Contango ORE (NYSEAMERICAN:CTGO) Trading 10.1% Higher – Still a Buy?

Contango ORE, Inc. (NYSEAMERICAN:CTGO) was up 10.1% on Wednesday . The company traded as high as $18.52 and last traded at $18.45. Approximately 88,570 shares were traded during trading, a decline of 80% from the average session volume of 449,834 shares. The stock had previously closed at $16.76.

Analyst Ratings Changes

Separately, Zacks Research raised 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 assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $33.50.

Contango ORE Price Performance

The firm has a market capitalization of $617.94 million, a price-to-earnings ratio of -10.38 and a beta of -0.01. 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 company’s fifty day moving average is $16.57 and its two-hundred day moving average is $21.78.

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

Insiders Place Their Bets

In other news, CEO Nieuwenhuyse Rick Van bought 4,111 shares of the business’s stock in a transaction on Thursday, June 25th. The shares were bought at an average cost of $15.24 per share, for a total transaction of $62,651.64. Following the completion of the acquisition, the chief executive officer owned 555,251 shares in the company, valued at approximately $8,462,025.24. This trade represents a 0.75% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Contango ORE

Several large investors have recently modified their holdings of the business. Alyeska Investment Group L.P. acquired a new stake in Contango ORE during the 3rd quarter worth approximately $36,772,000. Franklin Resources Inc. lifted its position in Contango ORE by 223.2% in the 3rd quarter. Franklin Resources Inc. now owns 726,350 shares of the company’s stock valued at $18,108,000 after acquiring an additional 501,641 shares in the last quarter. Van ECK Associates Corp acquired a new position in Contango ORE in the 3rd quarter worth $8,531,000. Glazer Capital LLC acquired a new position in Contango ORE in the 4th quarter worth $8,453,000. Finally, Bank of America Corp DE increased its holdings in Contango ORE by 1,908.3% during the 1st quarter. Bank of America Corp DE now owns 207,841 shares of the company’s stock worth $3,897,000 after purchasing an additional 197,492 shares in the last quarter. 19.14% of the stock is currently owned by 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.