Contango ORE (NYSEAMERICAN:CTGO) Hits New 12-Month High – Still a Buy?

Contango ORE, Inc. (NYSEAMERICAN:CTGO)’s stock price reached a new 52-week high during trading on Thursday . The stock traded as high as $33.37 and last traded at $33.4470, with a volume of 105123 shares. The stock had previously closed at $30.84.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CTGO. Zacks Research downgraded shares of Contango ORE from a “hold” rating to a “strong sell” rating in a research note on Monday, January 5th. Roth Mkm reaffirmed a “buy” rating and set a $35.00 price objective on shares of Contango ORE in a research report on Tuesday, September 30th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $32.34.

Contango ORE Trading Up 7.3%

The stock has a fifty day simple moving average of $26.39 and a 200 day simple moving average of $23.54. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.14 and a current ratio of 1.14. The firm has a market cap of $495.18 million, a P/E ratio of 331.00 and a beta of -0.35.

Insider Transactions at Contango ORE

In other Contango ORE news, CFO Michael Aaron Clark sold 10,097 shares of the business’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $26.00, for a total transaction of $262,522.00. Following the completion of the sale, the chief financial officer directly owned 49,873 shares in the company, valued at approximately $1,296,698. The trade was a 16.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Nieuwenhuyse Rick Van sold 19,608 shares of the company’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $26.00, for a total value of $509,808.00. Following the sale, the chief executive officer owned 538,761 shares of the company’s stock, valued at approximately $14,007,786. This trade represents a 3.51% decrease in their position. The SEC filing for this sale provides additional information. 14.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Contango ORE

Several institutional investors have recently made changes to their positions in CTGO. Ellsworth Advisors LLC bought a new stake in Contango ORE during the fourth quarter valued at approximately $875,000. JPMorgan Chase & Co. boosted its stake in shares of Contango ORE by 77.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 32,984 shares of the company’s stock worth $822,000 after acquiring an additional 14,399 shares during the last quarter. PharVision Advisers LLC bought a new stake in shares of Contango ORE during the 3rd quarter valued at $208,000. XTX Topco Ltd increased its position in Contango ORE by 25.1% in the third quarter. XTX Topco Ltd now owns 38,082 shares of the company’s stock worth $949,000 after buying an additional 7,640 shares in the last quarter. Finally, Alyeska Investment Group L.P. bought a new position in shares of Contango ORE in the third quarter worth about $36,772,000. 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.