Contango ORE (NYSEAMERICAN:CTGO) Shares Up 7.1% – Time to Buy?

Contango ORE, Inc. (NYSEAMERICAN:CTGO) shares shot up 7.1% on Thursday . The company traded as high as $17.17 and last traded at $17.1190. Approximately 182,928 shares traded hands during trading, a decline of 60% from the average daily volume of 460,707 shares. The stock had previously closed at $15.99.

Wall Street Analyst Weigh In

A number of analysts have commented on CTGO shares. Zacks Research upgraded shares of Contango ORE to a “hold” rating in a research note on Wednesday, May 20th. Canaccord Genuity Group started coverage on shares of Contango ORE in a research note on Thursday, March 26th. They set a “buy” rating and a $32.00 price objective on the stock. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $33.50.

Contango ORE Stock Up 7.3%

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 simple moving average of $19.88 and a 200-day simple moving average of $23.87. The stock has a market cap of $555.21 million, a P/E ratio of -9.32 and a beta of -0.02.

Contango ORE (NYSEAMERICAN:CTGO) last issued its earnings results on Thursday, May 14th. The company reported ($0.83) EPS for the quarter, missing the consensus estimate of $0.16 by ($0.99). On average, equities research analysts forecast that Contango ORE, Inc. will post 0.94 earnings per share for the current fiscal year.

Insider Transactions at Contango ORE

In other Contango ORE news, CEO Nieuwenhuyse Rick Van purchased 4,111 shares of the business’s stock in a transaction on Thursday, June 25th. The stock was acquired at an average price of $15.24 per share, with a total value of $62,651.64. Following the acquisition, the chief executive officer directly owned 555,251 shares of the company’s stock, valued at $8,462,025.24. This trade represents a 0.75% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 5.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Contango ORE

Large investors have recently modified their holdings of the stock. Strs Ohio acquired a new position in Contango ORE in the 4th quarter valued at about $29,000. Quarry LP bought a new position in Contango ORE in the 3rd quarter valued at about $38,000. Tower Research Capital LLC TRC lifted its position in Contango ORE by 141.6% during the second quarter. Tower Research Capital LLC TRC now owns 2,264 shares of the company’s stock worth $44,000 after acquiring an additional 1,327 shares during the last quarter. Federated Hermes Inc. lifted its position in Contango ORE by 435.2% during the fourth quarter. Federated Hermes Inc. now owns 1,884 shares of the company’s stock worth $50,000 after acquiring an additional 1,532 shares during the last quarter. Finally, Meeder Asset Management Inc. bought a new stake in shares of Contango ORE during the fourth quarter worth approximately $51,000. 19.14% of the stock is owned by institutional investors.

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.