Northern Oil and Gas Stock Forecast
Northern Oil and Gas stock downgraded from Strong Buy Candidate to Buy Candidate after Wednesday trading session.
(Updated on Apr 24, 2024)
The Northern Oil and Gas stock price fell by -0.325% on the last day (Wednesday, 24th Apr 2024) from $43.11 to $42.97. During the last trading day the stock fluctuated 1.48% from a day low at $42.63 to a day high of $43.26. The price has risen in 5 of the last 10 days and is up by 1.03% over the past 2 weeks. Volume has increased on the last day by 21 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 1 million shares were bought and sold for approximately $47.01 million.
The stock lies in the middle of a narrow and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 36.58% during the next 3 months and, with a 90% probability hold a price between $57.13 and $59.14 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
NOG Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Tuesday, April 23, 2024, and so far it has fallen -0.325%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. The Northern Oil and Gas stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $42.64 and $40.05. A breakdown below any of these levels will issue sell signals.
Support, Risk & Stop-loss for Northern Oil and Gas stock
Northern Oil and Gas finds support from accumulated volume at $42.64 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.630 between high and low, or 1.48%. For the last week, the stock has had daily average volatility of 2.38%.
Our recommended stop-loss: $41.83 (-2.64%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (NOG) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Northern Oil and Gas, Inc to open at $42.95, and during the day (based on 14 day Average True Range), to move between $42.08 and $43.86, which gives a possible trading interval of +/-$0.89 (+/-2.07%) up or down from last closing price. If Northern Oil and Gas, Inc takes out the full calculated possible swing range there will be an estimated 4.15% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $43.11 (0.33%) than the support at $42.64 (0.77%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Earnings coming up
Northern Oil and Gas will release earnings BMO on Tuesday, April 30, 2024.The consensus among the analysts for the expected earnings (EPS) is $1.18. We will update the financials statements for Northern Oil and Gas, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 8.23% in the first trading day after earnings release.
Is Northern Oil and Gas, Inc stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Northern Oil and Gas stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 3.295 Buy Candidate Downgraded
Predicted Opening Price for Northern Oil and Gas, Inc of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $42.95 ( 0.0388%) | $42.97 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NOG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 43.58 | 1.43 % | |
| R2 | 43.34 | 0.87 % | ||
| R1 | 43.19 | 0.521 % | ||
| Current price: | 42.97 | |||
| Support | S1 | 42.71 | -0.599 % | |
| S2 | 42.56 | -0.94 % | ||
| S3 | 42.32 | -1.50 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 43.11 | 0.326 % | ||
| Current price | 42.97 | |||
| Support | S1 | 42.64 | -0.768% | |
| S2 | 35.56 | -17.24% | ||
| S3 | 34.59 | -19.50% |
NOG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 27, 2024 | Mar 27, 2024 | Apr 30, 2024 | $0.400 | 0.93% |
| 2 | Oct 30, 2023 | Dec 27, 2023 | Jan 31, 2024 | $0.400 | 1.19% |
| 3 | Aug 01, 2023 | Sep 27, 2023 | Oct 31, 2023 | $0.380 | 0.99% |
| 4 | May 01, 2023 | Jun 28, 2023 | Jul 31, 2023 | $0.370 | 0.94% |
| 5 | Feb 06, 2023 | Mar 29, 2023 | Apr 28, 2023 | $0.340 | 1.03% |
FAQ
Click here for our free guide on how to buy Northern Oil and Gas Stock.
