Contango Oil & Gas (MCF) Lowered to “Neutral” at Seaport Global Securities

Contango Oil & Gas (NYSEAMERICAN:MCF) was downgraded by investment analysts at Seaport Global Securities from a “buy” rating to a “neutral” rating in a report issued on Friday, The Fly reports.

MCF has been the topic of several other reports. Johnson Rice lowered shares of Contango Oil & Gas from an “accumulate” rating to a “hold” rating and set a $5.00 price target on the stock. in a research report on Thursday, August 9th. Zacks Investment Research lowered shares of Contango Oil & Gas from a “hold” rating to a “sell” rating in a research report on Wednesday, July 25th. Finally, Royal Bank of Canada reissued a “buy” rating and issued a $6.00 price objective on shares of Contango Oil & Gas in a research report on Friday, July 13th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. Contango Oil & Gas has an average rating of “Hold” and a consensus target price of $6.25.

NYSEAMERICAN MCF opened at $6.48 on Friday. Contango Oil & Gas has a 1 year low of $2.22 and a 1 year high of $7.25.

Contango Oil & Gas (NYSEAMERICAN:MCF) last posted its quarterly earnings results on Thursday, August 9th. The oil and natural gas company reported ($0.19) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.18) by ($0.01). Contango Oil & Gas had a negative return on equity of 11.98% and a negative net margin of 36.73%. The firm had revenue of $18.45 million for the quarter, compared to the consensus estimate of $17.42 million.

In related news, major shareholder John C. Goff acquired 21,000 shares of the company’s stock in a transaction dated Tuesday, June 26th. The shares were bought at an average cost of $5.52 per share, with a total value of $115,920.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder John C. Goff acquired 108,500 shares of the company’s stock in a transaction dated Friday, June 15th. The stock was bought at an average cost of $4.77 per share, for a total transaction of $517,545.00. The disclosure for this purchase can be found here. Insiders bought 309,500 shares of company stock worth $1,434,465 over the last three months.

Institutional investors and hedge funds have recently modified their holdings of the company. Laurion Capital Management LP bought a new position in shares of Contango Oil & Gas in the second quarter valued at about $119,000. PEAK6 Investments L.P. acquired a new position in shares of Contango Oil & Gas in the second quarter valued at about $180,000. Jane Street Group LLC acquired a new position in shares of Contango Oil & Gas in the second quarter valued at about $219,000. Alambic Investment Management L.P. acquired a new position in shares of Contango Oil & Gas in the second quarter valued at about $228,000. Finally, LMR Partners LLP acquired a new position in shares of Contango Oil & Gas in the second quarter valued at about $424,000.

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, 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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