Northern Oil & Gas, Inc. (NOG) Rating Lowered to Sell at Zacks Investment Research
Northern Oil & Gas, Inc. (NYSEMKT:NOG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors 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 2.25 on Wednesday. The company’s market cap is $137.68 million. The company’s 50-day moving average price is $2.92 and its 200 day moving average price is $4.08. Northern Oil & Gas has a 12-month low of $1.99 and a 12-month high of $5.86.
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Northern Oil & Gas (NYSEMKT:NOG) last announced its earnings results on Thursday, August 4th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.05. The company had revenue of $32.10 million for the quarter, compared to the consensus estimate of $55.82 million. The firm’s revenue for the quarter was down 21.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.19 earnings per share. Equities analysts predict that Northern Oil & Gas will post $0.12 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Oxford Asset Management bought a new position in shares of Northern Oil & Gas during the second quarter valued at about $202,000. EAM Investors LLC bought a new position in shares of Northern Oil & Gas during the second quarter valued at about $1,288,000. California Public Employees Retirement System raised its position in shares of 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 valued at $4,351,000 after buying an additional 3,300 shares in the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new position in shares of Northern Oil & Gas during the second quarter valued at about $479,000. Finally, Societe Generale bought a new position in shares of Northern Oil & Gas during the second quarter valued at about $208,000.
Northern Oil & Gas Company Profile
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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