GetCoattail Research — The Filing Tape #194. Battalion Oil through six filing lenses, as of the latest filings. Past patterns are not a promise of future results. For education only — not investment advice.
The Hype
Battalion Oil Corporation (BATL) appears on AltIndex's "Top Meme Stocks Right Now" list (updated October 25, 2026; Reddit mentions over the past 24 hours), with 10 mentions — behind names this series has already covered, and ahead of nothing else uncovered with complete filing data in this run's walk. This package cites no news event for Battalion: the attention claim rests on that listing plus the measured price tape, and nothing else.
The price tape behind the attention is a spike, a collapse, and a further slide. BATL closed 2025 at $1.13, reached $3.90 by March 31, 2026, then fell 66.4% in Q2 to $1.31 by June 30, eased to $1.05 by September 30, and closed the price file on October 2 at $1.03 — 21.4% below its June 30 close and 8.8% below its 2025 year-end close. The daily refresh puts the October 23 close at $0.851 — 17.4% below the October 2 close and 35.0% below June 30, and 97.1% below the $29.70 52-week-high field. The 252-day high in the price file itself is $27.68, reached on March 3, 2026 — so the October 2 close sits 96.3% below that high, at the 252-day low. The question the filings let us ask: while the price did that, what did the tracked holders, the broad market, the company's own insiders, and the activist register actually do?
The Tape
| Lens | As of | What the filings show | Direction vs prior period |
|---|---|---|---|
| Superinvestors (13F) | Jun 30, 2026 | 1 of 147 tracked managers holds; 3,009,912 shares ($3.94M reported). Oaktree is 100%. | Cohort unchanged in shares; reported value −66.4% on price alone |
| All institutions (13F) | Jun 30, 2026 | 40 filers hold 6,573,261 shares ($8.54M reported). | Shares −13.84%; filers +3; reported value −71.26% |
| Insiders (Form 4) | Oct 2, 2026 | 2 buys ($110,032) and 1 sell ($8,436) in 90 days; 9 distinct sells in a year. | Buying exists but is small; selling dominates the year |
| Congress | Oct 3, 2026 | No BATL row in any congressional aggregate. | No trades in the aggregates |
| 13D/G | Aug 17, 2026 | Activist-heavy: 6 of 9 filings on Schedule 13D; Luminus peaked at 44.6%. | Luminus 44.6% → 39.3%; Oaktree group at 19.36% |
| Short interest | Sep 15, 2026 | 4,440,909 shares short, 7.75% of shares outstanding; 1.00 day to cover. | +31.94% from prior settlement; +850.2% year over year |
Chart: Battalion Oil through six filing lenses — who is actually there?
Superinvestors. The tracked register for Battalion is the smallest possible register that is not empty. One of 147 tracked managers holds 3,009,912 common shares — $3,942,984 reported — and that one holder is 100% of it. Howard Marks's Oaktree Capital Management holds those shares at 0.05% of its portfolio, labelled UNCHANGED in Q2. The label verifies exactly under both pairing methods: Oaktree held the same 3,009,912 shares in Q1 (paired accession 0000949509-26-000004, overlap 104, unique), and both registers reconcile with residual zero. What changed is only the price: the Q1 position was worth $11,738,656 at the March 31 implied price of $3.90, and the identical share count was worth $3,942,984 at the June 30 implied price of $1.31 — a $7,795,672 fall in reported value with zero shares bought or sold. Both implied prices match their quarter-end closes exactly. The cohort is 45.79% of the full market's reported Battalion shares and 5.25% of shares outstanding — a concentration no diversified register in this series approaches: nearly half of all institutionally reported shares sit with a single tracked holder, and that holder did not move.
All institutions. The broad market moved in the opposite direction from the tracked holder, and it moved a lot. Filers rose by 3 to 40, all of them long, while reported shares fell 13.84% (−1,055,556 shares to 6,573,261). Reported value fell 71.26% to $8.54 million — far faster than shares, because the June 30 close ($1.31) sits far below the March 31 close ($3.90), and value carries that price collapse. Underneath, 40 filers entered and 37 exited, net +3. Excluding the tracked cohort, other institutions hold 3,563,349 shares — so the broad market's Q2 share decline (−1.06 million shares) happened while the tracked holder stood still and the filer count grew. More names, fewer shares, and a much smaller reported value: that is the broad market's Q2 in one line.
Insiders. This lens needs a counting note before any number. Windows here follow the aggregate bucket's filing-date definition (w90 2026-07-05 – 2026-10-02; w1y 2025-10-03 – 2026-10-02), and the year figures come in two versions. The parsed records do carry a transaction date, and transaction-date windows give identical transaction counts for BATL — verified, not assumed — so the window basis does not change any figure below. In the 90 days to October 2, 2026, insiders filed 9 forms with 2 buys and 1 sell — 84,400 buy shares ($110,032.00) against 6,479 sell shares ($8,435.66), from 2 buyers and 1 seller, including 1 officer sell. All three 90-day transactions were filed on August 28, 2026, on transaction dates August 26–27, 2026: Hinds Gregory S. bought 14,400 shares at $1.31 on August 27 ($18,864.00), ROGERS WILLIAM D bought 70,000 shares at $1.3024 on August 26 ($91,168.00), and Mayer Walter R (SVP, General Counsel) sold 6,479 shares at $1.302 on August 26 ($8,435.66). The parsed records flag both buyers as not officers, so the article names them without an officer title. The site's insider aggregate (as of October 25, 90-day window) matches this 90-day bucket exactly.
Over one year, the filing-basis count is 2 buys and 12 sells (6,191,870 sell shares, $31,278,100.28) — but three of those sells are the same trades counted twice. Three LUMINUS MANAGEMENT LLC sales — 681,105 shares at $5.59 on transaction date March 30, 2026, 872,586 at $3.85 and 336,791 at $4.33 on transaction date March 31, 2026 — appear in a filing dated April 1, 2026 and again in a filing dated May 26, 2026, with identical transaction dates, shares, prices, and ownedAfter values. The identical transaction dates strengthen, rather than weaken, the restatement reading. Removing one copy of each gives the distinct basis the article headlines: 2 buys and 9 sells — 4,301,388 sell shares, $22,652,962.20 — from 2 buyers and 5 sellers, including 5 officer sells and 0 officer buys. The duplicated sales are non-officer, so the officer counts are unaffected. The largest single distinct sale in the year is Gen IV Investment Opportunities, LLC's 2,369,769 shares at $5.8206, filed March 27, 2026 ($13,793,477.44). No sells fall outside the year window: the whole corpus (26 filings) has the same transaction totals as the year window. Implied sell prices sit inside their windows' price ranges, so the price gates pass on both bases.
Congress. This lens is empty, and the article says so plainly rather than reporting a zero. No BATL row exists in any congressional aggregate — not in the combined aggregate, not in the House aggregate, and not in the Senate aggregate (Senate file itself as of October 1, 2026) — and the members file attributes no BATL transaction to any member. That is a no-row finding in the aggregates' window (House PTR filings for 2026, transactions on or after April 1, 2026), not a populated 0-buy/0-sell count, and it is never added to the insider totals.
13D/G. Where the 13F register is motionless, the control register is where the action is — and it is activist, not passive. It holds 9 filings, and 6 of the 9 are on Schedule 13D forms (1 initial filing and 5 amendments), against 3 Schedule 13G forms. The largest position is the Luminus group at 44.6% (14,511,743 shares, event March 30, 2026, filed April 1, 2026) — a position that then trimmed in two steps, to 43.4% on April 2 (14,132,184 shares) and 39.3% on May 21 (13,574,690 shares). The latest filing, on August 17, 2026, is an Oaktree group Schedule 13D/A at 19.36% (12,797,151 shares, reported by 7 entities as one position). The passive side of the register exits rather than grows: Alyeska Investment Group's 9.99% (1,872,282 shares, event March 31, 2026) amends to 0.0% at June 30, 2026, and the Blackstone Annex group's initial filing is itself a 0.0% row. The oldest filing, Diveroli Investment Group / Kingbird Ventures at 5.39% (filed January 23, 2026), likewise amends to 0.0% four days later. Jointly-reported positions are not summed: the register's cross-date total (223,667,664) counts each joint position once per reporting entity across different dates, so it is never quoted as an economic figure. And the registers are not mixed: the Oaktree 13D/A group position (12,797,151 shares) is a jointly-reported group position at August 17, not the Oaktree Capital Management 13F position (3,009,912 shares at June 30).
Short interest. The bear trade is small in shares and violent in percentage terms. FINRA short interest stood at 4,440,909 shares at September 15, 2026, with 1.00 day to cover and 7.75% of the 57,282,155 shares outstanding (an August 10, 2026 point-in-time count). That is 31.94% above the prior settlement (3,365,881 at August 31), 20.9% above June 30 (3,673,746), 850.2% above the year-ago figure (467,382 at September 15, 2025), and 15.0% below the series peak of 5,225,416 shares at July 15, 2026. The last five settlements trace a fall and a rebound: 5,225,416 (July 15), 4,142,818 (July 31), 4,006,835 (August 14), 3,365,881 (August 31), 4,440,909 (September 15). The series is jumpy — 7 steps over 2× and 5 steps under 0.5× across 137 settlements — so the article reads the level and the drift, not any single step. One row carries a revision flag; no row carries a stock-split flag.
Chart: BATL short interest — 137 FINRA settlements, January 2021 to September 2026.
Fundamentals context. The fundamentals record is complete on the fields quoted here: shares outstanding are 57,282,155 as of August 10, 2026 (a point-in-time DEI count — the 7.75% short ratio inherits that basis), revenue is $166,043,000, net income is $11,879,000 and assets are $460,678,000, all for FY2025. The recorded market capitalisation is $59,000,618.01, on the record's own price_close ($1.03 as of October 6, 2026), not the October 23 close.
The Gap
The attention and the filing tape disagree about where the story is. A Reddit-mention listing puts Battalion in front of readers while the price sits 96.3% below its March high. The filings show that the entire tracked superinvestor presence is one holder that did not buy or sell a single share in Q2, while the broad market added filers and cut shares, and the reported value of both registers collapsed on price alone. Against that motionless 13F picture, the company's own insiders bought in small size in August while selling dominated the year, Congress shows nothing at all in the aggregates, and the activist register — not the 13F register — holds the large positions: a 44.6% holder trimming to 39.3%, and an Oaktree group filing at 19.36% in August. The tape does not show a tracked crowd piling in or out; it shows one holder standing still, a broad market shrinking its share count, and a control register doing the moving.
What Would Change the Picture
Nothing above is a recommendation. It is a record. What would change it:
- 1. Q3 13F season (filings due by November 16, 2026). Watch whether Oaktree moves from its 3,009,912-share position at all — the register starts Q3 from one holder, so any entry, exit, or share change is measurable against that base — and whether the broad market's filer count and share count move in the same direction or opposite ones again.
- 2. A second quarter of insider buying, or a larger officer sale, would change a year in which distinct insider sells ($22.65 million) dwarf buys ($110,032) and officer buys are zero.
- 3. A first congressional row for BATL — any attributed member trade — would replace the no-row finding in the aggregates.
- 4. A Luminus move from 39.3% in either direction, or a new Schedule 13D filer, would change the activist register that currently holds the large positions.
- 5. Short-interest direction. A rebuild back above the July 15, 2026 peak of 5,225,416 — or a fall back toward the August 31 low of 3,365,881 — would each tell a different story about the bear position that jumped 31.94% in the latest settlement.
As-of & Limits
| Lens | As of | Limit or note |
|---|---|---|
| Superinvestors (13F) | Jun 30, 2026 | 13F figures are as of June 30, 2026, the quarter-end. Funds have up to 45 days after quarter-end to file, so this is the most recent complete picture — and it is always a lagging one. Common stock only (CUSIP 07134L107); no option rows, no second class in the tracked file. The single Q1→Q2 change verifies exactly under both pairing methods; both registers reconcile with residual zero. |
| All institutions (13F) | Jun 30, 2026 | Reported value includes option rows by definition; implied price ($1.30 in Q2) is not a price check. Value fell faster than shares because the June close sits far below the March close. |
| Insiders (Form 4) | Oct 2, 2026 | Windows follow the aggregate bucket's filing-date definition; the parsed BATL records do carry a transaction date, and transaction-date windows give identical transaction counts for BATL. "Distinct" year/all figures remove one copy of each of 3 duplicated Luminus sales (1,890,482 shares, $8,625,138.08), which share identical transaction dates (March 30 and March 31, 2026) across the April 1 and May 26, 2026 filings; filing-basis figures (12 sells, 6,191,870 shares, $31,278,100.28) are disclosed in the text. The site insider aggregate (as of October 25) matches the 90-day bucket exactly. Both buyers in the 90-day window are flagged as not officers in the parsed records and are named without an officer title. |
| Congress | Oct 3, 2026 | No-row finding: no BATL row in the combined, House, or Senate aggregates, and no member attribution in the members file. The Senate file itself is asof October 1, 2026. Congress no-row findings are member-disclosure aggregates, not Form 4 insider transactions, and are never added to insider totals. |
| 13D/G | Aug 17, 2026 | Activist-heavy register: 6 of 9 filings are Schedule 13D forms. Jointly-reported positions are not summed. Total shares reported (223,667,664) sums reporter rows across dates and counts each joint position once per reporting entity, and is not an economic total. Filing percentages are as reported in each filing; denominators differ by filing date and are not recomputed. |
| Short interest | Sep 15, 2026 | Shares-outstanding count as of Aug 10, 2026 (point-in-time basis); the 7.75% ratio inherits that basis. The series has 7 steps over 2× and 5 steps under 0.5× — read the level and the drift, not a single step. |
| Prices | Oct 23, 2026 (fresh close) | Price file ends Oct 2, 2026; the Oct 23 close ($0.851) and moves derived from it are cross-source (chart_stats) and labelled as such. The price file's splits field is empty and no split adjustment is applied; large day-over-day jumps in the file are reported as filed. |
| Fundamentals | FY2025 | Recorded market capitalisation uses the record's own price_close ($1.03 as of Oct 6, 2026), not the Oct 23 close, and is quoted only as the record's figure. |
| Hype source | Oct 25, 2026 (AltIndex list) | Listing only (Reddit mentions over 24 hours, not a search ranking); no news event is cited for Battalion in this article. Price moves are measured from the price file and chart_stats. |
Methodology & disclaimer: 13F holdings are long common shares unless stated; reported values include option rows for the all-institutions lens by definition. Short interest is FINRA twice-monthly settlements. Trading costs and taxes are not reflected in any figure. Past patterns are not a promise of future results. For education only — not investment advice.
This article describes filings and market data for education. It is not investment advice. Data: SEC EDGAR 13F (as of June 30, 2026, filed within 45 days), Form 4 corpus checked through October 2, 2026 (26 filings for issuer CIK 1282648), House/Senate disclosures through October 3, 2026, SC 13D/G parsed register through August 17, 2026, FINRA short interest at September 15, 2026 settlement. 13F covers long positions of $100M+ managers only and is always a lagging picture. Trading costs and taxes are not reflected.
Related research: Three of 147: All Three Superinvestors Added to Deckers in Q2. Its Insiders Have Bought Once. · Three of 147: Davis Is 90.9% of the Tracked Pinterest Stake — While Its Insiders Have Never Bought a Share · Track the tape on Battalion Oil's stock page and the 13F filing season hub.
Revision history: v1.0 — October 26, 2026. Initial publication. Signals and lens aggregates: batl_lens_data.csv. Short-interest series: batl_short_interest_series.csv.
Past patterns are not a promise of future results. For education only — not investment advice.