Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Northern Oil & Gas Inc (NOG)

338 + Investors. Track Smart Money conviction in NOG. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -18
Streak
1Q ▼
Buyers last Q
50%

Smart Money Signals — NOG

Based on 342 hedge funds · latest filing: 2026 Q2 · updated quarterly

📉

Selling streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds reduced or closed their NOG positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊

High ownership — 87% of 3.0Y peak

87% of all-time peak
342 funds currently hold this stock — 87% of the 3.0-year high of 393 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉

Outflows — 10% fewer funds vs a year ago

fund count last 6Q
37 fewer hedge funds hold NOG compared to a year ago (-10% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟡

Slight buying edge — 50% buying

189 buying190 selling
Last quarter: 189 funds bought or added vs 190 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
⚠️

Fewer new buyers each quarter (-15 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 34 → 49 → 75 → 60. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒

61% of holders stayed for 2+ years

■ 61% conviction (2yr+) ■ 20% medium ■ 19% new
210 out of 342 hedge funds have held NOG for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💎

Buying through price weakness — shares -1%, value -36%

Value
-35%
Shares
-1%
Last quarter: funds added -1% more shares while total portfolio value only changed -36%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
🚀

Acceleration phase — new buyers rushing in

52 → 34 → 49 → 75 → 60 new funds/Q
New funds entering each quarter: 34 → 49 → 75 → 60. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🏛️

Veteran-anchored — 68% veterans vs 19% newcomers

■ 68% veterans ■ 13% 1-2yr ■ 19% new
Entry-cohort mix of 356 holders: 241 (68%) are 2+ year veterans, 48 entered 1–2 years ago, and 67 (19%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
🏆

Elite ownership — 68% AUM from top-100 funds

68% from top-100 AUM funds
48 of 340 holders are among the 100 largest funds by AUM, controlling 68% of total institutional value in NOG. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.
2.8
out of 10
Low Exit Risk
Exit risk score 2.8/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — NOG

In 2026 Q2, 189 hedge funds were net buyers of NOG (60 opened a new position, 129 added to an existing one), while 190 reduced or exited (112 trimmed, 78 sold completely) — a 50% buyer ratio, indicating a slight buying edge. 68% of total institutional value in NOG is held by top-100 AUM funds, reflecting elite-tier ownership quality. Net fund flow last quarter: -18 funds (more exits than new entries). Total institutional holders: 342.

Hedge Fund Ownership: NOG

How many hedge funds hold NOG — quarterly history vs. share price
Quarterly hedge fund ownership of NOG vs. share price

Market Analysis: NOG

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: NOG

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy Northern Oil & Gas Inc (NOG) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much NOG has moved relative to its sector benchmark (XLE) since the 2026 Q2 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End June 30, 2026 · 85d ago
NOG
+31.0%
XLE
+18.3%

NOG outperformed XLE by +12.7% since June 30, 2026.

Since 13F Filing Date August 14, 2026 · 40d ago
NOG
-2.9%
XLE
+1.5%

Since the filing became public, NOG outperformed XLE by -4.4% .

Interpretation: The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

15 top-rated funds 0 high-conviction
Consensus
5.2
/ 10
breadth
×
Elite
1.3
/ 10
conviction
Hedge Fund Positioning: NOG
338 + Investors

Track Smart Money conviction in NOG. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q2) Prior (2026 Q1) Change
Funds Holding 338 360 -6.11%
13F Shares 113M 117M -2.99%
Total Value $2.04B $3.35B -39.03%
New Positions 60 75 -15
Increased Positions 123 139 -16
Closed Positions 80 39 +41
Reduced Positions 109 88 +21
Total Calls 8 11 -27.27%
Total Puts 8 10 -20.0%
PUT/CALL Ratio 1.0 0.91 Neutral

Statistics: NOG

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Valuation Measures Data as of: --

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Enterprise Value --
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Forward P/E --
PEG Ratio (5yr expected) --
Price/Sales (ttm) --
Price/Book (mrq) --
Enterprise Value/Revenue --
Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

Profitability
Profit Margin --
Return on Assets (ttm) --
Return on Equity (ttm) --
Income Statement & Cash Flow
Revenue (ttm) --
Net Income Avi to Common (ttm) --
Diluted EPS (ttm) --
Total Cash (mrq) --
Total Debt/Equity (mrq) --
Levered Free Cash Flow (ttm) --

Institutional Holders (2026 Q2)

338 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in NOG. Verified SEC 13F-HR filings.

QUARTER:
Top 25 NOG holders by conviction (% of portfolio weight) — 2026 Q2 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Requisite Capital Management, LLC 1.74% 565,547 $10.5M
2 Collar Capital Management, LLC 1.37% 128,238 $2.3M
3 Tributary Capital Management, LLC 1.20% 804,530 $14.6M
4 Cutler Capital Management, LLC 1.06% 223,884 $4.1M
5 Encompass Capital Advisors LLC 0.81% 1,250,000 $22.7M
6 Taylor Frigon Capital Management LLC 0.61% 71,297 $1.3M
7 Commons Capital, LLC 0.57% 45,000 $817K
8 Penn Capital Management Company, LLC 0.53% 462,547 $8.4M
9 Epiq Partners, LLC 0.51% 66,452 $1.2M
10 SIR Capital Management, L.P. 0.44% 210,200 $3.8M
11 Register Financial Advisors LLC 0.43% 78,148 $1.4M
12 Deprince Race & Zollo Inc 0.42% 1,375,011 $25.0M
13 Teza Capital Management LLC 0.39% 11,235 $204K
14 Bayforest Capital Ltd 0.37% 22,327 $405K
15 Aristotle Capital Boston, LLC 0.33% 274,831 $5.0M
16 Palisade Capital Management, LP 0.27% 338,391 $6.1M
17 Aigen Investment Management, LP 0.26% 52,038 $944K
18 Kennedy Capital Management LLC 0.26% 794,387 $14.4M
19 Wbi Investments, LLC 0.22% 49,517 $899K
20 Bridgeway Capital Management, LLC 0.22% 693,649 $12.6M
21 Easterly Investment Partners LLC 0.20% 218,516 $4.0M
22 Hood River Capital Management LLC 0.20% 1,533,460 $27.8M
23 Dark Forest Capital Management LP 0.20% 166,768 $3.0M
24 Isthmus Partners, LLC 0.17% 98,316 $1.8M
25 Van Den Berg Management I, Inc 0.16% 42,782 $776K
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — Northern Oil & Gas Inc (NOG)

What does the Smart Money Trend signal show for NOG?

Selling streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds reduced or closed their NOG positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for NOG?

Slight buying edge — 50% buying: Last quarter: 189 funds bought or added vs 190 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.

What is the fund quality score for NOG holders?

Elite ownership — 68% AUM from top-100 funds: 48 of 340 holders are among the 100 largest funds by AUM, controlling 68% of total institutional value in NOG. When the biggest players dominate the cap table, it signifies deep institutional support — since mega-funds deploy the most rigorous due diligence and capital.

How long have hedge funds held NOG?

61% of holders stayed for 2+ years: 210 out of 342 hedge funds have held NOG for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Is it too late to buy Northern Oil & Gas Inc (NOG) following the 2026 Q2 hedge fund 13F filings?

As of today, NOG has moved -2.9% since the 2026 Q2 13F filing date (August 14, 2026), compared to +1.5% for the XLE sector ETF — an outperformance of -4.4%. Since the quarter end (June 30, 2026), NOG has gained +31.0% vs +18.3% for XLE. The stock is tracking its sector benchmark closely. The signal remains fresh and the entry point is still near the fund's implied reference.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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