Northern Oil & Gas, Inc. (NOG) Downgraded by Zacks Investment Research to “Sell”
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. “
Northern Oil & Gas (NYSEMKT:NOG) opened at 2.40 on Wednesday. The firm’s 50-day moving average is $2.89 and its 200-day moving average is $4.07. Northern Oil & Gas has a 12 month low of $1.99 and a 12 month high of $5.86. The stock’s market cap is $146.86 million.
Northern Oil & Gas (NYSEMKT:NOG) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.05. The company earned $32.10 million during the quarter, compared to the consensus estimate of $55.82 million. During the same quarter last year, the company earned $0.19 earnings per share. The business’s revenue was down 21.3% on a year-over-year basis. On average, equities analysts forecast that Northern Oil & Gas will post $0.12 earnings per share for the current fiscal year.
A number of hedge funds have recently made changes to their positions in the stock. Pine River Capital Management L.P. bought a new stake in shares of Northern Oil & Gas during the second quarter worth $3,544,000. Spark Investment Management LLC boosted its stake in shares of Northern Oil & Gas by 812.2% in the first quarter. Spark Investment Management LLC now owns 646,400 shares of the company’s stock worth $2,579,000 after buying an additional 575,542 shares during the period. EAM Investors LLC bought a new stake in shares of Northern Oil & Gas during the second quarter worth $1,288,000. Highbridge Capital Management LLC bought a new stake in shares of Northern Oil & Gas during the second quarter worth $889,000. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new stake in shares of Northern Oil & Gas during the second quarter worth $479,000.
About Northern Oil & Gas
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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