Bristol Rovers picked up a useful point to end their recent run of poor results, but they could have gone away with all three after creating numerous chances in the second half at Sixfields.
Northampton will also feel they did enough to win the game and they will look back on the opening and closing stages of the match as their best opportunities.
Both sides went into the game on the back of Boxing Day defeats and it was the Cobblers who got out of the blocks the quickest, with Adebayo Akinfenwa hitting the post from the edge of the box inside the first minute.
Danny Jackman then saw his deflected free-kick turned away by Steve Phillips and from the ensuing corner Akinfenwa headed home, but his effort was ruled out for an infringement.
Giles Coke exchanged passes with Ryan Gilligan before firing over while Scott McGleish saw Phillips save well from his volley. McGleish also had the ball in the net moments later only to be ruled offside.
At the other end Craig Disley shot into the sidenetting and Jeff Hughes headed tamely at keeper Chris Dunn.
Disley missed a good chance at the start of the second half following good approach play from Aaron Lescott as Rovers stepped up the tempo.
They went on to enjoy their best spell with Dunn tipping over Rickie Lambert's fierce drive but the Northampton keeper was then grateful to see Jason Crowe clear off the line from Jo Kuffour.
Lambert also saw a goalbound header blocked, while Chris Lines volleyed wide. Disley and Lambert then saw close-range efforts hacked off the line after Stuart Campbell's corner caused havoc in the Town box.
Northampton also had their chances with Akinfenwa deflecting Jackman's long-range effort over the bar and Liam Davis forcing Phillips into a full-length save.
But substitute Leon Constantine should have won it for Cobblers in the 81st minute shortly after coming on, but he headed wide with the goal at his mercy from Jackman's free-kick.
And there was still time for Lescott to clear off the line after Ryan Gilligan's shot found its way through a crowded box.