Insider Buying: Contango ORE (NYSEAMERICAN:CTGO) CEO Acquires $62,651.64 in Stock

Contango ORE, Inc. (NYSEAMERICAN:CTGO) CEO Nieuwenhuyse Rick Van purchased 4,111 shares of the stock in a transaction on Thursday, June 25th. The shares were purchased at an average price of $15.24 per share, for a total transaction of $62,651.64. Following the transaction, the chief executive officer directly owned 555,251 shares of the company’s stock, valued at approximately $8,462,025.24. This represents a 0.75% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link.

Contango ORE Price Performance

CTGO stock traded up $0.82 during mid-day trading on Friday, hitting $15.74. 1,813,093 shares of the stock were exchanged, compared to its average volume of 464,867. The business has a fifty day moving average price of $20.58 and a 200 day moving average price of $24.19. Contango ORE, Inc. has a 12 month low of $14.50 and a 12 month high of $34.38. 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 stock has a market capitalization of $509.50 million, a price-to-earnings ratio of -8.55 and a beta of -0.06.

Contango ORE (NYSEAMERICAN:CTGO) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.83) EPS for the quarter, missing the consensus estimate of $0.16 by ($0.99). On average, sell-side analysts anticipate that Contango ORE, Inc. will post 0.94 EPS for the current year.

Hedge Funds Weigh In On Contango ORE

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Strs Ohio bought a new stake in Contango ORE in the fourth quarter valued at approximately $29,000. Quarry LP bought a new position in shares of Contango ORE in the third quarter worth approximately $38,000. Federated Hermes Inc. increased its stake in shares of Contango ORE by 435.2% in the fourth quarter. Federated Hermes Inc. now owns 1,884 shares of the company’s stock worth $50,000 after buying an additional 1,532 shares during the period. Meeder Asset Management Inc. purchased a new position in shares of Contango ORE in the fourth quarter worth $51,000. Finally, Tower Research Capital LLC TRC raised its holdings in Contango ORE by 141.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,264 shares of the company’s stock valued at $44,000 after buying an additional 1,327 shares during the last quarter. 19.14% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on CTGO. Canaccord Genuity Group initiated coverage on shares of Contango ORE in a research note on Thursday, March 26th. They set a “buy” rating and a $32.00 price target on the stock. Zacks Research raised shares of 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 given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $33.50.

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.