Contango ORE (NYSEAMERICAN:CTGO) Sets New 12-Month Low – Here’s Why

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

Wall Street Analyst Weigh In

Separately, National Bank Financial began coverage on shares of Contango ORE in a report on Thursday, October 8th. They set an “outperform” rating on the stock. Two 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, Contango ORE presently has an average rating of “Moderate Buy” and an average target price of $32.00.

Contango ORE Trading Up 0.5%

The company has a market cap of $509.84 million, a price-to-earnings ratio of -5.18 and a beta of 0.13. The business’s fifty day moving average price is $18.60 and its 200 day moving average price is $19.00. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.06 and a quick ratio of 1.06.

Contango ORE (NYSEAMERICAN:CTGO) last issued its earnings results on Thursday, August 13th. The company reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.18. Research analysts anticipate that Contango ORE, Inc. will post 0.40 earnings per share for the current fiscal year.

Insider Buying and Selling at Contango ORE

In other Contango ORE news, CFO Michael Aaron Clark sold 1,289 shares of the business’s stock in a transaction 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 owned 54,709 shares of the company’s stock, valued at $1,145,606.46. The trade was a 2.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 5.40% of the stock is owned by insiders.

Institutional Trading of Contango ORE

Several institutional investors and hedge funds have recently made changes to their positions in the stock. CoreCap Advisors LLC raised its stake in shares of Contango ORE by 682.2% during the third quarter. CoreCap Advisors LLC now owns 19,360 shares of the company’s stock valued at $325,000 after acquiring an additional 16,885 shares during the last quarter. Eastern Bank bought a new position in Contango ORE in the third quarter valued at about $32,000. Squarepoint Ops LLC bought a new stake in Contango ORE during the second quarter valued at about $165,000. Alyeska Investment Group L.P. raised its holdings in 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 acquiring an additional 750,000 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Contango ORE by 28,023.6% during the 2nd 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 purchasing an additional 95,000 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, 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.