Zacks Investment Research Downgrades Northern Oil & Gas (NYSEAMERICAN:NOG) to Sell

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Northern Oil & Gas (NYSEAMERICAN:NOG) was downgraded by Zacks Investment Research 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. “

Several other equities analysts have also recently weighed in on NOG. Northland Securities set a $2.00 price target on shares of Global Eagle Entertainment and gave the stock a “buy” rating in a research note on Tuesday, July 2nd. SunTrust Banks set a $5.00 price target on shares of Northern Oil & Gas and gave the stock a “buy” rating in a research note on Thursday, March 21st. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $3.90.

Shares of NYSEAMERICAN:NOG opened at $1.95 on Friday. Northern Oil & Gas has a fifty-two week low of $1.83 and a fifty-two week high of $4.49.

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

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

Several large investors have recently added to or reduced their stakes in the stock. Nordea Investment Management AB grew its stake in shares of Northern Oil & Gas by 0.9% in the fourth quarter. Nordea Investment Management AB now owns 446,257 shares of the energy company’s stock valued at $1,009,000 after buying an additional 4,000 shares in the last quarter. Legal & General Group Plc lifted its holdings in Northern Oil & Gas by 18.2% during the 4th 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. lifted its holdings in Northern Oil & Gas by 35.6% during the 4th 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 lifted its holdings in Northern Oil & Gas by 4.7% during the 1st 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. lifted its holdings in Northern Oil & Gas by 25.4% during the 4th 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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