Northern Oil & Gas, Inc. (NYSEAMERICAN:NOG) was the recipient of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 40,690,000 shares, an increase of 21.9% from the August 15th total of 33,380,000 shares. Currently, 13.3% of the company’s stock are short sold. Based on an average daily trading volume, of 6,170,000 shares, the short-interest ratio is currently 6.6 days.
A number of large investors have recently modified their holdings of the stock. AdvisorNet Financial Inc boosted its stake in Northern Oil & Gas by 79.3% during the 2nd quarter. AdvisorNet Financial Inc now owns 210,096 shares of the energy company’s stock worth $176,000 after purchasing an additional 92,950 shares during the period. AQR Capital Management LLC purchased a new position in Northern Oil & Gas during the 2nd quarter worth $30,000. Jacobs Levy Equity Management Inc. purchased a new position in Northern Oil & Gas during the 2nd quarter worth $102,000. Jane Street Group LLC raised its position in Northern Oil & Gas by 7,658.7% during the 2nd quarter. Jane Street Group LLC now owns 3,165,088 shares of the energy company’s stock worth $2,655,000 after buying an additional 3,124,294 shares during the last quarter. Finally, Verition Fund Management LLC purchased a new position in Northern Oil & Gas during the 2nd quarter worth $1,586,000.
NYSEAMERICAN NOG traded up $0.02 on Wednesday, hitting $0.56. 7,140,878 shares of the stock were exchanged, compared to its average volume of 6,199,018. Northern Oil & Gas has a fifty-two week low of $0.50 and a fifty-two week high of $2.43.
Shares of Northern Oil & Gas are going to reverse split on Monday, September 21st. The 1-10 reverse split was announced on Wednesday, September 2nd. The number of shares owned by shareholders will be adjusted after the market closes on Friday, September 18th.
Northern Oil & Gas (NYSEAMERICAN:NOG) last issued its earnings results on Friday, August 7th. The energy company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.01). The firm had revenue of ($51.97) million for the quarter, compared to analyst estimates of $67.98 million.
NOG has been the topic of several recent research reports. TheStreet downgraded shares of Northern Oil & Gas from a “c” rating to a “d” rating in a research note on Friday, August 7th. SunTrust Banks upgraded shares of Northern Oil & Gas from a “hold” rating to a “buy” rating and set a $2.00 price target for the company in a report on Wednesday, July 1st. Northland Securities reiterated a “buy” rating and set a $1.00 price target on shares of Northern Oil & Gas in a report on Friday, September 11th. Seaport Global Securities began coverage on shares of Northern Oil & Gas in a report on Monday, July 27th. They set a “buy” rating and a $1.20 price target for the company. Finally, Roth Capital began coverage on shares of Northern Oil & Gas in a report on Thursday, August 27th. They set a “buy” rating and a $1.80 price target for the company. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $1.50.
About Northern Oil & Gas
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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