Contango Oil & Gas (MCF) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Contango Oil & Gas (NYSEAMERICAN:MCF) from a sell rating to a hold rating in a report published on Wednesday morning.

According to Zacks, “Contango Oil & Gas Company is a Houston, Texas based, independent energy company engaged in the acquisition, exploration, development, exploitation and production of crude oil and natural gas offshore in the shallow waters of the Gulf of Mexico and in the onshore Texas and Rocky Mountain regions of the United States. “

Several other research analysts have also recently weighed in on MCF. SunTrust Banks set a $4.00 price target on shares of Contango Oil & Gas and gave the stock a hold rating in a research note on Tuesday, November 27th. Roth Capital set a $5.00 price target on shares of Contango Oil & Gas and gave the stock a buy rating in a research note on Thursday, December 6th. Finally, Royal Bank of Canada set a $7.00 price target on shares of Contango Oil & Gas and gave the stock a buy rating in a research note on Thursday, September 20th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company presently has an average rating of Hold and an average price target of $5.33.

Shares of Contango Oil & Gas stock opened at $3.88 on Wednesday. Contango Oil & Gas has a 1-year low of $2.72 and a 1-year high of $7.32.

Contango Oil & Gas (NYSEAMERICAN:MCF) last issued its quarterly earnings results on Wednesday, November 7th. The oil and natural gas company reported ($0.28) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.14). The firm had revenue of $19.51 million for the quarter, compared to analyst estimates of $19.54 million.

In other news, Director John C. Goff acquired 24,000 shares of the firm’s stock in a transaction dated Friday, November 30th. The shares were purchased at an average cost of $4.07 per share, for a total transaction of $97,680.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John C. Goff acquired 1,417,298 shares of the firm’s stock in a transaction dated Friday, November 16th. The shares were purchased at an average price of $4.00 per share, for a total transaction of $5,669,192.00. The disclosure for this purchase can be found here. Insiders have bought a total of 1,747,108 shares of company stock worth $6,800,015 over the last 90 days.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC increased its holdings in Contango Oil & Gas by 33.5% in the 2nd quarter. FMR LLC now owns 3,583,039 shares of the oil and natural gas company’s stock valued at $20,352,000 after acquiring an additional 899,900 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Contango Oil & Gas by 1.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,919,449 shares of the oil and natural gas company’s stock valued at $11,862,000 after acquiring an additional 35,819 shares during the last quarter. Millennium Management LLC bought a new stake in Contango Oil & Gas in the 2nd quarter valued at $2,178,000. Prescott Group Capital Management L.L.C. bought a new stake in Contango Oil & Gas in the 3rd quarter valued at $930,000. Finally, Bridgeway Capital Management Inc. increased its holdings in Contango Oil & Gas by 113.2% in the 3rd quarter. Bridgeway Capital Management Inc. now owns 139,830 shares of the oil and natural gas company’s stock valued at $864,000 after acquiring an additional 74,230 shares during the last quarter.

About Contango Oil & Gas

Contango Oil & Gas Company, an independent oil and natural gas company, acquires, explores, develops, exploits, and produces crude oil and natural gas properties in the shallow waters of the Gulf of Mexico and onshore properties in Texas and Wyoming in the United States. As of December 31, 2017, it had proved reserves of approximately 189.3 billion cubic feet equivalent, including 91.7 billion cubic feet of natural gas, 10.6 million barrels of crude oil and condensate, and 5.6 million barrels of natural gas liquids.

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