The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Northern Oil and Gas Inc. shares valued at $4,624,579 were sold by Akradi Bahram on Aug 07. At $41.93 per share, Akradi Bahram sold 110,291 shares. The insider’s holdings dropped to 1,600,000 shares worth approximately $63.74 million following the completion of this transaction.
Also, Allen Chad W sold 4,800 shares, netting a total of over 193,549 in proceeds. Following the sale of shares at $40.32 each, the insider now holds 49,097 shares.
Before that, Evans James B. had sold 4,000 shares from its account. In a trade valued at $161,812, the Chief Technical Officer traded Northern Oil and Gas Inc. shares for $40.45 each. Upon closing the transaction, the insider’s holdings decreased to 4,000 shares, worth approximately $1.59 million.
As published in a research note from Piper Sandler on August 14, 2023, Northern Oil and Gas Inc. [NOG] has been rated down from an Overweight to a Neutral and the price target has been revised to $46. This represents a 13.39% premium over Thursday’s closing price.
Analyzing NOG Stock Performance
On Thursday, Northern Oil and Gas Inc. [NYSE: NOG] plunged -1.43% to $39.84. The stock’s lowest price that day was $39.82, but it reached a high of $40.67 in the same session. During the last five days, there has been a drop of approximately -1.61%. Over the course of the year, Northern Oil and Gas Inc. shares have jumped approximately 29.27%. Shares of the company reached a 52-week high of $42.86 on 08/09/23 and a 52-week low of $25.56 on 03/15/23. A 50-day SMA is recorded $37.19, while a 200-day SMA reached $33.46. Nevertheless, trading volume fell to 0.99 million shares from 0.85 million shares the previous day.
Support And Resistance Levels for Northern Oil and Gas Inc. (NOG)
According to the 24-hour chart, there is a support level at 39.55, which, if violated, would cause prices to drop to 39.26. In the upper region, resistance lies at 40.40. The next price resistance is at 40.96. RSI (Relative Strength Index) is 51.98 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.73, which suggests the price will decrease in the coming days. Percent R is at 95.87%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Northern Oil and Gas Inc. subject to short interest?
Stocks of Northern Oil and Gas Inc. saw a sharp steep in short interest on Jul 30, 2023 dropping by -0.81 million shares to 9.83 million. Data from Yahoo Finance shows that the short interest on Jun 29, 2023 was 10.64 million shares. A decline of -8.24% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 7.99 of the overall float, the days-to-cover ratio (short ratio) decline to 7.99.
Which companies own the most shares of Northern Oil and Gas Inc. (NOG)?
According to BlackRock Fund Advisors filings, the company currently owns 11,308,634 shares, which is about 12.16% of the total NOG shares outstanding. The investor’s shares have appreciated by 1,001,645 from its previous 13-F filing of 10306989.0 shares. With the completion of the buy transaction, Fidelity Management & Research Co’s stake is now worth $241,946,406. The Vanguard Group, Inc. acquire a 12.58% interest valued at $233.38 million while SSgA Funds Management, Inc. sold a -92,910 stake. A total of -1,177,810 shares of Northern Oil and Gas Inc. were sold by Angelo, Gordon & Co. LP during the quarter, and 94,702 were bought by Copeland Capital Management LLC. In its current portfolio, Invesco Advisers, Inc. holds 2,096,697 shares valued at $82.55 million.