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NOG · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Northern Oil and Gas, Inc. (NOG) stock moving?
Northern Oil and Gas reported Q3 2026 results on Nov 5 that beat consensus, with adjusted EPS of $1.32 vs $1.06 expected and sales of $697.7M vs $601.2M. It also declared a $0.45 quarterly dividend on Nov 3, about 7.7% annualized at the Nov 10 close of $23.41. The share price has not responded to the beat: it fell from $28.35 on Oct 30 to $25.80 on Nov 2 on 3.2M shares, with no company news in the provided window explaining that move. It then slid to $22.14 on Nov 5 on 4.2M shares, the highest volume in the 30-day set, on the day results were published. The stock has since recovered to $23.41 on Nov 10 (VWAP $23.23), but on falling volume of 1.5M, and remains about 17% below its Oct 30 close. The rebound is modest and has not yet come with strong buying. The data provided does not include full-year guidance, production details, or commodity price context, so forward views rest mainly on the earnings beat and the dividend. London-listed Nostrum Oil & Gas PLC news was excluded because it concerns a different company.
News behind the analysis
- Northern Oil & Gas Q3 Adj. EPS $1.32 Beats $1.06 Estimate, Sales $697.693M Beat $601.169M EstimateNorthern Oil and Gas beat estimates for third-quarter adjusted EPS ($1.32 vs $1.06) and sales ($697.7M vs $601.2M).
- Northern Oil and Gas, Inc. Reports Q3 2026 Financial ResultsNorthern Oil and Gas reported Q3 2026 results that exceeded analyst expectations for both earnings and revenue.
- Northern Oil & Gas Q3 2026 Earnings Call TranscriptFull transcript of the company's third-quarter 2026 earnings call, published after the results release.
- Northern Oil and Gas, Inc. Declares Quarterly DividendNorthern Oil and Gas declared a quarterly cash dividend of $0.45 per share.
About Northern Oil and Gas, Inc.
Northern Oil and Gas is a Minneapolis-based oil and gas producer and the largest US-listed company built only around non-operated interests. It owns minority stakes in wells run by other companies across basins such as the Williston, Permian, Appalachian/Utica and Uinta, and it does not drill or run the wells itself.
How it makes money
Nearly all of its revenue comes from selling its share of the oil, natural gas and natural gas liquids from wells it partly owns. Oil has recently made up about half of its production, which was roughly 140,000–148,000 barrels of oil equivalent per day in late 2025 and early 2026, but oil brings in most of the revenue. NOG pays its share of drilling costs and grows by buying working interests and mineral rights, both through large joint deals and many small 'ground game' purchases. It uses hedges to lock in some of its prices, and these can add sizable gains or losses each quarter. It returns cash to shareholders through a quarterly dividend (recently $0.45 per share) and share buybacks.
What usually moves NOG
- Crude oil and natural gas prices
- Hedging gains and losses
- Drilling pace set by partner operators
- Acquisition activity and how it is funded
- Regional gas price discounts such as Permian Waha