Northern Oil & Gas (NOG) Trading Down 5.4% Following Weak Earnings

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Shares of Northern Oil & Gas, Inc. (NYSEAMERICAN:NOG) fell 5.4% during mid-day trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $2.86 and last traded at $2.98. 6,269,228 shares were traded during mid-day trading, an increase of 63% from the average session volume of 3,852,650 shares. The stock had previously closed at $3.15.

The energy company reported $0.11 earnings per share 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 analysts’ expectations of $119.05 million.

A number of research analysts have recently commented on the stock. Stifel Nicolaus set a $4.00 price objective on shares of Northern Oil & Gas and gave the company a “buy” rating in a research note on Wednesday, August 1st. Zacks Investment Research raised shares of Northern Oil & Gas from a “hold” rating to a “strong-buy” rating and set a $4.00 price objective for the company in a research note on Saturday, July 21st. Northland Securities set a $6.00 price objective on shares of Northern Oil & Gas and gave the company a “buy” rating in a research note on Wednesday, August 1st. Finally, Capital One Financial raised shares of Northern Oil & Gas from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, July 31st. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus 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 company’s stock in a transaction dated Wednesday, November 7th. The shares were sold at an average price of $3.49, for a total transaction of $9,999,998.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Spark Investment Management LLC increased its position in Northern Oil & Gas by 890.0% during the 2nd quarter. Spark Investment Management LLC now owns 1,046,415 shares of the energy company’s stock worth $3,296,000 after purchasing an additional 940,715 shares in the last quarter. Dynamic Advisor Solutions LLC acquired a new stake in Northern Oil & Gas during the 2nd quarter worth approximately $120,000. Caption Management LLC acquired a new stake in Northern Oil & Gas during the 2nd quarter worth approximately $315,000. Fisher Asset Management LLC increased its position in Northern Oil & Gas by 28.7% during the 3rd quarter. Fisher Asset Management LLC now owns 497,419 shares of the energy company’s stock worth $1,990,000 after purchasing an additional 110,919 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Northern Oil & Gas by 460.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 386,113 shares of the energy company’s stock worth $1,216,000 after purchasing an additional 317,239 shares in the last quarter.

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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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