Zacks Investment Research Downgrades Contango Oil & Gas (NYSEAMERICAN:MCF) to Sell

Contango Oil & Gas (NYSEAMERICAN:MCF) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a report released on Tuesday, Zacks.com reports.

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. “

Other research analysts also recently issued research reports about the stock. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $2.50 price objective (up previously from $1.00) on shares of Contango Oil & Gas in a report on Monday, September 30th. Roth Capital raised shares of Contango Oil & Gas from a “sell” rating to a “neutral” rating and set a $1.40 price objective for the company in a report on Tuesday, September 24th.

Shares of MCF stock opened at $3.16 on Tuesday. Contango Oil & Gas has a 52-week low of $0.85 and a 52-week high of $4.53. The stock has a fifty day simple moving average of $1.21 and a two-hundred day simple moving average of $2.16.

In other news, Director John C. Goff acquired 2,210,525 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was acquired at an average price of $0.95 per share, with a total value of $2,099,998.75. Following the completion of the purchase, the director now directly owns 2,280,186 shares in the company, valued at $2,166,176.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

A number of hedge funds and other institutional investors have recently made changes to their positions in MCF. Sunbelt Securities Inc. purchased a new position in shares of Contango Oil & Gas during the third quarter worth approximately $824,000. Vanguard Group Inc. increased its position in shares of Contango Oil & Gas by 2.1% during the second quarter. Vanguard Group Inc. now owns 1,204,105 shares of the oil and natural gas company’s stock worth $2,095,000 after acquiring an additional 24,457 shares during the period. MorganRosel Wealth Management LLC increased its position in shares of Contango Oil & Gas by 43.0% during the second quarter. MorganRosel Wealth Management LLC now owns 54,849 shares of the oil and natural gas company’s stock worth $95,000 after acquiring an additional 16,500 shares during the period. Millennium Management LLC increased its position in shares of Contango Oil & Gas by 63.9% during the third quarter. Millennium Management LLC now owns 211,929 shares of the oil and natural gas company’s stock worth $589,000 after acquiring an additional 82,601 shares during the period. Finally, Virtu Financial LLC increased its position in shares of Contango Oil & Gas by 194.5% during the third quarter. Virtu Financial LLC now owns 32,275 shares of the oil and natural gas company’s stock worth $90,000 after acquiring an additional 21,314 shares during the period.

Contango Oil & Gas Company Profile

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, 2018, it had proved reserves of approximately 131.9 billion cubic feet equivalent, including 54.2 billion cubic feet of natural gas, 9.4 million barrels of crude oil and condensate, and 3.5 million barrels of natural gas liquids.

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