Contango ORE (NYSEAMERICAN:CTGO) Upgraded to Hold at Zacks Research

Contango ORE (NYSEAMERICAN:CTGO) was upgraded by equities researchers at Zacks Research to a “hold” rating in a note issued to investors on Wednesday,Zacks.com reports.

Separately, Canaccord Genuity Group began coverage on Contango ORE in a 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 given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $33.50.

Contango ORE Price Performance

CTGO stock opened at $21.40 on Wednesday. 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 has a 12 month low of $16.37 and a 12 month high of $34.38. The firm has a market cap of $359.95 million, a P/E ratio of -11.63 and a beta of -0.02. The company’s 50-day moving average price is $21.92 and its two-hundred day moving average price is $25.09.

Contango ORE (NYSEAMERICAN:CTGO) last issued its quarterly earnings results on Wednesday, May 20th. The company reported ($0.83) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.99). On average, analysts anticipate that Contango ORE will post 0.94 earnings per share for the current fiscal year.

Insider Transactions at Contango ORE

In related news, CEO Nieuwenhuyse Rick Van sold 21,621 shares of the stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $17.92, for a total value of $387,448.32. Following the completion of the transaction, the chief executive officer owned 517,140 shares of the company’s stock, valued at $9,267,148.80. This represents a 4.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael Aaron Clark sold 10,075 shares of the firm’s stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $17.92, for a total transaction of $180,544.00. Following the completion of the sale, the chief financial officer owned 39,798 shares in the company, valued at $713,180.16. This represents a 20.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 34,471 shares of company stock valued at $617,720. 14.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CTGO. Deutsche Bank AG grew its position in Contango ORE by 4.3% during the 4th 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 raised its position in Contango ORE by 4.7% in the fourth quarter. Bridgeway Capital Management LLC now owns 22,400 shares of the company’s stock valued at $592,000 after purchasing an additional 1,000 shares during the last quarter. Strs Ohio acquired a new stake in shares of Contango ORE during the fourth quarter valued at about $29,000. AlphaQuest LLC grew its holdings in shares of Contango ORE by 30.7% during the third quarter. AlphaQuest LLC now owns 5,564 shares of the company’s stock worth $139,000 after purchasing an additional 1,308 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in shares of Contango ORE by 129.9% during the third quarter. Russell Investments Group Ltd. now owns 2,320 shares of the company’s stock worth $58,000 after purchasing an additional 1,311 shares during the last quarter. 19.14% of the stock is currently owned by institutional investors.

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.