Citi Boosts Northern Oil and Gas (NOG) Price Target, Sees Discipline in E&Ps

Northern Oil and Gas, Inc. (NYSE:NOG) is included among the 15 Cheapest Stocks with Highest Dividends.

On March 31, Citi analyst Paul Diamond raised the price recommendation on Northern Oil and Gas, Inc. (NYSE:NOG) to $39 from $34 and maintained a Buy rating. The firm updated its small-cap exploration and production models to reflect higher oil and gas price forecasts. Citi said oil-weighted companies are showing “robust capital discipline and a strong focus on shareholder returns.”

During the company’s Q4 2025 earnings call, management outlined two possible scenarios for 2026. The approach reflects limited visibility on commodity prices. In a low-activity case, oil volumes are expected to decline slightly, while spending would be reduced more sharply. In a higher-activity scenario, management assumes a pickup in activity, fewer curtailments, and a higher TIL count. CEO Nicholas O’Grady said the guidance reflects current market conditions. He added that capital deployment would focus on positioning the business for “coiled spring growth,” similar to what was seen in 2021.

At the same time, President Adam Dirlam said 2026 activity is expected to be spread across regions. Around 40% is projected for the Permian, 25% for Appalachia, 25% for Williston, and 10% for Uinta. Activity is expected to remain fairly balanced throughout the year, with spending weighted more toward the front end.

Northern Oil and Gas, Inc. (NYSE:NOG) operates as a real asset company. It focuses on acquiring and investing in non-operated minority working and mineral interests across hydrocarbon-producing basins. The company participates as a non-operator in the acquisition, exploration, development, and production of oil and natural gas properties in the U.S.

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