Contango ORE (NYSEAMERICAN:CTGO) Trading 10.3% Higher – Still a Buy?

Contango ORE, Inc. (NYSEAMERICAN:CTGO) traded up 10.3% 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 raised Contango ORE to a “hold” rating in a report on Wednesday, May 20th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $33.50.

Contango ORE Price Performance

The firm’s 50 day simple moving average is $16.82 and its two-hundred day simple moving average is $21.08. The firm has a market capitalization of $671.19 million, a P/E 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.

Contango ORE (NYSEAMERICAN:CTGO) last released its quarterly earnings data on Thursday, August 13th. The company reported $0.14 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.18. As a group, analysts predict that Contango ORE, Inc. will post 0.94 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Nieuwenhuyse Rick Van acquired 4,111 shares of Contango ORE stock in a transaction on Thursday, June 25th. The stock was acquired at an average cost of $15.24 per share, for a total transaction of $62,651.64. Following the purchase, the chief executive officer owned 555,251 shares in the company, valued at $8,462,025.24. This trade represents a 0.75% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.40% of the company’s stock.

Institutional Trading of Contango ORE

Institutional investors have recently added to or reduced their stakes in the business. Alyeska Investment Group L.P. bought a new stake in shares of Contango ORE in the 3rd quarter worth $36,772,000. Franklin Resources Inc. boosted its position in shares of Contango ORE by 4.6% during the fourth quarter. Franklin Resources Inc. now owns 759,709 shares of the company’s stock valued at $20,064,000 after buying an additional 33,359 shares during the last quarter. Van ECK Associates Corp increased its holdings in Contango ORE by 17.8% in the 4th quarter. Van ECK Associates Corp now owns 403,098 shares of the company’s stock worth $10,646,000 after buying an additional 60,917 shares in the last quarter. Glazer Capital LLC purchased a new position in Contango ORE in the 4th quarter worth about $8,453,000. Finally, Geode Capital Management LLC raised its position in Contango ORE by 23.9% in the 4th quarter. Geode Capital Management LLC now owns 258,610 shares of the company’s stock worth $6,831,000 after buying an additional 49,947 shares during the last quarter. 19.14% of the stock is currently owned by hedge funds and other institutional investors.

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.