Contango Oil & Gas Company (NYSEMKT:MCF) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage currently has a $6.75 price objective on the stock. Zacks Investment Research’s price objective points to a potential downside of 2.32% from the company’s previous close.

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. “

Separately, Royal Bank of Canada restated an “outperform” rating and issued a $13.00 price target (down previously from $14.00) on shares of Contango Oil & Gas Company in a report on Friday.

Contango Oil & Gas Company (NYSEMKT:MCF) opened at 6.91 on Tuesday. The company’s 50-day moving average is $7.65 and its 200-day moving average is $8.95. The company’s market cap is $174.56 million. Contango Oil & Gas Company has a 12 month low of $5.62 and a 12 month high of $14.14.

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Hedge funds and other institutional investors have recently modified their holdings of the company. Ameriprise Financial Inc. increased its position in shares of Contango Oil & Gas Company by 81.3% in the third quarter. Ameriprise Financial Inc. now owns 581,827 shares of the company’s stock worth $5,945,000 after buying an additional 260,846 shares during the last quarter. Matarin Capital Management LLC purchased a new position in shares of Contango Oil & Gas Company during the third quarter worth about $2,207,000. AQR Capital Management LLC increased its position in shares of Contango Oil & Gas Company by 18.9% in the fourth quarter. AQR Capital Management LLC now owns 487,052 shares of the company’s stock worth $4,549,000 after buying an additional 77,405 shares during the last quarter. Prudential Financial Inc. increased its stake in Contango Oil & Gas Company by 108.0% in the third quarter. Prudential Financial Inc. now owns 138,776 shares of the company’s stock valued at $1,418,000 after buying an additional 72,061 shares in the last quarter. Finally, Messner & Smith Theme Value Investment Management Ltd. CA increased its stake in Contango Oil & Gas Company by 108.4% in the third quarter. Messner & Smith Theme Value Investment Management Ltd. CA now owns 101,991 shares of the company’s stock valued at $1,043,000 after buying an additional 53,051 shares in the last quarter.

About Contango Oil & Gas Company

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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