Zacks Investment Research downgraded shares of Northern Oil & Gas, Inc. (NYSEMKT:NOG) from a hold rating to a sell rating in a report published on Wednesday morning.

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. “

Shares of Northern Oil & Gas (NYSEMKT:NOG) opened at 2.40 on Wednesday. The firm has a 50 day moving average price of $2.89 and a 200-day moving average price of $4.07. Northern Oil & Gas has a 52-week low of $1.99 and a 52-week high of $5.86. The company’s market cap is $146.86 million.

Northern Oil & Gas (NYSEMKT:NOG) last posted its earnings results on Thursday, August 4th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.05. The business earned $32.10 million during the quarter, compared to the consensus estimate of $55.82 million. The firm’s revenue for the quarter was down 21.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.19 earnings per share. Equities research analysts anticipate that Northern Oil & Gas will post $0.12 earnings per share for the current year.

A number of hedge funds have recently made changes to their positions in NOG. Louisiana State Employees Retirement System boosted its stake in shares of Northern Oil & Gas by 2.6% in the second quarter. Louisiana State Employees Retirement System now owns 23,800 shares of the company’s stock worth $110,000 after buying an additional 600 shares in the last quarter. Acrospire Investment Management LLC acquired a new stake in shares of Northern Oil & Gas during the second quarter worth $116,000. Thrivent Financial for Lutherans boosted its stake in shares of Northern Oil & Gas by 15.3% in the second quarter. Thrivent Financial for Lutherans now owns 26,270 shares of the company’s stock worth $121,000 after buying an additional 3,490 shares in the last quarter. BlackRock Advisors LLC boosted its stake in shares of Northern Oil & Gas by 1.8% in the second quarter. BlackRock Advisors LLC now owns 27,456 shares of the company’s stock worth $127,000 after buying an additional 481 shares in the last quarter. Finally, Arizona State Retirement System boosted its stake in shares of Northern Oil & Gas by 3.7% in the second quarter. Arizona State Retirement System now owns 27,889 shares of the company’s stock worth $129,000 after buying an additional 1,000 shares in the last quarter.

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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