Northern Oil & Gas, Inc. (NOG) Issues Earnings Results, Hits Estimates

Northern Oil & Gas, Inc. (AMEX:NOG) announced its quarterly earnings results on Monday. The energy company reported ($0.02) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.02). The business had revenue of $65.82 million during the quarter, compared to analyst estimates of $48.02 million. The business’s revenue for the quarter was up 106.7% on a year-over-year basis. During the same period last year, the company earned $0.01 EPS.

Shares of Northern Oil & Gas (AMEX:NOG) traded up 1.471% during trading on Friday, hitting $1.725. The stock had a trading volume of 672,705 shares. The firm’s market cap is $106.16 million. The firm’s 50-day moving average is $2.25 and its 200-day moving average is $2.65. Northern Oil & Gas has a one year low of $1.55 and a one year high of $5.00.

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Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE increased its stake in shares of Northern Oil & Gas by 62.1% in the first quarter. Bank of America Corp DE now owns 157,680 shares of the energy company’s stock valued at $410,000 after buying an additional 60,379 shares during the last quarter. KCG Holdings Inc. increased its stake in Northern Oil & Gas by 123.9% in the first quarter. KCG Holdings Inc. now owns 44,133 shares of the energy company’s stock worth $115,000 after buying an additional 24,422 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Northern Oil & Gas by 2.9% in the first quarter. Geode Capital Management LLC now owns 391,844 shares of the energy company’s stock valued at $1,018,000 after buying an additional 11,148 shares during the last quarter.

NOG has been the topic of several recent research reports. Zacks Investment Research cut Northern Oil & Gas from a “buy” rating to a “hold” rating in a research report on Wednesday, March 29th. Scotiabank reaffirmed a “hold” rating and set a $3.00 price objective on shares of Northern Oil & Gas in a research report on Monday, April 3rd. Finally, Royal Bank of Canada set a $4.00 target price on Northern Oil & Gas and gave the company a “hold” rating in a research report on Tuesday, April 25th.

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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