Contango ORE (NYSEAMERICAN:CTGO) Hits New 52-Week Low – What’s Next?

Contango ORE, Inc. (NYSEAMERICAN:CTGO) reached a new 52-week low during trading on Wednesday. The stock traded as low as $14.12 and last traded at $14.55, with a volume of 675,701 shares. The stock had previously closed at $15.81.

Wall Street Analyst Weigh In

Separately, National Bank Financial started coverage on shares of Contango ORE in a research report on Thursday, October 8th. They set an “outperform” rating on the stock. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $32.00.

Contango ORE Stock Performance

The firm’s 50 day moving average price is $18.67 and its two-hundred day moving average price is $19.01. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.06 and a current ratio of 1.06. The firm has a market cap of $487.43 million, a PE ratio of 11.13 and a beta of 0.13.

Contango ORE (NYSEAMERICAN:CTGO) last announced its quarterly earnings results on Thursday, August 13th. The company reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.18. On average, research analysts forecast that Contango ORE, Inc. will post 0.40 earnings per share for the current year.

Insiders Place Their Bets

In other Contango ORE news, CFO Michael Aaron Clark sold 1,289 shares of the firm’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $20.94, for a total transaction of $26,991.66. Following the completion of the sale, the chief financial officer owned 54,709 shares of the company’s stock, valued at $1,145,606.46. This trade represents a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 5.40% of the company’s stock.

Hedge Funds Weigh In On Contango ORE

Several large investors have recently modified their holdings of CTGO. Strs Ohio increased its position in shares of Contango ORE by 154.5% during the 1st quarter. Strs Ohio now owns 2,800 shares of the company’s stock worth $52,000 after purchasing an additional 1,700 shares during the last quarter. Eastern Bank purchased a new stake in Contango ORE in the 3rd quarter valued at about $32,000. Renaissance Technologies LLC raised its holdings in Contango ORE by 5.0% in the 1st quarter. Renaissance Technologies LLC now owns 135,278 shares of the company’s stock valued at $2,536,000 after buying an additional 6,451 shares during the period. Bank of New York Mellon Corp lifted its position in Contango ORE by 26.0% in the first quarter. Bank of New York Mellon Corp now owns 44,579 shares of the company’s stock valued at $836,000 after buying an additional 9,210 shares during the last quarter. Finally, FNY Investment Advisers LLC acquired a new position in Contango ORE in the second quarter valued at about $157,000. Institutional investors and hedge funds own 19.14% of the company’s stock.

About Contango ORE

Contango ORE, Inc is an Alaska-focused mineral exploration and development company engaged primarily in the discovery and advancement of gold and other precious-metal assets. The company’s activities include geological exploration, resource evaluation, permitting and project development.

Contango’s principal asset is its interest in the Peak Gold joint venture in Alaska, which includes the Manh Choh gold project near Tok. Under the joint venture structure, Contango owns a minority interest while Kinross Gold Corporation serves as operator.