Contango ORE (NYSEAMERICAN:CTGO) Stock Price Down 8.8% – What’s Next?

Contango ORE, Inc. (NYSEAMERICAN:CTGO)’s stock price dropped 8.8% on Tuesday. The company traded as low as $15.15 and last traded at $15.0970. Approximately 85,924 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 421,932 shares. The stock had previously closed at $16.55.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. National Bank Financial assumed coverage on Contango ORE in a research note on Thursday, October 8th. They set an “outperform” rating for the company. Freedom Broker raised their price objective on Contango ORE from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, October 22nd. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Contango ORE has a consensus rating of “Moderate Buy” and an average target price of $32.00.

Contango ORE Stock Down 9.5%

The stock has a fifty day moving average price of $16.88 and a two-hundred day moving average price of $20.30. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.06 and a current ratio of 1.06. The firm has a market capitalization of $502.00 million, a P/E ratio of -5.10 and a beta of 0.17.

Contango ORE (NYSEAMERICAN:CTGO) last released its quarterly earnings results on Thursday, August 13th. The company reported $0.14 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.18. Research analysts forecast that Contango ORE, Inc. will post 0.40 EPS for the current year.

Insider Activity

In other Contango ORE news, CFO Michael Aaron Clark sold 1,289 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $20.94, for a total value of $26,991.66. Following the completion of the transaction, the chief financial officer directly owned 54,709 shares in the company, valued at $1,145,606.46. This trade represents a 2.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 5.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CTGO. Global Retirement Partners LLC grew its position in Contango ORE by 330.3% in the third quarter. Global Retirement Partners LLC now owns 1,962 shares of the company’s stock worth $33,000 after acquiring an additional 1,506 shares in the last quarter. Ethic Inc. acquired a new stake in Contango ORE in the 3rd quarter worth $182,000. CoreCap Advisors LLC increased its position 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 purchasing an additional 16,885 shares during the period. Eastern Bank bought a new position in shares of Contango ORE during the 3rd quarter worth about $32,000. Finally, Squarepoint Ops LLC acquired a new stake in Contango ORE during the second quarter valued at approximately $165,000. Institutional investors and hedge funds own 19.14% of the company’s stock.

Contango ORE Company Profile

Contango ORE, Inc. is a gold exploration, development and production company focused on mineral properties in Alaska. The company’s principal asset is its interest in the Peak Gold Joint Venture, which holds the Manh Choh project in the Tetlin area of eastern Alaska. Contango owns a minority interest in the joint venture, while Kinross Gold Corporation is the operator and majority partner. Manh Choh is a high-grade gold project whose ore is transported to Kinross’ Fort Knox processing facility near Fairbanks.