Contango ORE (NYSEAMERICAN:CTGO) Given New $32.00 Price Target at Freedom Broker

Contango ORE (NYSEAMERICAN:CTGO) had its target price upped by analysts at Freedom Broker from $30.00 to $32.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Freedom Broker‘s target price indicates a potential upside of 120.84% from the company’s previous close.

Separately, National Bank Financial initiated coverage on shares of Contango ORE in a research note on Thursday, October 8th. They set an “outperform” rating on the stock. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $32.00.

Contango ORE Trading Down 3.5%

Shares of CTGO traded down $0.53 during midday trading on Thursday, hitting $14.49. 468,778 shares of the stock were exchanged, compared to its average volume of 428,261. Contango ORE has a 52-week low of $14.10 and a 52-week high of $34.38. The stock has a fifty day simple moving average of $18.24 and a 200 day simple moving average of $18.90. The firm has a market cap of $485.42 million, a P/E ratio of -4.93 and a beta of 0.13. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.06 and a current ratio of 1.06.

Contango ORE (NYSEAMERICAN:CTGO) last issued its quarterly earnings data on Thursday, August 13th. The company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.18. On average, research analysts anticipate that Contango ORE will post 0.40 EPS for the current fiscal year.

Insider Activity at Contango ORE

In other Contango ORE news, CFO Michael Aaron Clark sold 1,289 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $20.94, for a total value of $26,991.66. Following the completion of the transaction, the chief financial officer owned 54,709 shares in the company, valued at $1,145,606.46. The trade was a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 5.40% of the stock is currently owned by company insiders.

Institutional Trading of Contango ORE

Several hedge funds have recently modified their holdings of CTGO. Alyeska Investment Group L.P. raised its stake in shares of Contango ORE by 54.4% in the second quarter. Alyeska Investment Group L.P. now owns 2,127,579 shares of the company’s stock valued at $33,594,000 after acquiring an additional 750,000 shares in the last quarter. Van ECK Associates Corp grew its stake in Contango ORE by 80.0% during the 2nd quarter. Van ECK Associates Corp now owns 819,087 shares of the company’s stock worth $12,933,000 after purchasing an additional 364,062 shares in the last quarter. Bank of America Corp DE grew its stake in Contango ORE by 1,908.3% during the 1st quarter. Bank of America Corp DE now owns 207,841 shares of the company’s stock worth $3,897,000 after purchasing an additional 197,492 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Contango ORE by 5.0% during the 1st quarter. Renaissance Technologies LLC now owns 135,278 shares of the company’s stock worth $2,536,000 after purchasing an additional 6,451 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Contango ORE by 28,023.6% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 95,339 shares of the company’s stock worth $1,505,000 after purchasing an additional 95,000 shares during the period. 19.14% of the stock is currently owned by institutional investors and hedge funds.

About Contango ORE

Contango ORE, Inc is a gold exploration, development and production company focused on mineral properties in Alaska. The company’s principal asset is its interest in the Peak Gold Joint Venture, which holds the Manh Choh project in the Tetlin area of eastern Alaska. Contango owns a minority interest in the joint venture, while Kinross Gold Corporation is the operator and majority partner.

Manh Choh is a high-grade gold project whose ore is transported to Kinross’ Fort Knox processing facility near Fairbanks.