NOG Partners with Infinity to Acquire $1.2 Billion Antero Assets
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 08 2025
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Should l Buy NOG?
Source: Newsfilter
- Acquisition Deal: NOG has partnered with Infinity to acquire Antero Resources and Antero Midstream's Ohio Utica assets for a total cash price of $1.2 billion, with NOG's 49% stake costing $588 million, reflecting the company's commitment to investing in high-quality assets.
- Upstream Asset Potential: The acquired upstream assets encompass approximately 35,000 acres, with an expected production of 65 MMcfe per day by 2026 and a compound annual growth rate exceeding 30%, significantly enhancing NOG's production capacity and market competitiveness.
- Midstream Infrastructure: The midstream assets include over 140 miles of pipelines and 90 miles of water handling systems, ready to service development inventory immediately, with midstream cash flows projected to grow by 75% by 2028, providing substantial revenue upside for the company.
- Financial Impact: The acquired assets are expected to generate $100 million in cash flow from operations by 2026, with approximately 19% from midstream operations, indicating strong cash flow growth potential that will further bolster the company's financial stability.
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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 28.33 USD with a low forecast of 25.00 USD and a high forecast of 33.00 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.
7 Analyst Rating
3 Buy
3 Hold
1 Sell
Moderate Buy
Current: 25.310
Low
25.00
Averages
28.33
High
33.00
Current: 25.310
Low
25.00
Averages
28.33
High
33.00
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
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.
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- Conference Call Schedule: The company will host a conference call on February 26, 2026, at 8:00 a.m. Central Time, allowing investors to listen via phone or webcast, thereby fostering communication and interaction with shareholders.
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- Conference Call Schedule: The company will host a conference call on February 26, 2026, at 8:00 a.m. Central Time, allowing investors to listen via phone or webcast, thereby fostering communication and interaction with shareholders.
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- Cash Flow Challenges: While the company generated $2.2 billion in revenue over the past 12 months, it reported negative free cash flow of $177 million, which could pose a threat to its valuation and requires investor attention on future profitability improvements.
- Attractive Dividend Yield: With an 8.2% dividend yield significantly higher than Chevron's 3.2%, Northern Oil and Gas offers a stable income source for investors, although future dividend payouts may be at risk if earnings do not improve substantially.
- Unique Business Model: By holding minority stakes in over 11,000 wells, Northern Oil and Gas avoids high exploration costs, allowing for diversified investments across major oil-producing regions, although this strategy may impact cash flow in the short term.
See More
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- Cash Flow Pressure: Despite reporting $2.2 billion in revenue over the past 12 months, Northern Oil and Gas faced negative free cash flow of $177 million, which could threaten its future dividend payments, necessitating close monitoring of its profitability improvements.
- Low-Cost Business Model: By holding minority stakes in over 11,000 oil and gas wells, Northern Oil and Gas avoids high exploration costs, although the acquisition costs impact cash flow in the short term, this strategy may stabilize its market position in the long run.
- Market Opportunity: Amidst uncertainty in Venezuela, Northern Oil and Gas offers a unique combination of an 8.2% dividend yield and a low-risk business model, potentially providing investors with an attractive income and growth opportunity, especially as domestic oil production rebounds.
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- Intense Market Competition: Following closely are Choice Hotels and Avis Budget with short interests of 50.20% and 48.80%, respectively, reflecting significant market risks and a lack of investor confidence that could impact their future financing and expansion capabilities.
- Short-Term Trading Risks: Heavily shorted stocks like Lucid and Choice Hotels not only attract short sellers but also garner attention from retail investors, which may lead to extreme volatility and potential short squeezes, increasing market uncertainty.
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See More
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See More
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Insider Buying Insight: Directors often buy shares in their own companies, indicating confidence in the business's future; Roy Ernest Easley of Northern Oil & Gas Inc recently purchased $600.8K worth of stock at an average price of $24.03/share.
Current Stock Performance: Northern Oil & Gas Inc shares are currently trading around $22.36, down 1.3%, with a 52-week range between $19.88 and $42.35.
Dividend Information: The company pays an annualized dividend of $1.8/share, with a yield of approximately 8.0%, and the next ex-dividend date is set for December 30, 2025.
Market Analysis: The article emphasizes the importance of monitoring insider buying trends and provides a link for further insights on other significant insider purchases.
See More
