Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

NORTHERN OIL & GAS INC (NOG)

322 + 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
↓ -28
Streak
2Q ▼
Buyers last Q
45%

Smart Money Signals — NOG

Based on 305 hedge funds · latest filing: 2025 Q4 · updated quarterly

📉

Selling streak — 2 quarters in a row

last 6Q
For 2 consecutive quarters, 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 — 81% of 3.0Y peak

81% of all-time peak
305 funds currently hold this stock — 81% of the 3.0-year high of 375 funds (reached 2024 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉

Outflows — 19% fewer funds vs a year ago

fund count last 6Q
70 fewer hedge funds hold NOG compared to a year ago (-19% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠

More sellers than buyers — 45% buying

160 buying197 selling
Last quarter: 197 funds reduced or exited vs 160 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
📈

More new buyers each quarter (+17 vs last Q)

new funds entering per quarter
Funds opening a new NOG position: 49 → 48 → 32 → 49. A growing influx of new institutional buyers means the asset is still gathering momentum — the consensus hasn't fully saturated yet.
🔒

63% of holders stayed for 2+ years

■ 63% conviction (2yr+) ■ 20% medium ■ 16% new
193 out of 305 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.
📊

Peak discovery — momentum slowing

82 → 49 → 48 → 32 → 49 new funds/Q
New funds entering each quarter: 49 → 48 → 32 → 49. NOG is well-known in the hedge fund world, but fresh entries are gradually declining. The explosive phase of institutional discovery is likely behind us.
🏛️

Deep conviction — 69% of holders stayed 2+ years

■ 69% veterans ■ 8% 1-2yr ■ 23% new
Of 322 current holders: 221 (69%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
🏆

Elite ownership — 56% AUM from top-100 funds

56% from top-100 AUM funds
35 of 305 holders are among the 100 largest funds by AUM, controlling 56% 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.
2.7
out of 10
Low Exit Risk
Exit risk score 2.7/10 — 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 2025 Q4, 160 hedge funds were net buyers of NOG (49 opened a new position, 111 added to an existing one), while 197 reduced or exited (120 trimmed, 77 sold completely) — a 45% buyer ratio, indicating roughly balanced activity. Net selling has persisted for two consecutive quarters. 56% of total institutional value in NOG is held by top-100 AUM funds, reflecting elite-tier ownership quality. Net fund flow last quarter: -28 funds (more exits than new entries). Total institutional holders: 305.

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

Energy Oil & Gas E&P

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

Smart Money Signal ?
Broad Consensus, Selective Conviction

Many quality funds hold this stock, but top-tier positions remain relatively small.

47 top-rated funds 1 high-conviction
Consensus
7.3
/ 10
breadth
×
Elite
2.1
/ 10
conviction
Hedge Fund Positioning: NOG
2026 Q1 Stats Unlock in 8 days 322 + Investors

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

Metric All 13F Filers (2025 Q4) Prior (2025 Q3) Change
Funds Holding 322 354 -9.04%
13F Shares 113M 118M -4.7%
Total Value $2.43B $2.94B -17.43%
New Positions 50 32 +18
Increased Positions 138 170 -32
Closed Positions 79 55 +24
Reduced Positions 138 156 -18
Total Calls 10 12 -16.67%
Total Puts 14 16 -12.5%
PUT/CALL Ratio 1.4 1.33 Bearish

Statistics: NOG

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Valuation Measures Data as of: --

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Financial Highlights

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Institutional Holders (2026 Q1)

322 + investors

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

Top 25 institutional holders of NOG — 2025 Q4 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Tributary Capital Management, LLC 2.36% 830,407 $24.3M
2 Penn Capital Management Company, LLC 1.27% 560,570 $16.4M
3 Taylor Frigon Capital Management LLC 1.17% 70,128 $2.0M
4 COMMONS CAPITAL, LLC 1.10% 45,000 $1.3M
5 DENALI ADVISORS LLC 0.93% 285,461 $8.3M
6 EPIQ PARTNERS, LLC 0.90% 65,688 $1.9M
7 Register Financial Advisors LLC 0.88% 81,026 $2.4M
8 Jackson Creek Investment Advisors LLC 0.65% 75,795 $2K
9 DEPRINCE RACE & ZOLLO INC 0.65% 1,169,115 $34.2M
10 SEVEN GRAND MANAGERS, LLC 0.49% 250,000 $7.3M
11 EASTERLY INVESTMENT PARTNERS LLC 0.38% 166,361 $4.9M
12 ISTHMUS PARTNERS, LLC 0.25% 82,358 $2.4M
13 Transcendent Capital Group LLC 0.24% 18,374 $537K
14 DOLIVER ADVISORS, LP 0.23% 35,191 $1.0M
15 PEREGRINE CAPITAL MANAGEMENT LLC 0.19% 175,049 $5.1M
16 MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC 0.15% 460,168 $13.5M
17 Abel Hall, LLC 0.15% 23,409 $684K
18 Qsemble Capital Management, LP 0.14% 64,523 $1.9M
19 Midwest Professional Planners, LTD. 0.14% 19,822 $579K
20 Bayforest Capital Ltd 0.11% 3,449 $101K
21 HOMESTEAD ADVISERS CORP 0.11% 140,600 $4.1M
22 Range Financial Group LLC 0.11% 10,704 $313K
23 Covestor Ltd 0.09% 4,607 —
24 FIRST NATIONAL BANK OF OMAHA 0.08% 88,903 $2.6M
25 Sterling Capital Management LLC 0.08% 141,330 $4.1M
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 — 2 quarters in a row: For 2 consecutive quarters, 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?

More sellers than buyers — 45% buying: Last quarter: 197 funds reduced or exited vs 160 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.

What is the fund quality score for NOG holders?

Elite ownership — 56% AUM from top-100 funds: 35 of 305 holders are among the 100 largest funds by AUM, controlling 56% 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?

63% of holders stayed for 2+ years: 193 out of 305 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.

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.