Contango ORE (NYSEAMERICAN:CTGO) Reaches New 1-Year High – Should You Buy?

Contango ORE, Inc. (NYSEAMERICAN:CTGO) shares hit a new 52-week high on Thursday . The company traded as high as $33.37 and last traded at $33.4470, with a volume of 105123 shares changing hands. The stock had previously closed at $30.84.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Roth Mkm restated a “buy” rating and issued a $35.00 target price on shares of Contango ORE in a research note on Tuesday, September 30th. Zacks Research lowered Contango ORE from a “hold” rating to a “strong sell” rating in a report on Monday, January 5th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $32.34.

Contango ORE Stock Performance

The firm’s fifty day moving average price is $26.81 and its 200 day moving average price is $23.69. The firm has a market cap of $490.54 million, a P/E ratio of 327.90 and a beta of -0.35. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.14 and a current ratio of 1.14.

Insiders Place Their Bets

In other news, CEO Nieuwenhuyse Rick Van sold 19,608 shares of the business’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $26.00, for a total value of $509,808.00. Following the completion of the transaction, the chief executive officer directly owned 538,761 shares of the company’s stock, valued at approximately $14,007,786. The trade was a 3.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Michael Aaron Clark sold 10,097 shares of the company’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $26.00, for a total value of $262,522.00. Following the sale, the chief financial officer owned 49,873 shares of the company’s stock, valued at $1,296,698. This trade represents a 16.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 14.40% of the stock is owned by corporate insiders.

Institutional Trading of Contango ORE

A number of institutional investors have recently made changes to their positions in CTGO. Bank of America Corp DE increased its position in Contango ORE by 40.1% during the 4th quarter. Bank of America Corp DE now owns 10,262 shares of the company’s stock valued at $103,000 after buying an additional 2,936 shares in the last quarter. AlphaQuest LLC purchased a new stake in shares of Contango ORE during the second quarter worth about $83,000. JPMorgan Chase & Co. increased its holdings in shares of Contango ORE by 235.9% during the second quarter. JPMorgan Chase & Co. now owns 18,585 shares of the company’s stock valued at $362,000 after acquiring an additional 13,052 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of Contango ORE by 24.1% during the second quarter. Rhumbline Advisers now owns 13,838 shares of the company’s stock valued at $270,000 after acquiring an additional 2,690 shares in the last quarter. Finally, XTX Topco Ltd purchased a new position in shares of Contango ORE in the 2nd quarter valued at approximately $593,000. Institutional investors and hedge funds own 19.14% of the company’s stock.

Contango ORE Company Profile

Contango ORE Royalty Trust (NYSE American: CTGO) is a grantor royalty trust that holds net overriding royalty interests in oil and gas properties. As a non‐operating entity, the trust itself does not engage in exploration, drilling or production activities but instead receives a percentage of revenues generated by producing wells. This structure offers investors exposure to commodity price movements and production volumes without the direct capital expenditure or operational risks associated with upstream oil and gas companies.

The trust’s assets consist primarily of royalty interests in offshore leases located on the continental shelf of the Gulf of Mexico.