Contango ORE (NYSEAMERICAN:CTGO) Earns Buy Rating from Analysts at Canaccord Genuity Group

Canaccord Genuity Group started coverage on shares of Contango ORE (NYSEAMERICAN:CTGO) in a research note released on Thursday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $32.00 target price on the stock.

Separately, Zacks Research raised Contango ORE from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 3rd. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.50.

Contango ORE Price Performance

Contango ORE stock opened at $17.11 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.19. The company has a 50-day moving average price of $26.50 and a 200 day moving average price of $25.39. Contango ORE has a 12-month low of $9.22 and a 12-month high of $34.38. The stock has a market cap of $287.79 million, a P/E ratio of -5.92 and a beta of -0.34.

Insider Activity

In other Contango ORE news, CEO Nieuwenhuyse Rick Van sold 21,621 shares of the stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $17.92, for a total value of $387,448.32. Following the completion of the sale, the chief executive officer owned 517,140 shares of the company’s stock, valued at $9,267,148.80. This trade represents a 4.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP David Gregory Larimer sold 2,775 shares of Contango ORE stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $17.92, for a total transaction of $49,728.00. Following the sale, the vice president owned 12,793 shares in the company, valued at $229,250.56. This represents a 17.83% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 64,176 shares of company stock valued at $1,390,050. Company insiders own 14.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. GSA Capital Partners LLP purchased a new position in shares of Contango ORE during the 3rd quarter valued at approximately $573,000. Minerva Advisors LLC increased its position in Contango ORE by 8.6% in the second quarter. Minerva Advisors LLC now owns 76,147 shares of the company’s stock worth $1,487,000 after buying an additional 6,000 shares during the period. XTX Topco Ltd acquired a new stake in Contango ORE in the second quarter worth $593,000. AlphaQuest LLC lifted its stake in Contango ORE by 30.7% in the third quarter. AlphaQuest LLC now owns 5,564 shares of the company’s stock valued at $139,000 after buying an additional 1,308 shares during the last quarter. Finally, Mather Group LLC. bought a new stake in Contango ORE in the third quarter valued at $39,000. 19.14% of the stock is currently owned by hedge funds and other institutional investors.

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.