Contango ORE (NYSEAMERICAN:CTGO) Posts Quarterly Earnings Results, Misses Estimates By $0.99 EPS

Contango ORE (NYSEAMERICAN:CTGO) announced its earnings results on Thursday. The company reported ($0.83) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.99), FiscalAI reports.

Contango ORE Price Performance

Shares of Contango ORE stock traded down $1.65 during mid-day trading on Thursday, reaching $24.71. 513,439 shares of the stock traded hands, compared to its average volume of 375,703. The stock has a market capitalization of $415.62 million, a PE ratio of -8.55 and a beta of -0.02. The business has a 50-day moving average of $22.52 and a 200 day moving average of $25.09. Contango ORE has a fifty-two week low of $13.15 and a fifty-two week high of $34.38. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.19.

Analyst Ratings Changes

A number of equities analysts have weighed in on CTGO shares. Zacks Research upgraded shares of Contango ORE from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 3rd. Canaccord Genuity Group began coverage on shares of Contango ORE in a research report on Thursday, March 26th. They issued a “buy” rating and a $32.00 target price on the stock. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Contango ORE currently has a consensus rating of “Moderate Buy” and an average price target of $33.50.

Insider Transactions at Contango ORE

In related news, VP David Gregory Larimer sold 2,775 shares of the business’s stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $17.92, for a total transaction of $49,728.00. Following the completion of the sale, the vice president directly owned 12,793 shares in the company, valued at approximately $229,250.56. The trade was a 17.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael Aaron Clark sold 10,075 shares of the stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $17.92, for a total value of $180,544.00. Following the completion of the transaction, the chief financial officer directly owned 39,798 shares of the company’s stock, valued at approximately $713,180.16. This represents a 20.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 34,471 shares of company stock valued at $617,720 over the last ninety days. Insiders own 14.40% of the company’s stock.

Institutional Investors Weigh In On Contango ORE

A number of hedge funds have recently modified their holdings of CTGO. Deutsche Bank AG boosted its position in Contango ORE by 4.3% during the fourth quarter. Deutsche Bank AG now owns 10,104 shares of the company’s stock worth $267,000 after acquiring an additional 417 shares during the last quarter. Bridgeway Capital Management LLC grew its stake in Contango ORE by 4.7% during the 4th quarter. Bridgeway Capital Management LLC now owns 22,400 shares of the company’s stock valued at $592,000 after acquiring an additional 1,000 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in Contango ORE by 129.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,320 shares of the company’s stock valued at $58,000 after acquiring an additional 1,311 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in Contango ORE by 141.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,264 shares of the company’s stock valued at $44,000 after acquiring an additional 1,327 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in Contango ORE by 22.6% in the 2nd quarter. Bank of America Corp DE now owns 8,038 shares of the company’s stock worth $157,000 after purchasing an additional 1,481 shares in the last quarter. 19.14% of the stock is currently owned by institutional investors and hedge funds.

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.