Contango Oil & Gas (NYSEAMERICAN:MCF) Raised to “Hold” at Zacks Investment Research

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 Saturday, 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. “

Separately, Roth Capital cut Contango Oil & Gas from a neutral rating to a sell rating and set a $2.00 price objective for the company. in a research report on Thursday, July 11th.



Shares of MCF opened at $1.08 on Friday. Contango Oil & Gas has a twelve month low of $0.91 and a twelve month high of $7.32.

Contango Oil & Gas (NYSEAMERICAN:MCF) last released its quarterly earnings results on Thursday, August 8th. The oil and natural gas company reported ($0.12) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.12). The firm had revenue of $12.76 million during the quarter, compared to analysts’ expectations of $14.53 million.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. FMR LLC grew its stake in shares of Contango Oil & Gas by 0.3% during the first quarter. FMR LLC now owns 3,594,539 shares of the oil and natural gas company’s stock worth $11,323,000 after acquiring an additional 11,499 shares during the last quarter. MorganRosel Wealth Management LLC raised its position in shares of Contango Oil & Gas by 43.0% in the 2nd quarter. MorganRosel Wealth Management LLC now owns 54,849 shares of the oil and natural gas company’s stock valued at $95,000 after purchasing an additional 16,500 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Contango Oil & Gas by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 1,204,105 shares of the oil and natural gas company’s stock valued at $2,095,000 after purchasing an additional 24,457 shares during the last quarter. Wedge Capital Management L L P NC raised its position in shares of Contango Oil & Gas by 78.2% in the 1st quarter. Wedge Capital Management L L P NC now owns 215,151 shares of the oil and natural gas company’s stock valued at $678,000 after purchasing an additional 94,435 shares during the last quarter. Finally, King Luther Capital Management Corp boosted its stake in Contango Oil & Gas by 8.5% in the 1st quarter. King Luther Capital Management Corp now owns 1,329,000 shares of the oil and natural gas company’s stock worth $4,186,000 after purchasing an additional 104,000 shares in the last quarter.

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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