Contango Oil & Gas (MCF) Short Interest Up 109.4% in December

Contango Oil & Gas (NYSEAMERICAN:MCF) was the recipient of a significant growth in short interest during the month of December. As of December 29th, there was short interest totalling 572,311 shares, a growth of 109.4% from the December 15th total of 273,298 shares. Based on an average daily trading volume, of 824,692 shares, the short-interest ratio is currently 0.7 days. Approximately 2.3% of the company’s stock are short sold.

A number of research firms recently commented on MCF. Roth Capital restated a “buy” rating and issued a $10.00 price objective on shares of Contango Oil & Gas in a report on Monday, October 2nd. Royal Bank of Canada restated a “buy” rating and issued a $6.00 price objective on shares of Contango Oil & Gas in a report on Monday, November 13th. Zacks Investment Research upgraded Contango Oil & Gas from a “sell” rating to a “hold” rating in a report on Thursday, September 14th. Finally, Seaport Global Securities upgraded Contango Oil & Gas from a “neutral” rating to a “buy” rating in a report on Tuesday, December 19th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $8.00.

Shares of Contango Oil & Gas (MCF) traded down $0.17 during mid-day trading on Wednesday, reaching $5.32. The company’s stock had a trading volume of 425,700 shares, compared to its average volume of 688,633. Contango Oil & Gas has a one year low of $2.22 and a one year high of $10.15. The firm has a market capitalization of $138.77, a P/E ratio of -4.55 and a beta of 1.82.

Contango Oil & Gas (NYSEAMERICAN:MCF) last announced its quarterly earnings results on Tuesday, November 7th. The oil and natural gas company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.08). Contango Oil & Gas had a negative net margin of 36.73% and a negative return on equity of 11.98%. The company had revenue of $18.80 million for the quarter, compared to analyst estimates of $20.33 million. During the same quarter last year, the business earned ($0.55) EPS. The company’s revenue for the quarter was down 3.9% on a year-over-year basis.

Hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC acquired a new position in Contango Oil & Gas during the third quarter valued at approximately $140,000. Alliancebernstein L.P. grew its holdings in Contango Oil & Gas by 11.0% during the second quarter. Alliancebernstein L.P. now owns 24,244 shares of the oil and natural gas company’s stock valued at $161,000 after purchasing an additional 2,400 shares during the last quarter. Wells Fargo & Company MN grew its holdings in Contango Oil & Gas by 13.2% during the second quarter. Wells Fargo & Company MN now owns 38,445 shares of the oil and natural gas company’s stock valued at $255,000 after purchasing an additional 4,497 shares during the last quarter. Legal & General Group Plc grew its holdings in Contango Oil & Gas by 7.7% during the second quarter. Legal & General Group Plc now owns 40,270 shares of the oil and natural gas company’s stock valued at $267,000 after purchasing an additional 2,868 shares during the last quarter. Finally, Rhumbline Advisers grew its holdings in Contango Oil & Gas by 3.6% during the second quarter. Rhumbline Advisers now owns 45,558 shares of the oil and natural gas company’s stock valued at $303,000 after purchasing an additional 1,600 shares during the last quarter.

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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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