Short Interest in Northern Oil & Gas, Inc. (NOG) Increases By 25.1%

Northern Oil & Gas, Inc. (NYSEAMERICAN:NOG) saw a large growth in short interest in October. As of October 31st, there was short interest totalling 23,809,437 shares, a growth of 25.1% from the October 15th total of 19,031,426 shares. Approximately 23.4% of the shares of the stock are sold short. Based on an average daily trading volume, of 4,449,901 shares, the short-interest ratio is presently 5.4 days.

A number of analysts have recently commented on NOG shares. Zacks Investment Research downgraded Northern Oil & Gas from a “buy” rating to a “hold” rating in a research note on Wednesday, July 18th. Capital One Financial raised Northern Oil & Gas from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, July 31st. Stifel Nicolaus set a $4.00 price objective on Northern Oil & Gas and gave the stock a “buy” rating in a research note on Wednesday, August 1st. Finally, Northland Securities set a $6.00 target price on Northern Oil & Gas and gave the stock a “buy” rating in a report on Wednesday, August 1st. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Northern Oil & Gas presently has an average rating of “Buy” and a consensus target price of $4.17.

Shares of NYSEAMERICAN NOG opened at $3.04 on Friday. Northern Oil & Gas has a 52-week low of $1.01 and a 52-week high of $4.49.

Northern Oil & Gas (NYSEAMERICAN:NOG) last issued its earnings results on Thursday, November 8th. The energy company reported $0.11 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.01). The company had revenue of $102.27 million during the quarter, compared to analyst estimates 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 on Wednesday, November 7th. The stock was sold at an average price of $3.49, for a total value of $9,999,998.21. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. grew its holdings in shares of Northern Oil & Gas by 59.3% in the 3rd quarter. BlackRock Inc. now owns 13,330,385 shares of the energy company’s stock worth $53,321,000 after acquiring an additional 4,961,556 shares during the last quarter. Angelo Gordon & CO. L.P. purchased a new position in shares of Northern Oil & Gas during the second quarter valued at $39,076,000. TPG Group Holdings SBS Advisors Inc. purchased a new position in shares of Northern Oil & Gas during the second quarter valued at $25,200,000. Nokota Management LP purchased a new position in shares of Northern Oil & Gas during the second quarter valued at $20,570,000. Finally, Serengeti Asset Management LP grew its holdings in shares of Northern Oil & Gas by 170.8% during the second quarter. Serengeti Asset Management LP now owns 3,250,000 shares of the energy company’s stock valued at $10,238,000 after buying an additional 2,050,000 shares in the last quarter.

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Northern Oil & Gas Company Profile

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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