Contango Oil & Gas (NYSEAMERICAN:MCF) Stock Price Passes Above Two Hundred Day Moving Average – Here’s Why
by Mitch Edgeman · The Markets DailyContango Oil & Gas (NYSEAMERICAN:MCF – Get Free Report)’s stock price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $3.22 and traded as high as $3.37. Contango Oil & Gas shares last traded at $3.22, with a volume of 3,621,000 shares trading hands.
Contango Oil & Gas Price Performance
The stock has a market capitalization of $648.31 million, a price-to-earnings ratio of -7.67 and a beta of 2.02. The company has a debt-to-equity ratio of 2.25, a quick ratio of 0.44 and a current ratio of 0.45. The company has a 50 day moving average of $3.22 and a 200 day moving average of $3.22.
Institutional Trading of Contango Oil & Gas
Large investors have recently made changes to their positions in the company. Deutsche Bank AG purchased a new position in Contango Oil & Gas in the second quarter worth approximately $412,000. Quantbot Technologies LP acquired a new stake in shares of Contango Oil & Gas in the 2nd quarter valued at $454,000. Bank of New York Mellon Corp purchased a new stake in shares of Contango Oil & Gas during the 2nd quarter worth $1,133,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Contango Oil & Gas during the 2nd quarter worth $1,427,000. Finally, BlackRock Inc. acquired a new position in shares of Contango Oil & Gas during the second quarter worth $34,184,000. 25.92% of the stock is currently owned by hedge funds and other institutional investors.
Contango Oil & Gas Company Profile
Contango Oil & Gas Company is an independent energy firm headquartered in Houston, Texas, engaged in the acquisition, exploration, development and production of oil and natural gas properties. The company’s activities span the full upstream cycle, from lease acquisition and well planning through drilling, completion and production operations, enabling Contango to manage costs and operational quality at each stage of development.
Contango’s asset base is concentrated in the onshore Gulf Coast region of the United States, with principal operations in East Texas, West Texas and southern Louisiana.