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Why Contango Oil & Gas Company (MCF) Could Be Positioned for a Surge

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Contango Oil & Gas Company is an independent oil & natural gas company that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.

These positive earnings estimate revisions suggest that analysts are becoming more optimistic on MCF’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that Contango Oil & Gas Company could be a solid choice for investors.

Current Quarter Estimates for MCF

In the past 30 days, 2 estimates have gone higher for Contango Oil & Gas Company while none has gone lower in the same time period. The trend has been pretty favorable too, with estimates narrowing from a loss of 47 cents a share 30 days ago, to a loss of 41 cents today, a move of 12.8%.

Current Year Estimates for MCF

Meanwhile, Contango Oil & Gas Company’s current year figures are also looking quite promising, with 2 estimates moving higher in the past month, compared to none lower. The consensus estimate trend has also seen a boost for this time frame, narrowing from a loss of $1.99 per share 30 days ago to a loss of $1.78 per share today, an increase of 10.6%.

CONTANGO OIL&GS Price and Consensus

Bottom Line

The stock has also started to move higher lately, adding 12.8% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So investors may definitely want to consider this Zacks Rank #2 (Buy) stock to profit in the near future.

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