Contango ORE (NYSEAMERICAN:CTGO) Hits New 12-Month Low – Here’s Why
by Danessa Lincoln · The Markets DailyContango ORE, Inc. (NYSEAMERICAN:CTGO – Get Free Report) reached a new 52-week low during trading on Monday . The company traded as low as $16.29 and last traded at $16.4050, with a volume of 531734 shares. The stock had previously closed at $16.50.
Analyst Upgrades and Downgrades
A number of research analysts have recently commented on the stock. Canaccord Genuity Group assumed coverage on shares of Contango ORE in a report on Thursday, March 26th. They issued a “buy” rating and a $32.00 price target on the stock. Zacks Research upgraded shares of Contango ORE to a “hold” rating in a report on Wednesday, May 20th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $33.50.
Contango ORE Stock Performance
The business’s 50-day moving average price is $21.70 and its 200-day moving average price is $24.90. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.07. The stock has a market cap of $530.22 million, a PE ratio of -8.90 and a beta of -0.06.
Contango ORE (NYSEAMERICAN:CTGO – Get Free Report) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.83) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.99). As a group, equities research analysts expect that Contango ORE, Inc. will post 0.94 earnings per share for the current fiscal year.
Insider Transactions at Contango ORE
In other news, VP David Gregory Larimer sold 2,775 shares of Contango ORE stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $17.92, for a total value of $49,728.00. Following the transaction, the vice president owned 12,793 shares of the company’s stock, valued at $229,250.56. The trade was a 17.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Michael Aaron Clark sold 10,075 shares of Contango ORE stock in a transaction that occurred on Thursday, March 19th. The stock was 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 directly owned 39,798 shares in the company, valued at approximately $713,180.16. The trade was a 20.20% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 34,471 shares of company stock valued at $617,720 in the last 90 days. Insiders own 14.40% of the company’s stock.
Institutional Trading of Contango ORE
A number of institutional investors have recently bought and sold shares of CTGO. Bank of America Corp DE boosted its stake in Contango ORE by 40.1% in the 4th quarter. Bank of America Corp DE now owns 10,262 shares of the company’s stock worth $103,000 after purchasing an additional 2,936 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Contango ORE by 235.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 18,585 shares of the company’s stock worth $362,000 after purchasing an additional 13,052 shares in the last quarter. Rhumbline Advisers boosted its stake in Contango ORE by 24.1% in the 2nd quarter. Rhumbline Advisers now owns 13,838 shares of the company’s stock worth $270,000 after purchasing an additional 2,690 shares in the last quarter. Walleye Capital LLC acquired a new stake in Contango ORE in the 2nd quarter worth approximately $232,000. Finally, Occudo Quantitative Strategies LP acquired a new stake in Contango ORE in the 2nd quarter worth approximately $230,000. 19.14% of the stock is currently owned by institutional investors and hedge funds.
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.