Contango ORE (NYSEAMERICAN:CTGO) Upgraded to Hold at Zacks Research

Zacks Research upgraded shares of Contango ORE (NYSEAMERICAN:CTGO) from a strong sell rating to a hold rating in a research report sent to investors on Tuesday,Zacks.com reports.

Contango ORE Stock Down 3.8%

NYSEAMERICAN:CTGO opened at $27.58 on Tuesday. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.64. Contango ORE has a 1-year low of $8.85 and a 1-year high of $34.38. The business’s fifty day moving average price is $28.13 and its 200 day moving average price is $24.30. The firm has a market capitalization of $412.60 million, a price-to-earnings ratio of 275.80 and a beta of -0.35.

Insider Transactions at Contango ORE

In other news, CFO Michael Aaron Clark sold 10,097 shares of the business’s stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $26.00, for a total transaction of $262,522.00. Following the completion of the transaction, the chief financial officer directly owned 49,873 shares in the company, valued at approximately $1,296,698. The trade was a 16.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Nieuwenhuyse Rick Van sold 19,608 shares of the business’s stock in a transaction dated Thursday, January 8th. The shares were 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 14.40% of the company’s stock.

Hedge Funds Weigh In On Contango ORE

Hedge funds have recently made changes to their positions in the stock. Alyeska Investment Group L.P. bought a new stake in Contango ORE in the third quarter valued at $36,772,000. Franklin Resources Inc. boosted its holdings in Contango ORE by 223.2% during the 3rd quarter. Franklin Resources Inc. now owns 726,350 shares of the company’s stock worth $18,108,000 after acquiring an additional 501,641 shares during the last quarter. Van ECK Associates Corp purchased a new position in Contango ORE during the third quarter worth about $8,531,000. Squarepoint Ops LLC grew its holdings in shares of Contango ORE by 428.4% in the third quarter. Squarepoint Ops LLC now owns 91,920 shares of the company’s stock valued at $2,292,000 after acquiring an additional 74,523 shares in the last quarter. Finally, Oak Ridge Investments LLC bought a new position in Contango ORE in the 4th quarter valued at $986,000. 19.14% of the stock is currently owned by institutional investors.

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.