Northern Oil & Gas (NYSEAMERICAN:NOG) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Northern Oil & Gas (NYSEAMERICAN:NOG) from a hold rating to a sell rating in a report released on Friday, Zacks.com reports.

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. “

NOG has been the topic of a number of other research reports. Northland Securities set a $2.00 price objective on shares of Global Eagle Entertainment and gave the stock a buy rating in a research report on Tuesday, July 2nd. SunTrust Banks set a $5.00 price objective on shares of Northern Oil & Gas and gave the stock a buy rating in a research report on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. Northern Oil & Gas currently has a consensus rating of Buy and an average price target of $3.90.

Shares of NOG stock opened at $1.84 on Friday. Northern Oil & Gas has a 12 month low of $1.83 and a 12 month high of $4.49.

Northern Oil & Gas (NYSEAMERICAN:NOG) last announced its quarterly earnings data on Thursday, May 9th. The energy company reported $0.07 EPS for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.05). The firm had revenue of $132.68 million for the quarter, compared to analyst estimates of $142.86 million.

In other news, major shareholder Robert B. Rowling bought 1,000,000 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were acquired at an average cost of $2.23 per share, for a total transaction of $2,230,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Robert B. Rowling bought 1,000,060 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were purchased at an average price of $2.06 per share, for a total transaction of $2,060,123.60. The disclosure for this purchase can be found here.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Nordea Investment Management AB increased its holdings in Northern Oil & Gas by 0.9% during the fourth quarter. Nordea Investment Management AB now owns 446,257 shares of the energy company’s stock worth $1,009,000 after buying an additional 4,000 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Northern Oil & Gas by 18.2% in the fourth quarter. Legal & General Group Plc now owns 34,413 shares of the energy company’s stock valued at $78,000 after purchasing an additional 5,311 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Northern Oil & Gas by 35.6% in the fourth quarter. Principal Financial Group Inc. now owns 27,259 shares of the energy company’s stock valued at $62,000 after purchasing an additional 7,153 shares during the last quarter. Creative Planning increased its holdings in shares of Northern Oil & Gas by 4.7% in the first quarter. Creative Planning now owns 166,305 shares of the energy company’s stock valued at $456,000 after purchasing an additional 7,422 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. increased its holdings in shares of Northern Oil & Gas by 25.4% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 36,738 shares of the energy company’s stock valued at $83,000 after purchasing an additional 7,436 shares during the last quarter.

Northern Oil & Gas Company Profile

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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