Northern Oil and Gas Inc. (NOG) Releases Q4 2025 Earnings: Revenue Beat, Gross Profit Up but Wider Net Loss

Northern Oil and Gas Inc. (NOG) reported fourth-quarter 2025 total revenue of $610.2 million, up 18.5% year-over-year and above the consensus revenue estimate of $522.3 million.

Gross profit improved to $409.6 million, a 15.1% increase year-over-year.

Operating results swung to an operating loss of -$125.8 million, a decline of 194.8% versus the year-ago quarter.

Net loss attributable to common shareholders was -$70.7 million, with diluted earnings per share of -0.73 versus an EPS estimate of 0.78.

Cash flow remained a relative strength for the quarter:

Cash from operating activities: $312.6 million, up 7.7% year-over-year.

Purchases of property, plant and equipment: -$308.1 million, down 54.7% year-over-year.

Cash and cash equivalents on the balance sheet: $14.3 million, up 60.1% year-over-year.

Other balance-sheet and cost items to note:

Cost of sales decreased to $147.0 million, down 7.7% year-over-year.

Total liabilities were roughly flat at $3.28 billion, changing by about -0.01% year-over-year.

In summary, Northern Oil and Gas (NOG) beat revenue expectations and grew gross profit, but reported widening operating and net losses while maintaining positive operating cash flow and reducing capital spending year-over-year.

Note: This financials data is sourced from a third-party provider and has not been independently verified by Quiver.

Northern Oil and Gas Inc. Hedge Fund Activity

We have seen 147 institutional investors add shares of Northern Oil and Gas Inc. stock to their portfolio, and 246 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

FMR LLC removed 3,040,241 shares (-31.7%) from their portfolio in Q4 2025, for an estimated $65,273,974
WESTFIELD CAPITAL MANAGEMENT CO LP removed 1,899,017 shares (-100.0%) from their portfolio in Q4 2025, for an estimated $40,771,894
COPELAND CAPITAL MANAGEMENT, LLC removed 1,761,477 shares (-99.9%) from their portfolio in Q4 2025, for an estimated $37,818,911
CHANNING CAPITAL MANAGEMENT, LLC removed 1,702,177 shares (-100.0%) from their portfolio in Q4 2025, for an estimated $36,545,740
MILLENNIUM MANAGEMENT LLC added 1,413,015 shares (+inf%) to their portfolio in Q4 2025, for an estimated $30,337,432
DEPRINCE RACE & ZOLLO INC added 1,187,352 shares (+inf%) to their portfolio in Q4 2025, for an estimated $25,492,447
MACQUARIE GROUP LTD removed 1,056,633 shares (-100.0%) from their portfolio in Q4 2025, for an estimated $22,685,910

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Northern Oil and Gas Inc. Analyst Ratings

Wall Street analysts have issued reports on $NOG in the last several months. We have seen 0 firms issue buy ratings on the stock, and 1 firms issue sell ratings.

Here are some recent analyst ratings:

Morgan Stanley issued a "Underweight" rating on 10/14/2025

To track analyst ratings and price targets for Northern Oil and Gas Inc., check out Quiver Quantitative's $NOG forecast page.

Northern Oil and Gas Inc. Price Targets

Multiple analysts have issued price targets for $NOG recently. We have seen 4 analysts offer price targets for $NOG in the last 6 months, with a median target of $29.0.

Here are some recent targets:

Devin McDermott from Morgan Stanley set a target price of $24.0 on 01/23/2026
Scott Hanold from RBC Capital set a target price of $30.0 on 01/20/2026
William Janela from Mizuho set a target price of $30.0 on 12/12/2025
Paul Diamond from Citigroup set a target price of $28.0 on 10/20/2025