Contango ORE (NYSEAMERICAN:CTGO) Hits New 52-Week Low – What’s Next?

Contango ORE, Inc. (NYSEAMERICAN:CTGO)’s share price reached a new 52-week low during mid-day trading on Wednesday. The company traded as low as $14.12 and last traded at $14.55, with a volume of 675,701 shares trading hands. The stock had previously closed at $15.81.

Wall Street Analysts Forecast Growth

Separately, National Bank Financial started coverage on shares of Contango ORE in a report on Thursday, October 8th. They issued an “outperform” rating on the stock. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $32.00.

Contango ORE Price Performance

The company has a debt-to-equity ratio of 0.06, a current ratio of 1.06 and a quick ratio of 1.06. The company has a market capitalization of $487.43 million, a PE ratio of 11.13 and a beta of 0.13. The stock’s 50 day simple moving average is $18.67 and its 200-day simple moving average is $19.01.

Contango ORE (NYSEAMERICAN:CTGO) last issued its quarterly earnings results on Thursday, August 13th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.18. As a group, equities analysts forecast that Contango ORE, Inc. will post 0.40 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Michael Aaron Clark sold 1,289 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $20.94, for a total transaction of $26,991.66. Following the sale, the chief financial officer directly owned 54,709 shares of the company’s stock, valued at $1,145,606.46. This represents a 2.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Contango ORE

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CoreCap Advisors LLC grew its stake in shares of Contango ORE by 682.2% in the third quarter. CoreCap Advisors LLC now owns 19,360 shares of the company’s stock worth $325,000 after acquiring an additional 16,885 shares in the last quarter. Eastern Bank purchased a new stake in shares of Contango ORE during the third quarter worth $32,000. Squarepoint Ops LLC purchased a new stake in shares of Contango ORE during the second quarter worth $165,000. 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. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Contango ORE by 28,023.6% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 95,339 shares of the company’s stock valued at $1,505,000 after acquiring an additional 95,000 shares in the last quarter. Hedge funds and other institutional investors own 19.14% of the company’s stock.

About Contango ORE

Contango ORE, Inc is an Alaska-focused mineral exploration and development company engaged primarily in the discovery and advancement of gold and other precious-metal assets. The company’s activities include geological exploration, resource evaluation, permitting and project development.

Contango’s principal asset is its interest in the Peak Gold joint venture in Alaska, which includes the Manh Choh gold project near Tok. Under the joint venture structure, Contango owns a minority interest while Kinross Gold Corporation serves as operator.