Northern Oil & Gas (NOG) Shares Down 7.4%

Northern Oil & Gas, Inc. (NYSEAMERICAN:NOG) shares dropped 7.4% during trading on Friday . The stock traded as low as $2.46 and last traded at $2.50. Approximately 5,010,675 shares traded hands during trading, an increase of 17% from the average daily volume of 4,280,522 shares. The stock had previously closed at $2.70.

NOG has been the topic of several recent research reports. SunTrust Banks reaffirmed a “buy” rating and set a $4.00 target price on shares of Northern Oil & Gas in a report on Thursday, November 29th. Zacks Investment Research downgraded Northern Oil & Gas from a “buy” rating to a “hold” rating in a report on Thursday, November 15th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $4.17.

Northern Oil & Gas (NYSEAMERICAN:NOG) last announced its earnings results on Thursday, November 8th. The energy company reported $0.11 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by ($0.01). The business had revenue of $102.27 million during the quarter, compared to analysts’ expectations of $119.05 million.

In other news, major shareholder Crestview Partners Iii Gp, L.P sold 2,865,329 shares of the business’s stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $3.49, for a total value of $9,999,998.21. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

A number of institutional investors have recently modified their holdings of NOG. TPG Group Holdings SBS Advisors Inc. bought a new stake in Northern Oil & Gas in the 2nd quarter valued at about $25,200,000. BlackRock Inc. increased its holdings in Northern Oil & Gas by 502.0% during the 2nd quarter. BlackRock Inc. now owns 8,368,829 shares of the energy company’s stock worth $26,362,000 after purchasing an additional 6,978,583 shares in the last quarter. Caymus Capital Partners L.P. bought a new stake in Northern Oil & Gas during the 3rd quarter worth approximately $14,392,000. Dimensional Fund Advisors LP increased its holdings in Northern Oil & Gas by 2,892.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 3,170,515 shares of the energy company’s stock worth $12,681,000 after purchasing an additional 3,064,550 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in Northern Oil & Gas during the 2nd quarter worth approximately $7,877,000.

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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.

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