Zacks Investment Research Upgrades Contango Oil & Gas Company (MCF) to “Hold”

Contango Oil & Gas Company (NYSEMKT:MCF) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Thursday.

According to Zacks, “Contango Oil & Gas is a Houston-based, independent natural gas and oil company. The Company explores, develops, produces and acquires natural gas and oil properties primarily onshore in the Gulf Coast and offshore in the Gulf of Mexico. “

Other analysts also recently issued reports about the company. Royal Bank Of Canada set a $11.00 price target on Contango Oil & Gas and gave the company a “buy” rating in a research note on Saturday, June 17th. Roth Capital assumed coverage on Contango Oil & Gas in a research note on Wednesday, July 12th. They issued a “buy” rating and a $10.00 price target on the stock. Finally, ValuEngine downgraded Contango Oil & Gas from a “sell” rating to a “strong sell” rating in a research note on Friday, September 1st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. Contango Oil & Gas presently has a consensus rating of “Hold” and an average price target of $9.69.

Shares of Contango Oil & Gas (NYSEMKT:MCF) opened at 4.27 on Thursday. The stock has a 50 day moving average of $4.88 and a 200 day moving average of $6.35. The company’s market cap is $109.35 million. Contango Oil & Gas has a 52-week low of $3.97 and a 52-week high of $11.98.

Contango Oil & Gas (NYSEMKT:MCF) last posted its quarterly earnings results on Wednesday, August 2nd. The oil and natural gas company reported ($0.24) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.16) by ($0.08). Contango Oil & Gas had a negative net margin of 29.76% and a negative return on equity of 10.24%. The business had revenue of $20.30 million during the quarter, compared to analysts’ expectations of $20.26 million. During the same quarter last year, the firm earned ($0.90) earnings per share. The firm’s quarterly revenue was up 4.6% compared to the same quarter last year. On average, equities research analysts expect that Contango Oil & Gas will post ($0.86) EPS for the current year.

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A number of institutional investors and hedge funds have recently bought and sold shares of the business. Texas Permanent School Fund boosted its position in Contango Oil & Gas by 2.1% during 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 purchasing an additional 341 shares in the last quarter. Legal & General Group Plc boosted its position in Contango Oil & Gas by 1.7% during the first quarter. Legal & General Group Plc now owns 37,402 shares of the oil and natural gas company’s stock worth $273,000 after purchasing an additional 618 shares in the last quarter. Comerica Bank boosted its position in Contango Oil & Gas by 2.6% during the first quarter. Comerica Bank now owns 24,677 shares of the oil and natural gas company’s stock worth $185,000 after purchasing an additional 629 shares in the last quarter. Sei Investments Co. boosted its position in Contango Oil & Gas by 2.1% during the first quarter. Sei Investments Co. now owns 51,587 shares of the oil and natural gas company’s stock worth $378,000 after purchasing an additional 1,042 shares in the last quarter. Finally, Rhumbline Advisers boosted its position 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 worth $303,000 after purchasing an additional 1,600 shares in the last quarter.

About Contango Oil & Gas

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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