Northern Oil and Gas Inc. (NOG) reported first-quarter 2026 results with total revenues of $5.03 million, a decline of 99.16% year over year, and gross profit of $5.03 million, down 98.89% year over year. The company recorded an operating loss of $654.9 million and a net loss attributable to common shareholders of $522.8 million, resulting in diluted earnings per share of -5.31.
Results versus expectations: revenue was far below the consensus estimate of $515.94 million, and consensus diluted EPS was 0.6859.
Cash flow and capital activity included cash from operating activities of $312.6 million (down 23.27% year over year) and purchases of property, plant and equipment totaling $308.1 million (up 18.24% year over year). Cash and cash equivalents at quarter end were $37.04 million.
Balance sheet and cost items: cost of sales was $147.0 million, and total liabilities increased to $3.73 billion (up 13.99% 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 154 institutional investors add shares of Northern Oil and Gas Inc. stock to their portfolio, and 197 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
- MACQUARIE GROUP LTD removed 1,056,633 shares (-100.0%) from their portfolio in Q4 2025, for an estimated $22,685,910
- DIMENSIONAL FUND ADVISORS LP removed 698,377 shares (-14.1%) from their portfolio in Q4 2025, for an estimated $14,994,154
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API.
Northern Oil and Gas Inc. Price Targets
Multiple analysts have issued price targets for $NOG recently. We have seen 6 analysts offer price targets for $NOG in the last 6 months, with a median target of $31.0.
Here are some recent targets:
- Paul Diamond from Citigroup set a target price of $36.0 on 04/14/2026
- Noah Hungness from B of A Securities set a target price of $32.0 on 03/24/2026
- Mark Lear from Piper Sandler set a target price of $32.0 on 03/12/2026
- 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
