Zacks Investment Research upgraded shares of Contango Oil & Gas Company (NYSEMKT:MCF) from a hold rating to a buy rating in a report issued on Wednesday morning. They currently have $7.00 target price on the stock.

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. “

Contango Oil & Gas Company (NYSEMKT:MCF) opened at 6.91 on Wednesday. Contango Oil & Gas Company has a 52-week low of $5.62 and a 52-week high of $14.14. The stock’s market capitalization is $174.56 million. The stock’s 50 day moving average is $7.65 and its 200-day moving average is $8.95.

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Hedge funds and other institutional investors have recently modified their holdings of the stock. Thrivent Financial for Lutherans increased its position in Contango Oil & Gas Company by 7.8% in the fourth quarter. Thrivent Financial for Lutherans now owns 12,140 shares of the company’s stock valued at $113,000 after buying an additional 880 shares during the last quarter. Arizona State Retirement System acquired a new position in Contango Oil & Gas Company during the third quarter valued at $117,000. Texas Permanent School Fund increased its position in Contango Oil & Gas Company by 25.3% in the third quarter. Texas Permanent School Fund now owns 16,891 shares of the company’s stock valued at $173,000 after buying an additional 3,413 shares during the last quarter. State of Tennessee Treasury Department increased its position in Contango Oil & Gas Company by 40.6% in the third quarter. State of Tennessee Treasury Department now owns 17,849 shares of the company’s stock valued at $182,000 after buying an additional 5,150 shares during the last quarter. Finally, Mraz Amerine & Associates Inc. acquired a new position in Contango Oil & Gas Company during the third quarter valued at $186,000.

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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