Northern Oil & Gas (NOG) Trading Down 5.4% on Disappointing Earnings

Shares of Northern Oil & Gas, Inc. (NYSEAMERICAN:NOG) traded down 5.4% on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $2.86 and last traded at $2.98. 6,269,228 shares were traded during trading, an increase of 63% from the average session volume of 3,852,650 shares. The stock had previously closed at $3.15.

The energy company reported $0.11 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by ($0.01). The business had revenue of $102.27 million for the quarter, compared to analysts’ expectations of $119.05 million.

NOG has been the topic of several analyst reports. Stifel Nicolaus set a $4.00 target price on shares of Northern Oil & Gas and gave the stock a “buy” rating in a report on Wednesday, August 1st. Zacks Investment Research raised shares of Northern Oil & Gas from a “hold” rating to a “strong-buy” rating and set a $4.00 target price on the stock in a report on Saturday, July 21st. Northland Securities set a $6.00 target price on shares of Northern Oil & Gas and gave the stock a “buy” rating in a report on Wednesday, August 1st. Finally, Capital One Financial raised shares of Northern Oil & Gas from an “equal weight” rating to an “overweight” rating in a report on Tuesday, July 31st. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $4.17.

In related news, major shareholder Crestview Partners Iii Gp, L.P sold 2,865,329 shares of the company’s stock in a transaction dated Wednesday, November 7th. The shares were sold at an average price of $3.49, for a total transaction of $9,999,998.21. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

A number of hedge funds and other institutional investors have recently modified their holdings of NOG. Raymond James Financial Services Advisors Inc. lifted its position in Northern Oil & Gas by 151.2% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 35,509 shares of the energy company’s stock valued at $112,000 after purchasing an additional 21,374 shares during the period. Dynamic Advisor Solutions LLC acquired a new position in Northern Oil & Gas during the 2nd quarter valued at about $120,000. Voya Investment Management LLC acquired a new position in Northern Oil & Gas during the 2nd quarter valued at about $123,000. Metropolitan Life Insurance Co. NY acquired a new position in Northern Oil & Gas during the 2nd quarter valued at about $127,000. Finally, Dimensional Fund Advisors LP acquired a new position in Northern Oil & Gas during the 1st quarter valued at about $147,000.

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About Northern Oil & Gas (NYSEAMERICAN:NOG)

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.

Read More: Retained Earnings

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