Contango ORE (NYSEAMERICAN:CTGO) Trading 10.1% Higher – What’s Next?

Shares of Contango ORE, Inc. (NYSEAMERICAN:CTGO) shot up 10.1% during mid-day trading on Wednesday . The company traded as high as $18.52 and last traded at $18.45. 88,570 shares were traded during trading, a decline of 80% from the average session volume of 449,834 shares. The stock had previously closed at $16.76.

Wall Street Analyst Weigh In

Separately, Zacks Research upgraded Contango ORE to a “hold” rating in a research report on Wednesday, May 20th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Contango ORE presently has a consensus rating of “Moderate Buy” and a consensus price target of $33.50.

Contango ORE Price Performance

The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $590.53 million, a price-to-earnings ratio of -9.91 and a beta of -0.01. The stock’s 50-day simple moving average is $16.64 and its two-hundred day simple moving average is $21.94.

Contango ORE (NYSEAMERICAN:CTGO) last announced its earnings results on Thursday, May 14th. The company reported ($0.83) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.99). Equities research analysts predict that Contango ORE, Inc. will post 0.94 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Nieuwenhuyse Rick Van acquired 4,111 shares of the business’s stock in a transaction on Thursday, June 25th. The stock was bought at an average cost of $15.24 per share, for a total transaction of $62,651.64. Following the purchase, the chief executive officer owned 555,251 shares in the company, valued at approximately $8,462,025.24. This represents a 0.75% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 5.40% of the company’s stock.

Hedge Funds Weigh In On Contango ORE

Several hedge funds and other institutional investors have recently made changes to their positions in the company. FNY Investment Advisers LLC purchased a new stake in shares of Contango ORE during the second quarter worth approximately $157,000. Bank of America Corp DE raised its stake in Contango ORE by 1,908.3% in the 1st quarter. Bank of America Corp DE now owns 207,841 shares of the company’s stock valued at $3,897,000 after purchasing an additional 197,492 shares during the last quarter. Royal Bank of Canada lifted its holdings in Contango ORE by 6,539.8% in the 1st quarter. Royal Bank of Canada now owns 51,392 shares of the company’s stock valued at $963,000 after purchasing an additional 50,618 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Contango ORE by 5.0% in the 1st quarter. Renaissance Technologies LLC now owns 135,278 shares of the company’s stock valued at $2,536,000 after purchasing an additional 6,451 shares in the last quarter. Finally, Cetera Investment Advisers acquired a new stake in Contango ORE during the 1st quarter worth $204,000. Hedge funds and other institutional investors own 19.14% of the company’s stock.

About Contango ORE

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.