Nostrum Oil & Gas (GB:NOG)
LSE:NOG
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Nostrum Oil & Gas
(LSE:NOG)
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Rating:51Neutral
Price Target:
3.50 p
▼(-4.37% Downside)
Action:Reiterated
Date:05/27/26
The score is held down primarily by weak financial performance—large net losses and a highly leveraged, negative-equity balance sheet—despite currently positive operating cash flow. Technicals provide meaningful support with strong trend and positive momentum signals, while valuation remains unattractive due to loss-making earnings and no dividend data.
Positive Factors
Positive operating cash flow
TTM positive operating cash flow (~$25.7M) and slightly positive free cash flow (~$2.9M) indicate the business can internally fund some sustaining capex and near-term operations. While cash generation is volatile, persistent operating cash flow provides a baseline liquidity buffer versus pure cash burn and reduces immediate reliance on external financing if trends hold.
Negative Factors
Negative equity & high leverage
The balance sheet displays negative shareholders' equity and substantial net debt (~$745M debt vs ~$504M assets), creating structural leverage that limits strategic flexibility. Elevated leverage increases refinancing, covenant and interest-rate risks, constrains capacity for organic growth or acquisitions, and heightens vulnerability to commodity or operational setbacks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Positive operating cash flow
TTM positive operating cash flow (~$25.7M) and slightly positive free cash flow (~$2.9M) indicate the business can internally fund some sustaining capex and near-term operations. While cash generation is volatile, persistent operating cash flow provides a baseline liquidity buffer versus pure cash burn and reduces immediate reliance on external financing if trends hold.
Read all positive factors
Nostrum Oil & Gas (NOG) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£5.77M
Dividend YieldN/A
Average Volume (3M)17.20K
Price to Earnings (P/E)―
Beta (1Y)-0.38
Revenue Growth-14.90%
EPS Growth-772.96%
CountryUK
Employees605
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)-1.35
Shares Outstanding165,244,980
10 Day Avg. Volume15,552
30 Day Avg. Volume17,198
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)-0.03
Price to Sales (P/S)0.07
P/FCF Ratio-2.15
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£2.00Price Target Upside-45.36% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-0.35
Revenue Forecast (FY)£116.62M
Nostrum Oil & Gas Business Overview & Revenue Model
Company Description
Nostrum Oil & Gas PLC operates as an independent entity, specializing in the upstream sector of the oil and gas industry. The company is actively involved in discovering, developing, and extracting hydrocarbon resources within the Pre-Caspian Basi...
How the Company Makes Money
NOG makes money primarily by producing hydrocarbons from its operated fields and selling them into the market. Its main revenue streams are (1) crude oil and condensate sales, where revenue is driven by production volumes, realized sales prices (o...
Nostrum Oil & Gas Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
12
Very Negative
Cash Flow
33
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 120.50M | 137.08M | 119.63M | 199.72M | 195.28M |
| Gross Profit | 37.99M | 65.07M | 42.00M | 115.66M | 99.65M |
| EBITDA | 38.64M | 143.38M | 973.69M | 76.21M | 101.97M |
| Net Income | -218.18M | -26.58M | 831.66M | -116.44M | -26.12M |
Balance Sheet | |||||
| Total Assets | 501.95M | 606.00M | 519.34M | 590.12M | 565.31M |
| Cash, Cash Equivalents and Short-Term Investments | 143.34M | 150.42M | 161.71M | 233.58M | 165.25M |
| Total Debt | 705.82M | 571.37M | 471.75M | 1.40B | 1.29B |
| Total Liabilities | 808.82M | 698.48M | 585.01M | 1.53B | 1.39B |
| Stockholders Equity | -306.39M | -92.54M | -66.17M | -940.23M | -823.25M |
Cash Flow | |||||
| Free Cash Flow | -3.80M | 535.00K | -19.48M | 87.43M | 108.58M |
| Operating Cash Flow | 19.59M | 33.08M | -2.22M | 102.20M | 117.42M |
| Investing Cash Flow | -23.39M | -26.47M | -28.08M | -15.78M | -19.78M |
| Financing Cash Flow | -2.78M | -17.71M | -41.62M | -17.48M | -10.86M |
Nostrum Oil & Gas Technical Analysis
Positive
3.66
Price Trends
2.98
Positive
3.04
Positive
3.31
Positive
Market Momentum
0.09
Positive
62.80
Neutral
50.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:NOG, the sentiment is Positive. The current price of 3.66 is above the 20-day moving average (MA) of 3.50, above the 50-day MA of 2.98, and above the 200-day MA of 3.31, indicating a bullish trend. The MACD of 0.09 indicates Positive momentum. The RSI at 62.80 is Neutral, neither overbought nor oversold. The STOCH value of 50.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:NOG.
Nostrum Oil & Gas Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
52 Neutral | £7.91M | -3.93 | -14.83% | ― | ― | ― | |
51 Neutral | £5.77M | -0.03 | 42.95% | ― | -14.90% | -772.96% | |
47 Neutral | £12.12M | -3.01 | -7.46% | ― | ― | 47.17% | |
| ― | £4.90M | -41.24 | -13.06% | 55.43% | 140.95% | 63.64% | |
44 Neutral | £13.59M | -4.71 | -4.96% | ― | -21.87% | -300.00% |
* Energy Sector Average
GB:NOG
Nostrum Oil & Gas
3.50
0.10
2.94%
GB:RBD
Reabold Resources
84.00
24.00
40.00%
GB:UOG
United Oil & Gas Plc
0.18
0.00
0.00%
GB:UKOG
UK Oil & Gas Investments
0.01
0.00
0.00%
GB:WTE
Westmount Energy
3.40
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580.00%
GB:BLOE
Block Energy Plc
0.93
-0.02
-2.63%
Nostrum Oil & Gas Corporate Events
Business Operations and StrategyFinancial Disclosures
Nostrum Oil & Gas lifts Q1 revenue and cash as third-party volumes grow
Positive
May 26, 2026
Nostrum Oil Gas reported a solid first quarter of 2026, with revenue up 9.3% to US$32.8 million, driven by higher exports, increased third-party Ural Oil Gas feedstock and firmer Brent prices, which helped offset declining Chinarevskoye output. ...
Business Operations and StrategyLegal Proceedings
Nostrum Oil & Gas to Appeal Kazakh Court Ruling in Withholding Tax Dispute
Negative
May 14, 2026
Nostrum Oil Gas has disclosed that a first instance court in Kazakhstan has rejected a challenge by its key subsidiary Zhaikmunai LLP to withholding tax claims arising from audits for 2018 and 2019. The disputed assessments relate to the denial o...
Business Operations and StrategyExecutive/Board ChangesPrivate Placements and Financing
Nostrum Oil & Gas Ties Board Exit to Debt Maturity Extension
Neutral
May 7, 2026
Nostrum Oil Gas PLC has announced that non-executive director and warrant director Martin Gudgeon will step down from its board once agreed amendments extending the maturity of the company’s senior secured and senior unsecured notes take ef...
Business Operations and StrategyFinancial Disclosures
Nostrum Oil & Gas lifts Q1 volumes, cash as third‑party processing grows
Positive
Apr 30, 2026
Nostrum Oil Gas reported a strong operational start to 2026, with average daily processed volumes rising 11.2% to 26,708 boepd in the first quarter, driven by increased third-party Ural OG feedstock and well workovers that partly offset expected ...
Business Operations and StrategyFinancial Disclosures
Nostrum Oil & Gas balances weaker 2025 earnings with higher throughput and long-term processing deal
Negative
Apr 29, 2026
Nostrum Oil Gas reported a drop in 2025 revenue to US$118 million and lower EBITDA as natural decline at its Chinarevskoye field and weaker Brent prices outweighed cost control and growing third-party processing volumes. Despite higher processed ...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Nostrum Oil & Gas Strikes Deal to Push Note Maturities to 2030
Neutral
Mar 30, 2026
Nostrum Oil Gas PLC has reached an in-principle agreement with an ad hoc group of holders of its US dollar-denominated senior secured and senior unsecured notes, representing more than half of each class, to extend the notes’ maturities fro...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.