Northern Oil & Gas, Inc. (NYSEMKT:NOG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.
According to Zacks, “NORTHRN OIL & GAS, Inc. is an exploration and production company based in Wayzata, Minnesota. Northern Oil’s core area of focus is the Williston Basin, specifically the Mountrail County, North Dakota area Bakken Play. Northern Oil’s secondary objective is conventional, 3D driven, oil and gas exploration and development throughout the Rocky Mountain region. “
Shares of Northern Oil & Gas (NYSEMKT:NOG) opened at 2.32 on Wednesday. The stock’s 50 day moving average price is $2.86 and its 200-day moving average price is $4.05. The stock’s market cap is $141.97 million. Northern Oil & Gas has a 1-year low of $1.99 and a 1-year high of $5.86.
Northern Oil & Gas (NYSEMKT:NOG) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.05. The company had revenue of $32.10 million for the quarter, compared to analysts’ expectations of $55.82 million. During the same period in the previous year, the firm earned $0.19 earnings per share. The firm’s quarterly revenue was down 21.3% on a year-over-year basis. On average, equities research analysts forecast that Northern Oil & Gas will post $0.12 earnings per share for the current year.
Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Institutional Trust Company N.A. boosted its position in Northern Oil & Gas by 1.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,465,943 shares of the company’s stock worth $6,773,000 after buying an additional 14,911 shares in the last quarter. California Public Employees Retirement System boosted its position in Northern Oil & Gas by 0.4% in the second quarter. California Public Employees Retirement System now owns 941,800 shares of the company’s stock worth $4,351,000 after buying an additional 3,300 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Northern Oil & Gas by 7.0% in the second quarter. Bank of New York Mellon Corp now owns 780,414 shares of the company’s stock worth $3,605,000 after buying an additional 50,740 shares in the last quarter. Pine River Capital Management L.P. acquired a new position in Northern Oil & Gas during the second quarter worth approximately $3,544,000. Finally, Spark Investment Management LLC boosted its position in Northern Oil & Gas by 812.2% in the first quarter. Spark Investment Management LLC now owns 646,400 shares of the company’s stock worth $2,579,000 after buying an additional 575,542 shares in the last quarter.
About Northern Oil & Gas
Northern Oil and Gas, Inc is an independent energy company. The Company is engaged in the acquisition, exploration, development and production of oil and natural gas properties, primarily in the Bakken and Three Forks formations within the Williston Basin in North Dakota and Montana. The Company holds working interests in over 2,630 gross (204.3 net) producing wells, including over 2,630 wells targeting the Bakken and Three Forks formations and over two wells targeting other formations.
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