG Announces Third Quarter 2024 Results, Achieves Record Oil Production

NOG Declares $0.42 Quarterly Cash Dividend, 5% Increase Year-over-Year; Announces 2025 Dividend Plan Targeting 10% Increase Year-over-Year

NOG Publishes 2023 ESG Report

NOG Enters into Appalachian Joint Development Program

NOG Responds to Reuters Article in Regard to Potential Business Combination

NOG Schedules Fourth Quarter and Year-End 2024 Earnings Release and Conference Call

NOG Declares $0.45 Quarterly Cash Dividend, 12.5% Increase Year over Year; Provides Update on Share Repurchases

NOG Provides Fourth Quarter 2024 Operational Update; Provides Initial 2025 Capital and Production Guidance; Announces Signing of $40 Million Bolt-On Acquisition in First Quarter

NOG Announces Fourth Quarter and Full Year 2024 Results; Provides Detailed 2025 Guidance

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