TacticScaleWhat Northern Oil and Gas Does & How It Makes Money (NOG)
Updated October 2026 · reflects Northern Oil and Gas's latest reported financials
U.S. oil and gas producer that owns stakes in wells. It makes money by selling the crude oil and natural gas produced from its U.S.
How Northern Oil and Gas makes money
It makes money by selling the crude oil and natural gas produced from its U.S. properties, so its revenue rises and falls with production volumes and energy prices.
What Northern Oil and Gas does
Northern Oil and Gas, Inc. is an independent U.S. energy company in the exploration and production (E&P) segment. It acquires, explores, develops and produces crude oil and natural gas properties across the United States. As an upstream producer, its results depend mostly on how much oil and gas it produces and on commodity prices. Buying new properties is a core part of its strategy. The company was founded in 2006 and is headquartered in Minnetonka, Minnesota.
Products & services
- Crude oil
- Natural gas
- U.S. oil and gas property interests
- Oil and gas property acquisitions and development
What is Northern Oil and Gas worth?
On an owner-earnings DCF, Northern Oil and Gas's most-likely value is about $24 versus a recent price near $25 (3% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$18) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 10.2× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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