SunTrust Banks Comments on Contango Oil & Gas’ Q3 2018 Earnings (MCF)

Share on StockTwits

Contango Oil & Gas (NYSEAMERICAN:MCF) – Equities research analysts at SunTrust Banks lifted their Q3 2018 EPS estimates for shares of Contango Oil & Gas in a research report issued to clients and investors on Monday, November 5th. SunTrust Banks analyst N. Dingmann now forecasts that the oil and natural gas company will post earnings per share of ($0.17) for the quarter, up from their prior estimate of ($0.18). SunTrust Banks has a “Hold” rating and a $5.00 price objective on the stock. SunTrust Banks also issued estimates for Contango Oil & Gas’ Q4 2018 earnings at ($0.10) EPS, FY2019 earnings at ($0.37) EPS and FY2020 earnings at ($0.12) EPS.

Contango Oil & Gas (NYSEAMERICAN:MCF) last released 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). The business had revenue of $18.45 million during the quarter, compared to analysts’ expectations of $17.42 million.

MCF has been the topic of several other research reports. Zacks Investment Research downgraded Contango Oil & Gas from a “hold” rating to a “sell” rating in a research note on Wednesday, October 10th. Seaport Global Securities downgraded Contango Oil & Gas from a “buy” rating to a “neutral” rating and set a $7.00 price target on the stock. in a research note on Friday, September 7th. Royal Bank of Canada set a $7.00 price target on Contango Oil & Gas and gave the company a “buy” rating in a research note on Thursday, September 20th. Finally, Johnson Rice downgraded Contango Oil & Gas from an “accumulate” rating to a “hold” rating and set a $5.00 price target on the stock. in a research note on Thursday, August 9th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $5.60.

MCF opened at $5.21 on Thursday. Contango Oil & Gas has a 1 year low of $2.22 and a 1 year high of $7.32.

Several large investors have recently added to or reduced their stakes in MCF. FMR LLC increased its position in shares of Contango Oil & Gas by 33.5% in the second 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. Millennium Management LLC acquired a new stake in shares of Contango Oil & Gas in the second quarter valued at about $2,178,000. Dimensional Fund Advisors LP increased its position in shares of Contango Oil & Gas by 15.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,736,469 shares of the oil and natural gas company’s stock valued at $6,164,000 after acquiring an additional 237,464 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Contango Oil & Gas by 2,077.6% in the first quarter. JPMorgan Chase & Co. now owns 199,161 shares of the oil and natural gas company’s stock valued at $708,000 after acquiring an additional 190,015 shares during the last quarter. Finally, Prescott Group Capital Management L.L.C. acquired a new stake in shares of Contango Oil & Gas in the third quarter valued at about $930,000.

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.

Further Reading: What are trading strategies for the 52-week high/low?

Earnings History and Estimates for Contango Oil & Gas (NYSEAMERICAN:MCF)

Receive News & Ratings for Contango Oil & Gas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Contango Oil & Gas and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply