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 $79,344 were sold by Dirlam Adam A. on Mar 15 ’24. At $38.00 per share, Dirlam Adam A. sold 2,088 shares. The insider’s holdings dropped to 122,359 shares worth approximately $4.77 million following the completion of this transaction.
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Also, Evans James B. sold 945 shares, netting a total of over 35,910 in proceeds. Following the sale of shares at $38.00 each, the insider now holds 83,872 shares.
Before that, Dirlam Adam A. had sold 306 shares from its account. In a trade valued at $11,628, the President traded Northern Oil and Gas Inc. shares for $38.00 each. Upon closing the transaction, the insider’s holdings decreased to 306 shares, worth approximately $0.81 million.
As published in their initiating research note from Morgan Stanley on January 05, 2024, Northern Oil and Gas Inc. [NOG] has been an Equal-weight and the price target has been revised to $40. Analysts at BofA Securities downgraded the stock from ‘”a Buy”‘ to ‘”an Underperform”‘ outlook in a report released in early January. As of December 14, 2023, Johnson Rice has decreased its “Buy” rating to a “Accumulate” for NOG. Earlier on August 14, 2023, Piper Sandler downgraded its rating. Their new recommendation was “a Neutral” for NOG stock which previously was a “an Overweight”.
Analyzing NOG Stock Performance
During the last five days, there has been a drop of approximately -0.31%. Over the course of the year, Northern Oil and Gas Inc. shares have jumped approximately 5.26%. Shares of the company reached a 52-week high of $40.13 on 03/25/24 and a 52-week low of $31.13 on 02/05/24. A 50-day SMA is recorded $35.24, while a 200-day SMA reached $37.27. Nevertheless, trading volume fell to 1.54 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 38.48, which, if violated, would cause prices to drop to 37.93. In the upper region, resistance lies at 39.31. The next price resistance is at 39.60. RSI (Relative Strength Index) is 67.20 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.89, which suggests the price will decrease in the coming days. Percent R is at 25.52%, indicating bullish price movement. Stochastics %K at holding 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 rise in short interest on Feb 29, 2024 jumping by 1.31 million shares to 10.95 million. Data from Yahoo Finance shows that the short interest on Jan 31, 2024 was 9.64 million shares. A jump of 11.96% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 8.62 of the overall float, the days-to-cover ratio (short ratio) jumped to 8.62.
