Zacks Investment Research upgraded shares of Contango Oil & Gas (NYSEAMERICAN:MCF) from a sell rating to a hold rating in a research note issued to investors on Wednesday.
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 brokerages also recently commented on MCF. Royal Bank of Canada set a $7.00 price objective on Contango Oil & Gas and gave the company a buy rating in a research report on Thursday, September 20th. SunTrust Banks reissued a hold rating and set a $5.00 price objective on shares of Contango Oil & Gas in a research note on Wednesday, November 7th. Finally, Roth Capital set a $5.00 price objective on Contango Oil & Gas and gave the stock a buy rating in a research note on Thursday, December 6th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $5.33.
NYSEAMERICAN MCF traded down $0.05 on Wednesday, hitting $3.85. 2,676 shares of the company traded hands, compared to its average volume of 158,900. Contango Oil & Gas has a 52-week low of $2.72 and a 52-week high of $7.32.
Contango Oil & Gas (NYSEAMERICAN:MCF) last announced its quarterly earnings data on Wednesday, November 7th. The oil and natural gas company reported ($0.28) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.14). The firm had revenue of $19.51 million during the quarter, compared to analyst estimates of $19.54 million.
In other news, Director John C. Goff purchased 24,000 shares of the stock in a transaction that occurred on Friday, November 30th. The stock was purchased at an average price of $4.07 per share, for a total transaction of $97,680.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John C. Goff purchased 30,000 shares of the stock in a transaction that occurred on Wednesday, December 26th. The stock was purchased at an average price of $2.96 per share, with a total value of $88,800.00. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 1,747,108 shares of company stock worth $6,800,015.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Laurion Capital Management LP purchased a new stake in shares of Contango Oil & Gas during the 2nd quarter valued at $119,000. PEAK6 Investments L.P. acquired a new position in shares of Contango Oil & Gas in the 2nd quarter valued at $180,000. Dimensional Fund Advisors LP increased its position in shares of 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 period. Jane Street Group LLC acquired a new position in shares of Contango Oil & Gas in the 2nd quarter valued at $219,000. Finally, Alambic Investment Management L.P. acquired a new position in shares of Contango Oil & Gas in the 2nd quarter valued at $228,000.
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.
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