Contango ORE (NYSEAMERICAN:CTGO) Stock Price Up 5.8% – Time to Buy?

Contango ORE, Inc. (NYSEAMERICAN:CTGO)’s stock price traded up 5.8% during mid-day trading on Wednesday . The stock traded as high as $17.00 and last traded at $17.0090. Approximately 56,370 shares changed hands during trading, a decline of 88% from the average session volume of 454,174 shares. The stock had previously closed at $16.08.

Analyst Ratings Changes

Several brokerages have recently weighed in on CTGO. Zacks Research upgraded Contango ORE to a “hold” rating in a report on Wednesday, May 20th. Canaccord Genuity Group assumed coverage on Contango ORE in a report on Thursday, March 26th. They set a “buy” rating and a $32.00 price objective for the company. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Contango ORE presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.50.

Contango ORE Stock Performance

The stock has a market cap of $515.01 million, a PE ratio of -8.65 and a beta of -0.02. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.07. The firm has a 50 day moving average price of $17.44 and a 200 day moving average price of $22.58.

Contango ORE (NYSEAMERICAN:CTGO) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.83) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.99). As a group, research analysts forecast that Contango ORE, Inc. will post 0.94 earnings per share for the current year.

Insider Activity at Contango ORE

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

Hedge Funds Weigh In On Contango ORE

A number of large investors have recently bought and sold shares of the business. Globeflex Capital L P purchased a new stake in shares of Contango ORE during the 4th quarter worth $913,000. Ellsworth Advisors LLC purchased a new position in Contango ORE in the fourth quarter valued at about $875,000. Oak Ridge Investments LLC bought a new position in Contango ORE in the fourth quarter worth about $986,000. Strs Ohio bought a new position in Contango ORE in the fourth quarter worth about $29,000. Finally, JPMorgan Chase & Co. raised its holdings in Contango ORE by 77.5% in the third quarter. JPMorgan Chase & Co. now owns 32,984 shares of the company’s stock worth $822,000 after purchasing an additional 14,399 shares in the last quarter. 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.