In addition, natural resources firm Contango Oil & Gas Co. (MCF) dropped -16.50% due to a significant earnings miss. Analysts were expecting the company to lose $0.33 per share, but Contango lost $0.67. Revenues were down significantly versus the previous year, largely due to the slide in the price of oil. Despite the miss, the company has managed to reduce its debt balance to $111 million—a 4% decrease—this year. We think the company is better positioned than most of its peers, and as such believe the stock is positioned to outperform going forward.
From John Rogers (Trades, Portfolio)' Ariel Fund third-quarter 2016 commentary.
