Start here if you're new
what it is
NOG buys stakes in oil and gas wells, lets other companies do the drilling, and takes its share of production.
how it gets paid
Last year Nog made $2.5B in revenue. oil production was the main engine at $1.55B, or 62% of sales.
why it's growing
Revenue grew 11.2% last year. $1.9 billion matters because it was up 235% vs. prior year.
what just happened
Revenue hit $1.9B, up 235% vs. prior year, while EPS reached $1.10.
At a glance
B balance sheet — gets the job done, barely
5/100 earnings predictability — expect surprises
12.4x trailing p/e — the market's not buying it — or you found a deal
6.5% dividend yield — cash in your pocket every quarter
12.8% return on capital — nothing to write home about
xvary composite: 32/100 — weak
What they do
NOG buys stakes in oil and gas wells, lets other companies do the drilling, and takes its share of production.
NOG's edge is its non-operated model (non-operated → other companies drill the wells → so what: NOG can spread capital across more acreage without building a giant field staff). That is how 49 employees supported about $2.5 billion of annual revenue, based on SEC figures. If you own it, you are betting that partnering with experienced operators stays cheaper than trying to run the whole circus yourself.
How they make money
$2.5B
annual revenue · their business grew +11.2% last year
oil production
$1.55B
+11.2%
natural gas production
$0.45B
+11.2%
natural gas liquids
$0.35B
+11.2%
other and hedging
$0.15B
5.0%
The products that matter
oil-weighted producing assets
Williston Basin Assets
majority of $2.1B sales
This is the core of the business. It generated the majority of the company’s $2.1B in oil and gas sales in 2025, which tells you where the earnings power and the commodity exposure both sit.
core driver
gas-weighted diversification
Appalachian Basin Assets
part of a $2B revenue base
It gives you basin diversification, but the company does not break out revenue here. That means you know it matters strategically, not exactly how much it contributes financially.
disclosure thin
Key numbers
$2.5B
annual revenue
That is the scale of the business today, and it grew 11.2% vs. prior year based on SEC filings.
$5.14
2024 EPS est.
At $27.51 a share, you are paying about 5.4 times this estimate, which is cheap if earnings hold.
6.5%
dividend yield
You are getting paid to wait, but that payout only feels safe when commodity prices stay friendly.
$2.3B
long-term debt
Debt equals 45% of capital, so leverage is helping returns and increasing the consequences of bad pricing.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 20 / 100
- long-term debt $2.3B (45% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for NOG right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $1.9B, up 235% vs. prior year, while EPS reached $1.10.
The quarter showed what this model looks like when production and commodity exposure line up. The problem is contrast: full-year EPS was $10.03 in 2023 and an estimated $5.14 in 2024, so your upside comes with mood swings.
$1.9B
revenue
$1.10
eps
9.9%
operating margin
the number that mattered
$1.9 billion matters because it was up 235% vs. prior year, which is the kind of jump that makes you check whether you misread the decimal.
source: company earnings report, 2026
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What could go wrong
the top risk is commodity prices falling while expansion spending stays high.
high
free cash flow squeeze
This page already flags negative free cash flow tied to expansion spending. That matters because the stock is also selling a 6.5% dividend yield.
If spending stays high and cash generation stays weak, the dividend story gets less comfortable fast.
high
oil price exposure
Oil sales are $1.7B of a $2B revenue base. That means roughly 68% of the business is tied to the commodity that matters most.
A weaker oil tape would pressure the majority of revenue before you even get to margins.
med
balance sheet load
Long-term debt is $2.3B, or 45% of capital. That is manageable when prices cooperate and less fun when they do not.
Leverage narrows the margin for error if commodity prices and cash flow weaken at the same time.
med
earnings whiplash
Earnings predictability is 5 / 100. The latest quarter also missed estimates, with $0.83 EPS versus $0.96 expected.
Volatile earnings can keep valuation low even when the headline P/E looks cheap.
Oil drives about 68% of revenue, the company carries $2.3B of long-term debt, and the dividend yield is 6.5% while free cash flow is under pressure. That's a lot of moving parts for one income thesis.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
next earnings print
Q1 2026 EPS is projected at $0.73. That is the next reality check for the cash flow and dividend story.
risk
dividend coverage
The yield is 6.5%, but the page also flags negative free cash flow. You want those two facts moving in opposite directions next.
trend
oil still runs the model
Oil sales are $1.7B, or 68% of revenue. If oil prices move, NOG's narrative usually moves with them.
metric
debt discipline
Long-term debt sits at $2.3B, or 45% of capital. Stable or lower is fine. Higher would make a cyclical story less forgiving.
Analyst rankings
earnings predictability
5 / 100
In human-speak, analysts do not trust this business to deliver smooth, repeatable quarterly numbers.
risk rank
4
That is a weaker safety profile. You are being paid with yield because the business carries real cyclical risk.
price stability
20 / 100
This stock has not traded like a steady income vehicle. It has traded like energy with a payout attached.
source: institutional data
Institutional activity
institutional ownership data for NOG is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$28
current price
n/a
target midpoint · n/a from current
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