Northern Oil & Gas (NOG) Trading Down 5.4% After Earnings Miss

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Northern Oil & Gas, Inc. (NYSEAMERICAN:NOG)’s share price dropped 5.4% during trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $2.86 and last traded at $2.98. Approximately 6,269,228 shares were traded during mid-day trading, an increase of 63% from the average daily volume of 3,852,650 shares. The stock had previously closed at $3.15.

The energy company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.01). The company had revenue of $102.27 million for the quarter, compared to analyst estimates of $119.05 million.

A number of research firms have issued reports on NOG. Zacks Investment Research upgraded shares of Northern Oil & Gas from a “hold” rating to a “strong-buy” rating and set a $4.00 target price for the company in a research note on Saturday, July 21st. Capital One Financial upgraded shares of Northern Oil & Gas from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, July 31st. Northland Securities set a $6.00 target price on shares of Northern Oil & Gas and gave the company a “buy” rating in a research note on Wednesday, August 1st. Finally, Stifel Nicolaus set a $4.00 target price on shares of Northern Oil & Gas and gave the company a “buy” rating in a research note on Wednesday, August 1st. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $4.17.

In other news, major shareholder Crestview Partners Iii Gp, L.P sold 2,865,329 shares of the business’s stock in a transaction on Wednesday, November 7th. The shares were sold at an average price of $3.49, for a total value of $9,999,998.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Institutional investors have recently modified their holdings of the company. FMR LLC bought a new position in Northern Oil & Gas during the third quarter worth $5,255,000. Sterling Investment Advisors Ltd. increased its position in Northern Oil & Gas by 63.5% during the third quarter. Sterling Investment Advisors Ltd. now owns 51,500 shares of the energy company’s stock worth $206,000 after acquiring an additional 20,000 shares during the period. American International Group Inc. increased its position in Northern Oil & Gas by 83.4% during the third quarter. American International Group Inc. now owns 129,028 shares of the energy company’s stock worth $516,000 after acquiring an additional 58,668 shares during the period. BlackRock Inc. increased its position in Northern Oil & Gas by 59.3% during the third quarter. BlackRock Inc. now owns 13,330,385 shares of the energy company’s stock worth $53,321,000 after acquiring an additional 4,961,556 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Northern Oil & Gas by 94.8% during the third quarter. Bank of New York Mellon Corp now owns 752,229 shares of the energy company’s stock worth $3,009,000 after acquiring an additional 366,116 shares during the period.

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About Northern Oil & Gas (NYSEAMERICAN:NOG)

Northern Oil and Gas, Inc, an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of crude oil and natural gas properties in the United States. The company primarily holds interests in the Bakken and Three Forks formations in the Williston Basin of North Dakota and Montana.

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