Zacks Investment Research Lowers Northern Oil & Gas (NOG) to Hold

Zacks Investment Research downgraded shares of Northern Oil & Gas (NYSEAMERICAN:NOG) from a strong-buy rating to a hold rating in a research 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. “

Separately, Imperial Capital initiated coverage on shares of Northern Oil & Gas in a report on Tuesday, October 3rd. They issued an in-line rating and a $1.00 price objective for the company. One research analyst has rated the stock with a sell rating and five have given a hold rating to the company. Northern Oil & Gas presently has a consensus rating of Hold and a consensus target price of $1.75.

Northern Oil & Gas (NYSEAMERICAN:NOG) opened at $2.91 on Wednesday. The company has a market cap of $194.45, a price-to-earnings ratio of 72.75 and a beta of 1.76. Northern Oil & Gas has a 1-year low of $0.63 and a 1-year high of $4.00.

Northern Oil & Gas (NYSEAMERICAN:NOG) last released its quarterly earnings data on Wednesday, November 8th. The energy company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.05. The business had revenue of $54.26 million during the quarter, compared to analyst estimates of $51.04 million. The business’s revenue for the quarter was up 30.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.04 EPS.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Ameriprise Financial Inc. boosted its holdings in shares of Northern Oil & Gas by 0.3% during the second quarter. Ameriprise Financial Inc. now owns 227,945 shares of the energy company’s stock valued at $319,000 after acquiring an additional 705 shares during the period. Quantitative Investment Management LLC boosted its holdings in shares of Northern Oil & Gas by 11.3% during the second quarter. Quantitative Investment Management LLC now owns 90,500 shares of the energy company’s stock valued at $126,000 after acquiring an additional 9,200 shares during the period. Isthmus Partners LLC boosted its holdings in shares of Northern Oil & Gas by 60.7% during the second quarter. Isthmus Partners LLC now owns 270,642 shares of the energy company’s stock valued at $379,000 after acquiring an additional 102,198 shares during the period. Virtu KCG Holdings LLC boosted its holdings in shares of Northern Oil & Gas by 237.4% during the second quarter. Virtu KCG Holdings LLC now owns 148,902 shares of the energy company’s stock valued at $208,000 after acquiring an additional 104,769 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of Northern Oil & Gas by 33.4% during the second quarter. Vanguard Group Inc. now owns 3,613,020 shares of the energy company’s stock valued at $5,058,000 after acquiring an additional 905,328 shares during the period.

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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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