Contango Oil & Gas (NYSEAMERICAN:MCF) Cut to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Contango Oil & Gas (NYSEAMERICAN:MCF) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning, 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 lowered shares of Contango Oil & Gas from a neutral rating to a sell rating and set a $2.00 price objective for the company. in a report on Thursday, July 11th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. Contango Oil & Gas has a consensus rating of Hold and an average price target of $5.00.

Shares of MCF opened at $1.07 on Tuesday. Contango Oil & Gas has a 1-year low of $1.00 and a 1-year high of $7.32.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. FMR LLC lifted its holdings in Contango Oil & Gas by 0.3% during the 1st quarter. FMR LLC now owns 3,594,539 shares of the oil and natural gas company’s stock valued at $11,323,000 after buying an additional 11,499 shares in the last quarter. King Luther Capital Management Corp lifted its holdings in Contango Oil & Gas by 8.5% during the 1st quarter. King Luther Capital Management Corp now owns 1,329,000 shares of the oil and natural gas company’s stock valued at $4,186,000 after buying an additional 104,000 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Contango Oil & Gas by 2.1% during 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 buying an additional 24,457 shares in the last quarter. BlackRock Inc. lifted its holdings in Contango Oil & Gas by 0.7% during the 4th quarter. BlackRock Inc. now owns 433,413 shares of the oil and natural gas company’s stock valued at $1,408,000 after buying an additional 3,044 shares in the last quarter. Finally, Wedge Capital Management L L P NC lifted its holdings in Contango Oil & Gas by 78.2% during 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 buying an additional 94,435 shares in the last quarter.

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, 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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