Contango Ore, Inc. (NYSEAMERICAN:CTGO) to Post Q2 2024 Earnings of ($1.40) Per Share, Roth Capital Forecasts

Contango Ore, Inc. (NYSEAMERICAN:CTGO) – Equities researchers at Roth Capital cut their Q2 2024 earnings per share (EPS) estimates for Contango Ore in a research note issued to investors on Monday, March 25th. Roth Capital analyst M. Niehuser now forecasts that the company will earn ($1.40) per share for the quarter, down from their previous forecast of ($0.84). The consensus estimate for Contango Ore’s current full-year earnings is ($4.00) per share. Roth Capital also issued estimates for Contango Ore’s Q3 2024 earnings at ($1.51) EPS, Q4 2024 earnings at ($1.53) EPS and FY2024 earnings at ($5.82) EPS.

A number of other research analysts also recently issued reports on CTGO. Cormark initiated coverage on Contango Ore in a research note on Friday, March 22nd. They issued a “buy” rating and a $27.50 price objective for the company. Fundamental Research set a $23.22 price objective on Contango Ore and gave the stock a “buy” rating in a report on Tuesday, February 13th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $38.00 price target on shares of Contango Ore in a report on Monday.

Contango Ore Stock Down 0.9 %

Shares of NYSEAMERICAN:CTGO opened at $19.46 on Thursday. The company has a debt-to-equity ratio of 2.98, a current ratio of 4.02 and a quick ratio of 4.02. Contango Ore has a twelve month low of $14.03 and a twelve month high of $33.67.

Insider Buying and Selling

In other news, CEO Nieuwenhuyse Rick Van sold 3,000 shares of the company’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $22.00, for a total value of $66,000.00. Following the completion of the transaction, the chief executive officer now owns 500,896 shares of the company’s stock, valued at $11,019,712. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Contango Ore news, Director Joseph S. Compofelice sold 5,826 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $22.00, for a total transaction of $128,172.00. Following the sale, the director now directly owns 163,878 shares in the company, valued at $3,605,316. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Nieuwenhuyse Rick Van sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $22.00, for a total value of $66,000.00. Following the sale, the chief executive officer now owns 500,896 shares in the company, valued at $11,019,712. The disclosure for this sale can be found here. Insiders sold 15,451 shares of company stock valued at $323,004 over the last 90 days. Company insiders own 17.80% of the company’s stock.

Institutional Investors Weigh In On Contango Ore

Several hedge funds and other institutional investors have recently modified their holdings of CTGO. Sprott Inc. grew its stake in Contango Ore by 0.3% in the fourth quarter. Sprott Inc. now owns 480,234 shares of the company’s stock worth $8,697,000 after purchasing an additional 1,384 shares in the last quarter. Vanguard Group Inc. boosted its position in Contango Ore by 633.2% during the 3rd quarter. Vanguard Group Inc. now owns 358,613 shares of the company’s stock valued at $6,505,000 after acquiring an additional 309,705 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Contango Ore by 701.6% during the 2nd quarter. BlackRock Inc. now owns 173,404 shares of the company’s stock valued at $4,418,000 after purchasing an additional 151,772 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Contango Ore by 92.8% during the 4th quarter. Northern Trust Corp now owns 65,609 shares of the company’s stock valued at $1,188,000 after purchasing an additional 31,576 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Contango Ore by 227.7% during the 2nd quarter. Geode Capital Management LLC now owns 61,538 shares of the company’s stock valued at $1,568,000 after purchasing an additional 42,762 shares during the last quarter. 19.14% of the stock is currently owned by hedge funds and other institutional investors.

About Contango Ore

Contango Ore, Inc, an exploration stage company, engages in the exploration of gold and associated minerals in the United States. It also explores for copper and silver deposits. The company, through its subsidiaries, leases approximately 675,000 acres from the Tetlin Tribal Council and holds approximately 13,000 State of Alaska mining claims for exploration and development; leases mineral rights approximately 8,600 acres of State of Alaska and patented mining claims for exploration from Alaska Hard Rock, Inc; and owns 100% interest in the mineral rights to approximately 154,000 acres of State of Alaska mining claims for exploration located north and northwest of the Manh Choh Project.