Zacks Investment Research upgraded shares of Contango Oil & Gas Company (NYSEMKT:MCF) from a sell rating to a hold rating in a research note published on Thursday.

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. “

MCF has been the subject of a number of other reports. ValuEngine lowered shares of Contango Oil & Gas from a sell rating to a strong sell rating in a report on Friday, September 1st. Royal Bank Of Canada set a $8.00 price objective on shares of Contango Oil & Gas and gave the stock a buy rating in a report on Thursday, August 24th. Finally, Roth Capital started coverage on shares of Contango Oil & Gas in a report on Wednesday, July 12th. They issued a buy rating and a $10.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $9.69.

Contango Oil & Gas (NYSEMKT:MCF) opened at 4.27 on Thursday. The firm’s market capitalization is $109.35 million. Contango Oil & Gas has a 1-year low of $3.97 and a 1-year high of $11.98. The stock’s 50 day moving average is $4.88 and its 200 day moving average is $6.35.

Contango Oil & Gas (NYSEMKT:MCF) last announced its earnings results on Wednesday, August 2nd. The oil and natural gas company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.08). Contango Oil & Gas had a negative net margin of 29.76% and a negative return on equity of 10.24%. The company had revenue of $20.30 million for the quarter, compared to the consensus estimate of $20.26 million. During the same quarter in the previous year, the firm earned ($0.90) earnings per share. The company’s revenue for the quarter was up 4.6% compared to the same quarter last year. Analysts predict that Contango Oil & Gas will post ($0.86) EPS for the current fiscal year.

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Several hedge funds and other institutional investors have recently modified their holdings of the stock. Proxima Capital Management LLC purchased a new position in shares of Contango Oil & Gas in the second quarter worth $1,428,000. Dimensional Fund Advisors LP increased its stake in shares of Contango Oil & Gas by 13.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,353,117 shares of the oil and natural gas company’s stock worth $8,985,000 after buying an additional 158,686 shares during the period. FMR LLC increased its stake in shares of Contango Oil & Gas by 4.6% in the second quarter. FMR LLC now owns 2,823,083 shares of the oil and natural gas company’s stock worth $18,745,000 after buying an additional 122,913 shares during the period. Northern Trust Corp increased its stake in shares of Contango Oil & Gas by 4.6% in the second quarter. Northern Trust Corp now owns 269,218 shares of the oil and natural gas company’s stock worth $1,788,000 after buying an additional 11,803 shares during the period. Finally, Thrivent Financial For Lutherans increased its stake in shares of Contango Oil & Gas by 925.5% in the second quarter. Thrivent Financial For Lutherans now owns 130,860 shares of the oil and natural gas company’s stock worth $869,000 after buying an additional 118,100 shares during the period.

Contango Oil & Gas Company Profile

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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