Contango Oil & Gas (NYSEAMERICAN:MCF) shares dropped 8.1% during trading on Wednesday . The company traded as low as $3.50 and last traded at $3.52, approximately 509,595 shares changed hands during mid-day trading. An increase of 63% from the average daily volume of 313,387 shares. The stock had previously closed at $3.83.
Separately, Zacks Investment Research raised Contango Oil & Gas from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research note on Wednesday, January 15th.
The firm has a 50 day simple moving average of $1.21.
Contango Oil & Gas Company Profile (NYSEAMERICAN:MCF)
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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