Contango ORE (NYSEAMERICAN:CTGO) Trading Up 10.3% – Still a Buy?

Contango ORE, Inc. (NYSEAMERICAN:CTGO) traded up 10.3% on Wednesday . The company traded as high as $20.95 and last traded at $21.1320. 118,161 shares were traded during trading, a decline of 73% from the average session volume of 444,287 shares. The stock had previously closed at $19.15.

Analysts Set New Price Targets

Separately, Zacks Research raised Contango ORE to a “hold” rating in a research note on Wednesday, May 20th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, Contango ORE currently has a consensus rating of “Moderate Buy” and an average price target of $33.50.

Contango ORE Stock Performance

The company has a debt-to-equity ratio of 0.06, a current ratio of 1.06 and a quick ratio of 1.27. The stock has a market cap of $658.08 million, a PE ratio of -6.91 and a beta of -0.01. The business has a 50 day moving average price of $17.03 and a two-hundred day moving average price of $20.95.

Contango ORE (NYSEAMERICAN:CTGO) last issued its earnings results on Thursday, August 13th. The company reported $0.14 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.18. As a group, equities research analysts forecast that Contango ORE, Inc. will post 0.4 EPS for the current fiscal year.

Insider Transactions at Contango ORE

In other news, CFO Michael Aaron Clark sold 1,289 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $20.94, for a total transaction of $26,991.66. Following the completion of the sale, the chief financial officer directly owned 54,709 shares in the company, valued at approximately $1,145,606.46. This represents a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Nieuwenhuyse Rick Van bought 4,111 shares of the business’s stock in a transaction that occurred on Thursday, June 25th. The stock was acquired at an average cost of $15.24 per share, for a total transaction of $62,651.64. Following the completion of the purchase, the chief executive officer directly owned 555,251 shares of the company’s stock, valued at $8,462,025.24. The trade was a 0.75% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 5.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Contango ORE

Several institutional investors and hedge funds have recently bought and sold shares of CTGO. Alyeska Investment Group L.P. increased its stake in shares of Contango ORE by 54.4% during 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 buying an additional 750,000 shares during the period. Van ECK Associates Corp lifted its stake in Contango ORE by 80.0% in the second quarter. Van ECK Associates Corp now owns 819,087 shares of the company’s stock worth $12,933,000 after acquiring an additional 364,062 shares during the period. Franklin Resources Inc. boosted its holdings in Contango ORE by 4.6% in the fourth quarter. Franklin Resources Inc. now owns 759,709 shares of the company’s stock valued at $20,064,000 after acquiring an additional 33,359 shares in the last quarter. Glazer Capital LLC bought a new stake in Contango ORE in the fourth quarter valued at $8,453,000. Finally, Geode Capital Management LLC boosted its holdings in Contango ORE by 23.9% in the fourth quarter. Geode Capital Management LLC now owns 258,610 shares of the company’s stock valued at $6,831,000 after acquiring an additional 49,947 shares in the last quarter. Hedge funds and other institutional investors 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.