Northern Oil & Gas (NYSEAMERICAN:NOG) Shares Set to Reverse Split on Monday, September 21st

Shares of Northern Oil & Gas, Inc. (NYSEAMERICAN:NOG) are going to reverse split before the market opens on Monday, September 21st. The 1-10 reverse split was announced on Wednesday, September 2nd. The number of shares owned by shareholders will be adjusted after the closing bell on Friday, September 18th.

Northern Oil & Gas stock opened at $0.54 on Friday. Northern Oil & Gas has a 12-month low of $0.50 and a 12-month high of $2.43.

Northern Oil & Gas (NYSEAMERICAN:NOG) last released its earnings results on Friday, August 7th. The energy company reported $0.20 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by ($0.10). The company had revenue of ($51.97) million for the quarter, compared to the consensus estimate of $67.98 million.

A number of research firms have weighed in on NOG. SunTrust Banks upgraded Northern Oil & Gas from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research note on Wednesday, July 1st. TheStreet lowered Northern Oil & Gas from a “c” rating to a “d” rating in a research note on Friday, August 7th. Roth Capital assumed coverage on Northern Oil & Gas in a research note on Thursday, August 27th. They issued a “buy” rating and a $18.00 target price on the stock. Northland Securities restated a “buy” rating and set a $10.00 price target on shares of Northern Oil & Gas in a research note on Friday, September 11th. Finally, Seaport Global Securities assumed coverage on Northern Oil & Gas in a research note on Monday, July 27th. They set a “buy” rating and a $12.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $15.00.

Hedge funds have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Northern Oil & Gas by 73.2% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 39,101 shares of the energy company’s stock valued at $26,000 after purchasing an additional 16,520 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of Northern Oil & Gas by 6.9% in the 1st quarter. Rhumbline Advisers now owns 453,218 shares of the energy company’s stock valued at $300,000 after purchasing an additional 29,360 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Northern Oil & Gas by 17.8% in the 1st quarter. Victory Capital Management Inc. now owns 216,842 shares of the energy company’s stock valued at $144,000 after purchasing an additional 32,750 shares during the last quarter. AQR Capital Management LLC acquired a new position in shares of Northern Oil & Gas in the 2nd quarter valued at $30,000. Finally, BNP Paribas Arbitrage SA lifted its stake in shares of Northern Oil & Gas by 15.4% in the 1st quarter. BNP Paribas Arbitrage SA now owns 278,461 shares of the energy company’s stock valued at $185,000 after purchasing an additional 37,074 shares during the last quarter.

About Northern Oil & Gas

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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