Contango ORE (NYSEAMERICAN:CTGO) Issues Quarterly Earnings Results

Contango ORE (NYSEAMERICAN:CTGO) released its earnings results on Thursday. The company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.18, FiscalAI reports.

Contango ORE Stock Performance

Shares of CTGO traded up $0.72 during trading hours on Friday, hitting $20.20. The company’s stock had a trading volume of 303,957 shares, compared to its average volume of 448,175. The business has a 50 day simple moving average of $16.61 and a two-hundred day simple moving average of $21.35. Contango ORE has a 52-week low of $14.50 and a 52-week 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 company has a market cap of $653.87 million, a price-to-earnings ratio of -10.98 and a beta of -0.01.

Analysts Set New Price Targets

Separately, Zacks Research upgraded Contango ORE to a “hold” rating in a research note on Wednesday, May 20th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $33.50.

Insider Buying and Selling

In other Contango ORE news, CEO Nieuwenhuyse Rick Van acquired 4,111 shares of the business’s stock in a transaction that occurred on Thursday, June 25th. The stock was bought at an average cost of $15.24 per share, with a total value of $62,651.64. Following the acquisition, the chief executive officer owned 555,251 shares in the company, valued at approximately $8,462,025.24. This represents a 0.75% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 5.40% of the company’s stock.

Institutional Investors Weigh In On Contango ORE

Institutional investors have recently made changes to their positions in the stock. Alyeska Investment Group L.P. purchased a new position in shares of Contango ORE in the third quarter valued at $36,772,000. Franklin Resources Inc. boosted its stake in Contango ORE by 4.6% in the 4th quarter. Franklin Resources Inc. now owns 759,709 shares of the company’s stock worth $20,064,000 after purchasing an additional 33,359 shares during the period. Van ECK Associates Corp grew its holdings in Contango ORE by 17.8% during the 4th quarter. Van ECK Associates Corp now owns 403,098 shares of the company’s stock valued at $10,646,000 after buying an additional 60,917 shares in the last quarter. Glazer Capital LLC purchased a new position in Contango ORE during the 4th quarter valued at about $8,453,000. Finally, Geode Capital Management LLC increased its position in shares of Contango ORE by 23.9% during the fourth quarter. Geode Capital Management LLC now owns 258,610 shares of the company’s stock valued at $6,831,000 after buying an additional 49,947 shares during the period. 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.