Contango ORE (NYSEAMERICAN:CTGO) Announces Earnings Results

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

Contango ORE Stock Performance

Shares of NYSEAMERICAN CTGO traded down $1.65 during midday trading on Thursday, reaching $24.71. The company had a trading volume of 513,439 shares, compared to its average volume of 375,703. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.19. The business’s 50-day simple moving average is $22.52 and its 200 day simple moving average is $25.09. Contango ORE has a 1 year low of $13.15 and a 1 year high of $34.38. The stock has a market cap of $415.62 million, a P/E ratio of -8.55 and a beta of -0.02.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CTGO shares. Canaccord Genuity Group initiated coverage on shares of Contango ORE in a research note on Thursday, March 26th. They issued a “buy” rating and a $32.00 price objective for the company. Zacks Research raised shares of Contango ORE from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 3rd. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, Contango ORE currently has an average rating of “Moderate Buy” and an average price target of $33.50.

Insider Buying and Selling

In related news, CFO Michael Aaron Clark sold 10,075 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer owned 39,798 shares of the company’s stock, valued at $713,180.16. This trade represents a 20.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP David Gregory Larimer sold 2,775 shares of the firm’s stock in a transaction 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 transaction, the vice president directly owned 12,793 shares of the company’s stock, valued at approximately $229,250.56. This trade represents a 17.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 34,471 shares of company stock valued at $617,720 over the last 90 days. Insiders own 14.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Quarry LP purchased a new position in Contango ORE during the third quarter valued at approximately $38,000. Federated Hermes Inc. raised its position in Contango ORE by 435.2% during the fourth quarter. Federated Hermes Inc. now owns 1,884 shares of the company’s stock valued at $50,000 after acquiring an additional 1,532 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in Contango ORE during the fourth quarter valued at approximately $51,000. Tower Research Capital LLC TRC increased its holdings in Contango ORE by 141.6% in the second 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 in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in Contango ORE by 129.9% in the third quarter. Russell Investments Group Ltd. now owns 2,320 shares of the company’s stock valued at $58,000 after buying an additional 1,311 shares in the last quarter. 19.14% of the stock is currently owned by hedge funds and other 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.