Brokers Set Expectations for Contango Oil & Gas’ FY2017 Earnings (MCF)

Contango Oil & Gas (NYSEAMERICAN:MCF) – Research analysts at Seaport Global Securities lowered their FY2017 earnings estimates for Contango Oil & Gas in a report released on Tuesday, according to Zacks Investment Research. Seaport Global Securities analyst M. Kelly now anticipates that the oil and natural gas company will post earnings of ($0.88) per share for the year, down from their previous forecast of ($0.79). Seaport Global Securities has a “Buy” rating on the stock. Seaport Global Securities also issued estimates for Contango Oil & Gas’ Q1 2018 earnings at ($0.11) EPS, Q2 2018 earnings at ($0.09) EPS, Q3 2018 earnings at ($0.07) EPS, Q4 2018 earnings at ($0.08) EPS and FY2018 earnings at ($0.35) EPS.

Several other analysts have also weighed in on the company. Royal Bank of Canada restated a “buy” rating and issued a $6.00 price objective on shares of Contango Oil & Gas in a report on Monday, November 13th. Zacks Investment Research lowered Contango Oil & Gas from a “hold” rating to a “sell” rating in a report on Wednesday, October 11th. Finally, Roth Capital restated a “buy” rating and issued a $10.00 price objective on shares of Contango Oil & Gas in a report on Monday, October 2nd. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $8.00.

Shares of Contango Oil & Gas (NYSEAMERICAN:MCF) traded up $0.24 during mid-day trading on Friday, reaching $5.58. The company’s stock had a trading volume of 611,178 shares, compared to its average volume of 1,030,000. Contango Oil & Gas has a one year low of $2.22 and a one year high of $10.15. The firm has a market cap of $142.34, a price-to-earnings ratio of -4.77 and a beta of 1.82.

Contango Oil & Gas (NYSEAMERICAN:MCF) last announced its quarterly earnings results on Tuesday, November 7th. The oil and natural gas company reported ($0.28) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.20) by ($0.08). Contango Oil & Gas had a negative return on equity of 11.98% and a negative net margin of 36.73%. The business had revenue of $18.80 million for the quarter, compared to analyst estimates of $20.33 million. During the same quarter last year, the firm posted ($0.55) EPS. The company’s revenue was down 3.9% compared to the same quarter last year.

Several institutional investors have recently made changes to their positions in MCF. Texas Permanent School Fund raised its position in shares of Contango Oil & Gas by 2.1% during the second quarter. Texas Permanent School Fund now owns 16,803 shares of the oil and natural gas company’s stock worth $112,000 after purchasing an additional 341 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Contango Oil & Gas during the third quarter worth $140,000. Alliancebernstein L.P. raised its position in shares of Contango Oil & Gas by 11.0% during the second quarter. Alliancebernstein L.P. now owns 24,244 shares of the oil and natural gas company’s stock worth $161,000 after purchasing an additional 2,400 shares during the period. Wells Fargo & Company MN raised its position in shares of Contango Oil & Gas by 13.2% during the second quarter. Wells Fargo & Company MN now owns 38,445 shares of the oil and natural gas company’s stock worth $255,000 after purchasing an additional 4,497 shares during the period. Finally, Legal & General Group Plc raised its position in shares of Contango Oil & Gas by 7.7% during the second quarter. Legal & General Group Plc now owns 40,270 shares of the oil and natural gas company’s stock worth $267,000 after purchasing an additional 2,868 shares during the period.

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About Contango Oil & Gas

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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