Contango Oil & Gas Company (MCF) Receives Buy Rating from Royal Bank Of Canada

Royal Bank Of Canada reiterated their buy rating on shares of Contango Oil & Gas Company (NYSEMKT:MCF) in a report released on Monday morning. They currently have a $6.00 price objective on the oil and natural gas company’s stock.

MCF has been the subject of a number of other reports. Roth Capital reissued a buy rating and set a $10.00 target price on shares of Contango Oil & Gas in a research note on Monday, October 2nd. Zacks Investment Research raised shares of Contango Oil & Gas from a sell rating to a hold rating in a research note on Thursday, September 14th. Finally, ValuEngine lowered shares of Contango Oil & Gas from a sell rating to a strong sell rating in a research note on Friday, September 1st. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $8.00.

Contango Oil & Gas (MCF) traded down $0.16 during mid-day trading on Monday, reaching $3.18. 186,596 shares of the company’s stock were exchanged, compared to its average volume of 125,649. Contango Oil & Gas has a fifty-two week low of $3.02 and a fifty-two week high of $10.39.

Contango Oil & Gas (NYSEMKT:MCF) last posted its quarterly earnings data on Tuesday, November 7th. The oil and natural gas company reported ($0.28) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.20) by ($0.08). Contango Oil & Gas had a negative net margin of 29.76% and a negative return on equity of 10.24%. The firm had revenue of $18.80 million for the quarter, compared to the consensus estimate of $20.33 million. During the same quarter last year, the firm earned ($0.55) EPS. The company’s revenue was down 3.9% on a year-over-year basis.

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Large investors have recently added to or reduced their stakes in the stock. Texas Permanent School Fund lifted its stake in Contango Oil & Gas by 2.1% in the second quarter. Texas Permanent School Fund now owns 16,803 shares of the oil and natural gas company’s stock worth $112,000 after acquiring an additional 341 shares during the period. Hartford Investment Management Co. purchased a new stake in Contango Oil & Gas in the second quarter worth about $120,000. Alliancebernstein L.P. lifted its stake in Contango Oil & Gas by 11.0% in the second quarter. Alliancebernstein L.P. now owns 24,244 shares of the oil and natural gas company’s stock worth $161,000 after acquiring an additional 2,400 shares during the period. SG Americas Securities LLC purchased a new stake in Contango Oil & Gas in the third quarter worth about $140,000. Finally, Wells Fargo & Company MN lifted its stake in Contango Oil & Gas by 13.4% in the first quarter. Wells Fargo & Company MN now owns 33,948 shares of the oil and natural gas company’s stock worth $248,000 after acquiring an additional 4,000 shares during the period.

Contango Oil & Gas Company Profile

Contango Oil & Gas Company (Contango) is an independent oil and natural gas company. The Company is engaged in the exploration, development, exploitation and acquisition of crude oil and natural gas properties in the onshore Texas Gulf Coast, offshore properties in the shallow waters of the Gulf of Mexico (GOM) and Rocky Mountain regions of the United States.

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