Piper Sandler gives a Neutral recommendation for Northern Oil and Gas Inc. (NOG)


Northern Oil and Gas Inc.’s filing revealed that its Chief Legal Officer & Sec. Romslo Erik J. unloaded Company’s shares for reported $0.31 million on Aug 25. In the deal valued at $40.73 per share,7,500 shares were sold. As a result of this transaction, Romslo Erik J. now holds 80,036 shares worth roughly $ 3.28 million.

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Then, Akradi Bahram sold 110,291 shares, generating $4,624,579 in total proceeds. Upon selling the shares at $41.93, the Director now owns 1,600,000 shares.

Before that, Allen Chad W sold 4,800 shares. Northern Oil and Gas Inc. shares valued at $193,549 were divested by the CFO at a price of $40.32 per share. As a result of the transaction, Allen Chad W now holds 49,097 shares, worth roughly $2.01 million.

Piper Sandler downgraded its Northern Oil and Gas Inc. [NOG] rating to a Neutral from a an Overweight in a research note published on Monday. PT values the company’s stock at a premium of 11.0 to its Monday closing price.

Price Performance Review of NOG

On Monday, Northern Oil and Gas Inc. [NYSE:NOG] saw its stock jump 0.84% to $40.94. On the same session, the stock had its day’s lowest price of $40.605, but rose to a high of $41.39. Over the last five days, the stock has lost -0.53%. Northern Oil and Gas Inc. shares have risen nearly 32.84% since the year began. Nevertheless, the stocks have risen 29.27% over the past one year. While a 52-week high of $42.86 was reached on 08/09/23, a 52-week low of $24.21 was recorded on 03/15/23. SMA at 50 days reached $37.50, while 200 days put it at $33.51. A total of 0.59 million shares were traded, compared to the trading of 1.03 million shares in the previous session.

Levels Of Support And Resistance For NOG Stock

The 24-hour chart illustrates a support level at 40.57, which if violated will result in even more drops to 40.19. On the upside, there is a resistance level at 41.35. A further resistance level may holdings at 41.76. The Relative Strength Index (RSI) on the 14-day chart is 58.77, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.44, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 60.95%. Stochastics %K at 23.81% indicates the stock is a holding.

How much short interest is there in Northern Oil and Gas Inc.?

A steep rise in short interest was recorded in Northern Oil and Gas Inc. stocks on Aug 14, 2023, dropping by 90000.0 shares to a total of 9.66 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 9.75 million shares. There was a decline of -0.93%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 12.16% of the overall stock float, the days-to-cover ratio (short ratio) fell to 6.72.

Northern Oil and Gas Inc. [NOG] – Who Are The Largest Shareholders?

In filings from BlackRock Fund Advisors, it is revealed that the company now owns 11,308,634 shares, or roughly 12.16% of the outstanding NOG shares. In other words, the investor’s shares have risen by 1,001,645 from its previous 13-F filing of 10306989.0. Additionally, Fidelity Management & Research Co increased 2.60% of its stake after which the total value it holdings stand at $241,946,406, while The Vanguard Group, Inc. added 12.58% of its stake to hold $233.38 million in the firm. Over the last quarter, SSgA Funds Management, Inc. sold -92,910 shares of Northern Oil and Gas Inc., while Angelo, Gordon & Co. LP sold -1,177,810 shares. At present, Copeland Capital Management LLC is holding 2,529,105 shares valued at $99.57 million. Invesco Advisers, Inc. owned 2,096,697 shares of the company at the time of its most recent 13F filing, worth $82.55 million.

According to FactSet, Northern Oil and Gas Inc.’s share price will average $49.77 in the next year, based on opinions of analysts polled by the firm. This is up nearly 23.15 percent from its previous closing price of $40.60. Analysts expect Northern Oil and Gas Inc. stock to reach the higher price of $57.00, while the lowest price estimate is $43.00. However, 12 analysts have rated NOG stock as a Buy in their predictions for 2023.


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