Northern Oil & Gas Inc (NOG) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Northern Oil & Gas Inc $25.09, price $23.14, upside +8.4%, quality 21 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $11.32 – $38.67 · fair‑value band $25.09 – $37.10 · the $23.14 price screens below the $25.09 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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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. Northern Oil and Gas, Inc. was founded in 2006 and is headquartered in Minnetonka, Minnesota.
Stock analysis
Northern Oil & Gas Inc (NOG) currently trades at $23.14, while our model-based Fair Value estimate is $25.09, implying the stock looks roughly 7.8% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $50.53 per share, and 14 of the 25 models we run sit above the $23.14 price.
Bear case: the Multiples group reads lowest at $6.18, and 11 of the 25 models stay below the price. Evidence for this calculation is medium.
Scenario range: $25.09 (bear) to $37.10 (bull), the price of $23.14 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 21/100 (below-average quality), in the Energy sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Northern Oil & Gas Inc reported revenue of $2.1B in FY2025 versus $975M in FY2021, a compound +21.1%/yr. Reported net income was $38.8M in FY2025, compounding +57.1%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap $2.8B · P/S ratio 1.38 · EPS (TTM) $−4.83 · Dividend yield 7.8% · Net margin 1.9% · Return on equity −22.1% · Return on assets (EBIT) 17.2% · Operating margin 57.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (low confidence).
What moves the price
The share trades about 22% below its 52-week high and 33% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at 10% fair-value upside, at 8%, NOG screens richer than that median.
Fair Value models
Bear $25.09Fair Value $25.09Bull $37.10
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−3.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+45.2%
Start year 2020 (pandemic). Over 10 years: +26.3% a year
Revenue growth 17 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+45.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+50.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+43.1%
Dividend (yield on the price)7.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.31% vs −35%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−260% → 29%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 9.7%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+7.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+13.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +5.0% a year for the price and +10.4% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (98 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas E&P · 306 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score21 · Bottom 25%
Fair Value upside+8% · Above median
Profitability
Return on assets5% · Above median
Net margin (TTM)−24% · Bottom 25%
Operating margin (TTM)57% · Top 25%
Growth and dividend
Revenue growth16% · Above median
Dividend yield (TTM)7.8% · Top 25%
Balance sheet
Debt / equity1.13× · Highest 25%
Valuation Multiplesvs Oil & Gas E&P median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Northern Oil & Gas Inc Fair Value". https://www.fairvalue-calculator.com/stock/NOG
Frequently asked questions
Is Northern Oil & Gas Inc (NOG) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $25.09 versus a price of $23.14, about +8% upside (fairly valued).
What is the fair value of NOG?
Our model-based fair value for Northern Oil & Gas Inc is $25.09 (as of Sep 23, 2026), built from audited fundamentals. The current price: $23.14.
What is the quality score of NOG?
Northern Oil & Gas Inc has a Quality Score of 21/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Northern Oil & Gas Inc (NOG)?
Our model-based price target is the fair value of $25.09 (as of Sep 23, 2026) from 25 valuation models. Cautious scenario $25.09, optimistic scenario $37.10. It is a calculation from audited fundamentals, not an analyst target.
What is the Northern Oil & Gas Inc stock forecast for 2026?
Our models put fair value at $25.09, about +8% upside versus a price of $23.14 (fairly valued). Cautious scenario $25.09, optimistic scenario $37.10. The calculation is refreshed regularly with new filings.
What is the revenue of Northern Oil & Gas Inc (NOG)?
Northern Oil & Gas Inc reported trailing-twelve-month revenue of about $2.0B (latest available figure, as of Sep 23, 2026).
Does Northern Oil & Gas Inc pay a dividend?
Northern Oil & Gas Inc currently shows a dividend yield of about 7.78% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Northern Oil & Gas Inc (NOG)?
For today's price to be fair in a discounted-cash-flow model, Northern Oil & Gas Inc would have to grow free cash flow by +7.5 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +45.3 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of NOG use?
Our models discount Northern Oil & Gas Inc at 9.1 %: a base by market capitalisation (mid), damped by beta 0.73, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Northern Oil & Gas Inc that is +7.5 % per year a year over ten years, using the same discount rate (9.1 %) and the same formula as our fair value.
How much growth has Northern Oil & Gas Inc (NOG) delivered so far?
Over the past 5 years revenue at Northern Oil & Gas Inc grew +45.3 % a year. The price currently implies +7.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Northern Oil & Gas Inc (NOG) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Northern Oil & Gas Inc (+7.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Northern Oil & Gas Inc (NOG)?
The free-cash-flow yield on the price is 10.11 %: that much free cash flow Northern Oil & Gas Inc produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Northern Oil & Gas Inc (NOG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Northern Oil & Gas Inc it is $25.09 per share (as of Sep 23, 2026), against a price of $23.14. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Northern Oil & Gas Inc stock overvalued or undervalued in 2026?
As of Sep 23, 2026, NOG trades below its calculated fair value: price $23.14, fair value $25.09, a gap of about +8% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NOG?
No. The price is what the market pays today ($23.14); the fair value is what the company's own numbers justify ($25.09). For Northern Oil & Gas Inc the two are $1.95 per share apart. That gap is exactly why we show both numbers side by side.
How much is Northern Oil & Gas Inc worth?
The market values Northern Oil & Gas Inc at about $2.8B (market capitalisation, as of Sep 23, 2026). Per share that is $23.14; our models calculate a fair value of $25.09 per share.
What do the bullish and bearish scenarios say about NOG?
Our models span a range for Northern Oil & Gas Inc: cautious scenario $25.09, base $25.09, optimistic $37.10 per share (as of Sep 23, 2026, price $23.14). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of NOG?
The PEG ratio of Northern Oil & Gas Inc is 7.35 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Northern Oil & Gas Inc (NOG)?
Balance-sheet figures for Northern Oil & Gas Inc (as of Sep 23, 2026): return on equity −22.1%, debt of 1.13 per unit of equity. They feed the Quality Score of 21/100, which measures business quality independently of the share price.
How far is NOG from its 52-week high?
Northern Oil & Gas Inc trades at $23.14, about 22% below its 52-week high of $29.66 and 33% above the low of $17.37 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $25.09 is for.
Which stocks are comparable to Northern Oil & Gas Inc?
From the same area (Energy) we also value CNOOC Limited, ConocoPhillips explores for,, Canadian Natural Resources Limited, EOG Resources, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Northern Oil & Gas Inc stock attractive at the current price?
The data as of Sep 23, 2026: price $23.14, calculated fair value $25.09 (+8%), Quality Score 21/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NOG calculated?
We run Northern Oil & Gas Inc through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $25.09, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Northern Oil & Gas Inc currently trades 8 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Northern Oil & Gas Inc (NOG)?
The closing price on Sep 23, 2026 was $23.14. Our model-based fair value is $25.09, about +8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Northern Oil & Gas Inc right now?
The price is below even our cautious bear case ($25.09). The market is more pessimistic than our downside scenario. The price sits close to our fair value, market and models broadly agree here, little valuation tension.
Key figures of Northern Oil & Gas Inc
How large is the market capitalisation of Northern Oil & Gas Inc (NOG)?
The market capitalisation of Northern Oil & Gas Inc is $2.8B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Northern Oil & Gas Inc (NOG)?
The price-to-sales ratio of Northern Oil & Gas Inc is 1.38 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Northern Oil & Gas Inc (NOG)?
Earnings per share at Northern Oil & Gas Inc are $−4.83. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Northern Oil & Gas Inc (NOG)?
The dividend yield of Northern Oil & Gas Inc is 7.8%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Northern Oil & Gas Inc (NOG)?
The net margin of Northern Oil & Gas Inc is 1.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Northern Oil & Gas Inc (NOG)?
The return on equity (ROE) of Northern Oil & Gas Inc is −22.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Northern Oil & Gas Inc (NOG)?
On an EBIT basis the return on assets of Northern Oil & Gas Inc is 17.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Northern Oil & Gas Inc (NOG)?
The operating margin of Northern Oil & Gas Inc is 57.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Northern Oil & Gas Inc (NOG)?
Revenue at Northern Oil & Gas Inc is growing +16.0% versus a year earlier (3y avg +1.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Northern Oil & Gas Inc (NOG)?
Earnings per share at Northern Oil & Gas Inc are growing +119% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Northern Oil & Gas Inc (NOG) carry?
The net debt of Northern Oil & Gas Inc is $2.4B (fiscal year 2025, ≈ 9.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Sep 23, 2026