The stock of Northern Oil and Gas, Inc. (NYSE:NOG) is now priced at $0.72 and the shares are 0.01 points up or 1.49% higher compared to its previous closing price of $0.71. The stock had 3.311 million contracts set over the past session. NOG shares’ daily volume is compared to its average trading volume at 6.879 million shares. However, it has a float of 286 million and although its performance was 4.74% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the NOG share price recently placing at $0.69 to $0.72. However, some brokerage firms have priced the stock below the average, including one that has called $1.
The shorts are running away from the Northern Oil and Gas, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the NOG shares have declined. Short interest in the stock represents just 11.68% of its float, but the volume has dropped by 0.
In the last trading session, Northern Oil and Gas, Inc. (NYSE:NOG) raised by $0.0326 over the week and lost -$0.0814 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $2.43. The stock recorded its established 52-week high on 12/27/19.
Since 03/18/20, the stock has traded to a low of $0.5 at 44.02%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.3. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Northern Oil and Gas, Inc.’s two-week RSI is 38.29. This suggests that the stock is neutral at the moment and that NOG shares’ price movement remains stable. The stochastic readings are equally revealing at 25.74% meaning the NOG share price is currently in overbought territory.
The technical chart shows that the NOG stock will likely settle at between $0.7293 and $0.7386 per share. However, if the stock dips below $0.7019, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.6838.
Currently, the stock is trading in the red of MACD, with a reading of -0.0069. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned NOG a rating of Buy in their intiating review released on August 27. Seaport Global Securities analysts see the stock as a Buy in a flash note released to investors on July 27 initiating covering the stock. SunTrust seeing the improvements upgraded the stock from Hold to Buy on July 01.
The average rating for the NOG equity is 1.83 and is currently gathering a bullish momentum. Of 7 analysts tracking Northern Oil and Gas, Inc. polled by Reuters, 0 rated NOG as a hold. The remaining 7 analysts were split evenly. However, the split wasn’t equal as a majority (7) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the NOG stock price is 4.47X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Northern Oil and Gas, Inc. (NYSE:NOG) will decrease by about -99.48%, which will see them reach $107 million. The company’s full-year revenues are, however, expected to increase by about 47.98%, up from $472 million to $699 million. NOG’s expected adjusted earnings should drop almost -55.56% to end up at $0.04 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -48.39% to record $0.16/share.