Contango ORE (NYSEAMERICAN:CTGO) Reaches New 1-Year Low – Should You Sell?

Contango ORE, Inc. (NYSEAMERICAN:CTGO) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $14.50 and last traded at $14.83, with a volume of 635804 shares changing hands. The stock had previously closed at $15.64.

Analysts Set New Price Targets

CTGO has been the topic of a number of research reports. Zacks Research upgraded Contango ORE to a “hold” rating in a research note on Wednesday, May 20th. Canaccord Genuity Group initiated coverage on Contango ORE in a report on Thursday, March 26th. They issued a “buy” rating and a $32.00 price objective on the stock. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $33.50.

Contango ORE Stock Down 5.2%

The firm has a market cap of $480.05 million, a PE ratio of -8.06 and a beta of -0.06. 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 business has a 50-day moving average price of $20.80 and a two-hundred day moving average price of $24.27.

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

Hedge Funds Weigh In On Contango ORE

Large investors have recently bought and sold shares of the business. Alyeska Investment Group L.P. purchased a new position in shares of Contango ORE during the third quarter worth about $36,772,000. Franklin Resources Inc. lifted its holdings in shares of Contango ORE by 4.6% in the 4th quarter. Franklin Resources Inc. now owns 759,709 shares of the company’s stock valued at $20,064,000 after purchasing an additional 33,359 shares during the last quarter. Van ECK Associates Corp boosted its position in shares of Contango ORE by 17.8% in the 4th quarter. Van ECK Associates Corp now owns 403,098 shares of the company’s stock valued at $10,646,000 after purchasing an additional 60,917 shares during the period. Glazer Capital LLC acquired a new stake in shares of Contango ORE in the 4th quarter valued at about $8,453,000. Finally, Geode Capital Management LLC grew its stake in Contango ORE by 23.9% during the 4th quarter. Geode Capital Management LLC now owns 258,610 shares of the company’s stock worth $6,831,000 after buying an additional 49,947 shares during 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.