Northern Oil and Gas Inc Hits 20-Day High Amid Options Activity
Written by Emily J. Thompson, Senior Investment Analyst
Source: NASDAQ.COM
Updated: 05 Dec 25 
Northern Oil and Gas Inc saw a price increase of 3.77%, reaching a 20-day high amid notable options market activity.
The options market indicates significant implied volatility for NOG, particularly for the Dec. 19, 2025 $40 Call, suggesting that investors anticipate a major price movement. Analysts have mixed sentiments, with the consensus estimate for the current quarter decreasing from 91 cents to 85 cents per share.
This heightened activity in the options market may attract traders looking to capitalize on potential price movements, reflecting a strategic interest in NOG's stock despite the broader market's slight decline.
NOG
$0.0000%Past 6 months
Line
|
Candle
1D
5D
1M
3M
6M
YTD
1Y
5Y
No Data
Powered By
Intellectia
Analyst Views on NOG
Wall Street analysts forecast NOG stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for NOG is 28.86 USD with a low forecast of 25.00 USD and a high forecast of 34.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
8 Analyst Rating
4 Buy
3 Hold
1 Sell
Moderate Buy
Current: 23.900
Low
25.00
Averages
28.86
High
34.00
Current: 23.900
Low
25.00
Averages
28.86
High
34.00
Citi
Buy
downgrade
$32 -> $28
2025-10-20
Reason
Citi
Price Target
$32 -> $28
2025-10-20
downgrade
Buy
Reason
Citi lowered the firm's price target on Northern Oil and Gas to $28 from $32 and keeps a Buy rating on the shares. The firm updated the company's model into earnings to reflect macroeconomic uncertainty and pricing volatility.
Morgan Stanley
Devin McDermott
Underweight
downgrade
$27 -> $26
2025-10-14
Reason
Morgan Stanley
Devin McDermott
Price Target
$27 -> $26
2025-10-14
downgrade
Underweight
Reason
Morgan Stanley analyst Devin McDermott lowered the firm's price target on Northern Oil and Gas to $26 from $27 and keeps an Underweight rating on the shares. The firm is updating its price targets for Energy in the North America stock under its coverage, the analyst tells investors. The firm expects "clean" Q3 operational updates, but cash flow will likely be generally below consensus due to weaker gas and NGL realizations.
Mizuho
Neutral
downgrade
$32 -> $28
2025-09-15
Reason
Mizuho
Price Target
$32 -> $28
2025-09-15
downgrade
Neutral
Reason
Mizuho lowered the firm's price target on Northern Oil and Gas to $28 from $32 and keeps a Neutral rating on the shares. The firm adjusted ratings in the integrated oil space after updating its commodity price outlook and valuations. Mizuho still sees a positive skew in gas prices over the next 12 months. Oil stocks are pricing in the current strip while gas stocks offer a 10%-15% discount based on implied commodity prices, the analyst tells investors in a research note. As such, the firm maintains a relative preference for large-cap, gas exploration and production companies with "selective exposure" to core oil names.
William Blair
NULL
to
Outperform
initiated
2025-08-25
Reason
William Blair
Price Target
2025-08-25
initiated
NULL
to
Outperform
Reason
William Blair initiated coverage of Northern Oil and Gas with an Outperform rating. The firm says the company's non-operated status allows it to "largely corner" the non-operated upstream acquisition market. Northern has industry-leading economies of scale across four core U.S. basins and has completed over 15 accretive acquisitions since 2021, the analyst tells investors in a research note.
See All Ratings
About NOG
Northern Oil and Gas, Inc. is a real asset company that focuses on acquiring and investing in non-operated minority working and mineral interests in the hydrocarbon producing basins. The Company is engaged as a non-operator in the acquisition, exploration, development and production of oil and natural gas properties in the United States, primarily in the Williston Basin, the Permian Basin, the Appalachian Basin and the Uinta Basin. Its portfolio comprises 300,000 acres of low-breakeven land with over 10,000 wells. Diversified by basin and across commodity type, its wells are operated by over 100 public and private operators. It engages in oil and natural gas exploration and production by participating on a proportionate basis alongside third-party interests in wells drilled and completed in spacing units that include its acreage. In addition, it acquires wellbore-only working interests in wells in which it does not hold the underlying leasehold interests from third parties.
About the author
Preview
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Sigh Up to Get Intellectia Insights
How did the company's recent strategic decisions impact its latest financial performance?
Can you explain the factors behind the recent changes in the company's stock price?
What are the expected impacts of current market trends on the company's future growth?
Based on the latest earnings report, what are the company's forecasted revenues for the next quarter?