Contango ORE (NYSEAMERICAN:CTGO) Trading Up 10.3% – Here’s Why

Shares of Contango ORE, Inc. (NYSEAMERICAN:CTGO) traded up 10.3% during trading on Wednesday . The company traded as high as $20.95 and last traded at $21.1320. 118,161 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 444,287 shares. The stock had previously closed at $19.15.

Analysts Set New Price Targets

Separately, Zacks Research upgraded shares of Contango ORE to a “hold” rating in a report on Wednesday, May 20th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $33.50.

Contango ORE Stock Performance

The company has a market cap of $671.19 million, a PE ratio of -7.05 and a beta of -0.01. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.27 and a quick ratio of 1.27. The business has a 50-day moving average of $16.82 and a 200 day moving average of $21.08.

Contango ORE (NYSEAMERICAN:CTGO) last announced its earnings results on Thursday, August 13th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.18. Equities research analysts anticipate that Contango ORE, Inc. will post 0.94 EPS for the current fiscal year.

Insider Activity

In other Contango ORE news, CEO Nieuwenhuyse Rick Van acquired 4,111 shares of the company’s stock in a transaction that occurred on Thursday, June 25th. The shares were bought at an average price of $15.24 per share, with a total value of $62,651.64. Following the completion of the acquisition, the chief executive officer owned 555,251 shares in the company, valued at $8,462,025.24. This represents a 0.75% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 5.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CTGO. FNY Investment Advisers LLC purchased a new stake in shares of Contango ORE in the 2nd quarter worth $157,000. Bank of America Corp DE grew its holdings in Contango ORE by 1,908.3% during the first quarter. Bank of America Corp DE now owns 207,841 shares of the company’s stock valued at $3,897,000 after purchasing an additional 197,492 shares during the period. Royal Bank of Canada increased its position in Contango ORE by 6,539.8% in the first quarter. Royal Bank of Canada now owns 51,392 shares of the company’s stock worth $963,000 after buying an additional 50,618 shares in the last quarter. Renaissance Technologies LLC increased its position in Contango ORE by 5.0% in the first quarter. Renaissance Technologies LLC now owns 135,278 shares of the company’s stock worth $2,536,000 after buying an additional 6,451 shares in the last quarter. Finally, Cetera Investment Advisers bought a new position in shares of Contango ORE in the first quarter worth about $204,000. Hedge funds and other institutional investors 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.