Northern Oil and Gas Inc. [NYSE: NOG] price plunged by -1.30 percent to reach at -$0.48. The company report on November 10, 2022 that NOG Announces Borrowing Base Increase.
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Northern Oil and Gas, Inc. (NYSE: NOG) (the “Company” or “NOG”) today announced the completion of its semi-annual borrowing base redetermination under its reserves-based revolving credit facility. The borrowing base under the facility was increased from $1.3 billion to $1.6 billion, and NOG has chosen to increase the elected commitment amount from $850.0 million to $1.0 billion. Wells Fargo Bank, as administrative agent, and the syndicate of 14 lenders unanimously approved the increases on November 10, 2022.
A sum of 3008903 shares traded at recent session while its average daily volume was at 1.39M shares. Northern Oil and Gas Inc. shares reached a high of $36.83 and dropped to a low of $35.82 until finishing in the latest session at $36.52.
The one-year NOG stock forecast points to a potential upside of 26.71. The average equity rating for NOG stock is currently 1.80, trading closer to a bullish pattern in the stock market.
Guru’s Opinion on Northern Oil and Gas Inc. [NOG]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for NOG shares is $49.83 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on NOG stock is a recommendation set at 1.80. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Jefferies have made an estimate for Northern Oil and Gas Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on October 19, 2022. While these analysts kept the previous recommendation, BofA Securities raised their target price from $32 to $34. The new note on the price target was released on September 19, 2022, representing the official price target for Northern Oil and Gas Inc. stock. Previously, the target price had yet another raise to $50, while Johnson Rice analysts kept a Buy rating on NOG stock.
The Average True Range (ATR) for Northern Oil and Gas Inc. is set at 1.75, with the Price to Sales ratio for NOG stock in the period of the last 12 months amounting to 1.88. The Price to Book ratio for the last quarter was 4.05, with the Price to Cash per share for the same quarter was set at 0.12. Price to Free Cash Flow for NOG in the course of the last twelve months was 3.88 with Quick ratio for the last quarter at 1.00.
NOG Stock Performance Analysis:
Northern Oil and Gas Inc. [NOG] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.22. With this latest performance, NOG shares gained by 3.72% in over the last four-week period, additionally plugging by 34.12% over the last 6 months – not to mention a rise of 69.94% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for NOG stock in for the last two-week period is set at 57.96, with the RSI for the last a single of trading hit 56.67, and the three-weeks RSI is set at 57.71 for Northern Oil and Gas Inc. [NOG]. The present Moving Average for the last 50 days of trading for this stock 32.57, while it was recorded at 37.36 for the last single week of trading, and 28.92 for the last 200 days.
Insight into Northern Oil and Gas Inc. Fundamentals:
Northern Oil and Gas Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.00 and a Current Ratio set at 1.00.
NOG Stock EPS
The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for NOG. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Northern Oil and Gas Inc. go to 11.90%.
Northern Oil and Gas Inc. [NOG] Insider Position Details
There are presently around $2,236 million, or 80.90% of NOG stock, in the hands of institutional investors. The top three institutional holders of NOG stocks are: CAPITAL WORLD INVESTORS with ownership of 6,054,000, which is approximately 0% of the company’s market cap and around 2.70% of the total institutional ownership; FMR LLC, holding 5,959,703 shares of the stock with an approximate value of $217.65 million in NOG stocks shares; and BLACKROCK INC., currently with $163.62 million in NOG stock with ownership of nearly -0.458% of the company’s market capitalization.
133 institutional holders increased their position in Northern Oil and Gas Inc. [NYSE:NOG] by around 5,083,394 shares. Additionally, 110 investors decreased positions by around 5,899,873 shares, while 25 investors held positions by with 50,235,908 shares. The mentioned changes placed institutional holdings at 61,219,175 shares, according to the latest SEC report filing. NOG stock had 41 new institutional investments in for a total of 936,606 shares, while 25 institutional investors sold positions of 1,492,783 shares during the same period.