Northern Oil & Gas, Inc. (NOG) Short Interest Up 2.9% in October

Northern Oil & Gas, Inc. (AMEX:NOG) was the recipient of a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 7,251,728 shares, an increase of 2.9% from the October 13th total of 7,050,442 shares. Based on an average trading volume of 706,777 shares, the days-to-cover ratio is currently 10.3 days. Currently, 18.4% of the shares of the stock are sold short.

A number of research firms recently issued reports on NOG. Zacks Investment Research raised shares of Northern Oil & Gas from a “hold” rating to a “strong-buy” rating and set a $1.00 price target on the stock in a research note on Wednesday, October 11th. Imperial Capital began coverage on shares of Northern Oil & Gas in a research note on Tuesday, October 3rd. They set an “in-line” rating and a $1.00 price target on the stock. Finally, Royal Bank Of Canada set a $2.00 price target on shares of Northern Oil & Gas and gave the company a “hold” rating in a research note on Thursday, August 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a strong buy rating to the stock. Northern Oil & Gas currently has a consensus rating of “Hold” and a consensus price target of $1.50.

A number of institutional investors have recently added to or reduced their stakes in NOG. Vanguard Group Inc. raised its stake in shares of Northern Oil & Gas by 33.4% in the second quarter. Vanguard Group Inc. now owns 3,613,020 shares of the energy company’s stock valued at $5,058,000 after acquiring an additional 905,328 shares during the period. US Bancorp DE raised its stake in shares of Northern Oil & Gas by 126.6% in the second quarter. US Bancorp DE now owns 2,720,400 shares of the energy company’s stock valued at $3,809,000 after acquiring an additional 1,520,000 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Northern Oil & Gas by 0.3% in the first quarter. Bank of New York Mellon Corp now owns 707,647 shares of the energy company’s stock valued at $1,840,000 after acquiring an additional 2,329 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Northern Oil & Gas by 10.7% in the first quarter. Goldman Sachs Group Inc. now owns 427,725 shares of the energy company’s stock valued at $1,112,000 after acquiring an additional 41,431 shares during the period. Finally, Geode Capital Management LLC raised its stake 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 acquiring an additional 11,148 shares during the period.

Northern Oil & Gas (AMEX NOG) traded up $0.01 during trading on Monday, reaching $1.18. 807,325 shares of the company were exchanged, compared to its average volume of 1,040,000. Northern Oil & Gas has a 52 week low of $0.63 and a 52 week high of $4.00.

Northern Oil & Gas (AMEX:NOG) last released its quarterly earnings results on Wednesday, November 8th. The energy company reported $0.04 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.05. The business had revenue of $54.26 million for the quarter, compared to analysts’ expectations of $51.04 million. Northern Oil & Gas’s revenue for the quarter was up 30.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.04 EPS.

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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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