Contango Oil & Gas (NYSEAMERICAN:MCF) Sees Large Growth in Short Interest

Contango Oil & Gas (NYSEAMERICAN:MCF) was the recipient of a significant growth in short interest in the month of December. As of December 29th, there was short interest totalling 572,311 shares, a growth of 109.4% from the December 15th total of 273,298 shares. Based on an average daily volume of 824,692 shares, the days-to-cover ratio is currently 0.7 days. Currently, 2.3% of the shares of the company are sold short.

Several research firms have recently weighed in on MCF. Seaport Global Securities raised Contango Oil & Gas from a “neutral” rating to a “buy” rating in a research report on Tuesday, December 19th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $6.00 target price on shares of Contango Oil & Gas in a research report on Monday, November 13th. Zacks Investment Research lowered Contango Oil & Gas from a “hold” rating to a “sell” rating in a research note on Wednesday, October 11th. Finally, Roth Capital reiterated a “buy” rating and set a $10.00 price objective on shares of Contango Oil & Gas in a research note on Monday, October 2nd. Two research analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $8.00.

Several large investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its holdings in shares of Contango Oil & Gas by 2.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,391,059 shares of the oil and natural gas company’s stock valued at $6,997,000 after purchasing an additional 37,942 shares in the last quarter. Messner & Smith Theme Value Investment Management Ltd. CA raised its position in Contango Oil & Gas by 193.9% in the 3rd quarter. Messner & Smith Theme Value Investment Management Ltd. CA now owns 306,548 shares of the oil and natural gas company’s stock valued at $1,694,000 after buying an additional 202,243 shares during the last quarter. Schwab Charles Investment Management Inc. raised its position in Contango Oil & Gas by 86.6% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 85,570 shares of the oil and natural gas company’s stock valued at $431,000 after buying an additional 39,717 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Contango Oil & Gas in the 3rd quarter valued at approximately $140,000. Finally, Proxima Capital Management LLC acquired a new stake in Contango Oil & Gas in the 2nd quarter valued at approximately $1,428,000.

Shares of Contango Oil & Gas (NYSEAMERICAN MCF) opened at $5.62 on Friday. The company has a market capitalization of $143.36, a PE ratio of -4.80 and a beta of 1.82. Contango Oil & Gas has a 12-month low of $2.22 and a 12-month high of $10.15.

Contango Oil & Gas (NYSEAMERICAN:MCF) last issued its 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 company had revenue of $18.80 million for the quarter, compared to the consensus estimate of $20.33 million. During the same quarter last year, the business posted ($0.55) EPS. Contango Oil & Gas’s quarterly revenue was down 3.9% on a year-over-year basis.

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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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