Contango ORE (NYSEAMERICAN:CTGO) Trading Up 5.8% – Time to Buy?

Shares of Contango ORE, Inc. (NYSEAMERICAN:CTGO) rose 5.8% during trading on Wednesday . The company traded as high as $17.00 and last traded at $17.0090. 56,370 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 454,174 shares. The stock had previously closed at $16.08.

Analysts Set New Price Targets

A number of analysts recently weighed in on CTGO shares. Canaccord Genuity Group assumed coverage on shares of Contango ORE in a research report on Thursday, March 26th. They set a “buy” rating and a $32.00 price target for the company. Zacks Research upgraded Contango ORE to a “hold” rating in a research note on Wednesday, May 20th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.50.

Contango ORE Price Performance

The company has a market cap of $535.56 million, a PE ratio of -8.95 and a beta of -0.02. The business’s 50 day moving average price is $17.82 and its 200-day moving average price is $22.73. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.07.

Contango ORE (NYSEAMERICAN:CTGO) last announced its earnings results on Thursday, May 14th. The company reported ($0.83) earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.99). As a group, analysts forecast that Contango ORE, Inc. will post 0.94 earnings per share for the current year.

Insiders Place Their Bets

In other Contango ORE news, CEO Nieuwenhuyse Rick Van bought 4,111 shares of the stock in a transaction dated Thursday, June 25th. The stock was bought 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 approximately $8,462,025.24. The trade was a 0.75% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 5.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CTGO. Alyeska Investment Group L.P. acquired a new stake in Contango ORE during the 3rd quarter valued at approximately $36,772,000. Franklin Resources Inc. raised its position 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 in the last quarter. Van ECK Associates Corp boosted its stake in shares of Contango ORE by 17.8% during the 4th quarter. Van ECK Associates Corp now owns 403,098 shares of the company’s stock valued at $10,646,000 after buying an additional 60,917 shares during the last quarter. Glazer Capital LLC acquired a new stake in shares of Contango ORE during the fourth quarter worth approximately $8,453,000. Finally, Geode Capital Management LLC grew its position in shares of Contango ORE by 23.9% during the fourth 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 in the last quarter. Institutional investors and hedge funds 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.