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Northern Oil & GasNOG -1.51%60 Debt-to-Equity is 1.37 as of Jun. 2026, which is 37% above its 10-year median of 1.00. GuruFocus rates NOG with a GF Score™ of 60/100 and a GF Value™ of $31.31 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 808 Oil & Gas companies, Northern Oil & Gas ranks worse than 80.82% on this metric.
A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.
The historical rank and industry rank for Northern Oil & Gas's Debt-to-Equity or its related term are showing as below:
NOG'
s Debt-to-Equity Range Over the Past 10 Years
Min: -31.71 Med: 1 Max: 70.43
Current: 1.37
During the past 13 years, the highest Debt-to-Equity Ratio of Northern Oil & Gas was 70.43. The lowest was -31.71. And the median was 1.00.
NOG's Debt-to-Equity is ranked worse than 80.82% of 808
companies
in the Oil & Gas industry
Industry Median: 0.44
vs NOG: 1.37
Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.
Northern Oil & Gas Debt-to-Equity Related Terms
Northern Oil & Gas Debt-to-Equity Historical Data
* Premium members only.
The historical data trend for Northern Oil & Gas's Debt-to-Equity can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Oil & Gas E&P subindustry, Northern Oil & Gas's Debt-to-Equity, along with its competitors' market caps and Debt-to-Equity data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Northern Oil & Gas Debt-to-Equity vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Northern Oil & Gas's Debt-to-Equity distribution charts can be found below:
* The bar in red indicates where Northern Oil & Gas's Debt-to-Equity falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Northern Oil & Gas (NOG) has a Debt-to-Equity of 1.37 as of Jun. 2026. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Northern Oil & Gas and its competitors. This is 37% above median its historical median of 1.00. According to the industry distribution chart, Northern Oil & Gas ranks #653 out of 808 companies in the Oil & Gas industry, placing it in the top 80.8%.
Is Northern Oil & Gas' Debt-to-Equity too high?
Northern Oil & Gas' current Debt-to-Equity of 1.37 is 37% above median its 10-year median of 1.00. The Oil & Gas industry median Debt-to-Equity is 0.44. Northern Oil & Gas' value of 1.37 is 211.4% above this industry median. Based on the distribution chart, Northern Oil & Gas ranks #653 out of 808 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, Northern Oil & Gas has a GF Score™ of 60/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Northern Oil & Gas' Debt-to-Equity compare to MNR and TALO?
According to the Oil & Gas industry distribution chart, Northern Oil & Gas ranks #653 out of 808 companies for Debt-to-Equity. This places Northern Oil & Gas in the lower half of its industry. The industry median Debt-to-Equity is 0.44. Northern Oil & Gas' value of 1.37 is 211.4% above this benchmark. While the company's 10-year median is 1.00 vs. the industry median of 0.44, Northern Oil & Gas has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-Equity for an Oil & Gas company?
The median Debt-to-Equity among Oil & Gas companies is 0.44, based on 808 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Northern Oil & Gas's current Debt-to-Equity of 1.37 is 211.4% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Northern Oil & Gas and its competitors. For the Oil & Gas industry, the median Debt-to-Equity is 0.44 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Northern Oil & Gas's current Debt-to-Equity is 1.37, which is 37% above median its own 10-year median of 1.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Northern Oil & Gas stock overvalued right now?
Based on GuruFocus' analysis, Northern Oil & Gas (NOG) is currently considered Modestly Undervalued. The stock's GF Value™ is $31.31, compared to a current price of $26.02 — trading 16.9% below its estimated fair value. The current Debt-to-Equity is 1.37, which is 37% above median its 10-year median of 1.00 and 211.4% above the Oil & Gas industry median of 0.44. Northern Oil & Gas' overall GF Score™ is 60/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For Northern Oil & Gas (NOG), the current Debt-to-Equity is 1.37 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Northern Oil & Gas (NOG) Overvalued in 2026?
Based on GuruFocus' analysis, Northern Oil & Gas stock appears to be undervalued.
The current stock price of $26.02 is trading 16.9% below its estimated GF Value™ of $31.31.
GuruFocus considers Northern Oil & Gas to be Modestly Undervalued.
Key valuation signals for NOG:
Debt-to-Equity: 1.37 (37% above median its 10-year median of 1.00)
GF Value™: $31.31 vs. price of $26.02 (16.9% below fair value)
Industry Position: 211.4% above the Oil & Gas median (#653 of 808)
No single metric tells the full story. See the NOG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Northern Oil & Gas Inc is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil and natural gas properties. Its principal business is crude oil and natural gas exploration, development, and production. The company's oil and natural gas sales come from three geographic areas in the United States: the Williston Basin (North Dakota and Montana), the Permian Basin (New Mexico and Texas), the Uinta Basin, and the Appalachian Basin (Pennsylvania and Ohio).
60GF Score
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