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With an annual dividend yield of 9.26%, Northern Oil and Gas, Inc. (NYSE:NOG) is included among the 12 Ultra-High Dividend Stocks to Buy for Income Investors.

On June 15, Raymond James lowered its price recommendation on Northern Oil and Gas, Inc. (NYSE:NOG) to $30 from $35. It reiterated an Outperform rating on the shares. The firm pointed to Northern Oil and Gas’ agreement to acquire a 25% non-operated stake in Parallax Energy’s Duvernay East Shale Basin assets for $259 million. The transaction is expected to add roughly 4 MBoe/d of production in fiscal 2027 and about 75,000 net acres. It also brings assets with operating costs below the company’s average, which should support profitable growth in light-oil production.

During the company’s first-quarter 2026 earnings call, Chief Financial Officer Chad Allen said management had left its 2026 guidance unchanged because commodity prices, industry conditions, and the broader economy remain unpredictable. Allen said the company was currently tracking toward the upper end of the low-activity scenario it outlined last quarter. Even so, he noted that there was still a wide range of possible outcomes for the year, making it too early to provide a more detailed forecast.

He said the company expects to tighten its guidance ranges and offer a clearer outlook by the time it reports second-quarter results. Allen also noted that natural gas realizations in the Permian Basin are likely to remain under pressure for the next several quarters. He explained that infrastructure constraints are expected to continue until new projects begin coming online in the second half of 2026.

Northern Oil and Gas, Inc. (NYSE:NOG) is an independent energy company that operates as a non-operator. The company acquires interests in oil and natural gas properties and focuses on their exploration, development, and production.

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