12 High Growth Oil Stocks to Buy

6. Northern Oil and Gas Inc. (NYSE:NOG)

Revenue growth past 5 years: 36.34%

Northern Oil and Gas Inc. (NYSE:NOG) is a real asset company that specializes in acquiring and investing in non-operated minority working and mineral interests across key U.S. hydrocarbon basins. Its diversified portfolio includes low-breakeven land and wellbore-only working interests, allowing it to participate proportionately in oil and gas development. NOG is one of the best high growth stocks to buy.

Northern Oil and Gas Inc. (NYSE:NOG) continues to expand its footprint in the Permian Basin with a $40 million acquisition of assets in Upton County, Texas, announced on February 11, 2025. The deal includes 2,275 net acres in the Midland Basin. This strengthens the company’s non-operated working interest portfolio in one of the most prolific oil-producing regions in the U.S.

Northern Oil and Gas Inc. (NYSE:NOG) posted strong Q4 2024 results, with production reaching 131,777 barrels of oil equivalent per day, marking a 15% increase from the prior year. The company generated $515 million in total revenue, with GAAP net income of $71.7 million and earnings per share of $0.71. Adjusted net income was $111.8 million, while adjusted EBITDA reached $406.6 million. Free cash flow for the quarter stood at $96.4 million, despite capital expenditures of $258.9 million.

On February 25, 2025, Citigroup maintained its Buy rating on the stock but lowered its price target from $55 to $45.