Contango ORE (NYSEAMERICAN:CTGO) Announces Quarterly Earnings Results

Contango ORE (NYSEAMERICAN:CTGO) posted its earnings results on Wednesday. The company reported ($0.83) earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.99), FiscalAI reports.

Contango ORE Stock Performance

NYSEAMERICAN:CTGO opened at $21.40 on Friday. Contango ORE has a 1 year low of $16.37 and a 1 year high of $34.38. The firm’s fifty day simple moving average is $21.92 and its 200 day simple moving average is $25.09. 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 firm has a market capitalization of $359.95 million, a PE ratio of -11.63 and a beta of -0.02.

Insider Activity at Contango ORE

In related news, VP David Gregory Larimer sold 2,775 shares of the firm’s stock in a transaction 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 directly owned 12,793 shares in the company, valued at approximately $229,250.56. This trade represents a 17.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Nieuwenhuyse Rick Van sold 21,621 shares of the firm’s stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $17.92, for a total transaction of $387,448.32. Following the completion of the transaction, the chief executive officer owned 517,140 shares in the company, valued at $9,267,148.80. The trade was a 4.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 34,471 shares of company stock worth $617,720. 14.40% of the stock is owned by insiders.

Institutional Trading of Contango ORE

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Quarry LP acquired a new stake in Contango ORE in the 3rd quarter worth $38,000. Tower Research Capital LLC TRC grew its position in Contango ORE by 141.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,264 shares of the company’s stock worth $44,000 after purchasing an additional 1,327 shares during the last quarter. Federated Hermes Inc. grew its position in Contango ORE by 435.2% in the 4th quarter. Federated Hermes Inc. now owns 1,884 shares of the company’s stock worth $50,000 after purchasing an additional 1,532 shares during the last quarter. Meeder Asset Management Inc. acquired a new stake in Contango ORE in the 4th quarter worth $51,000. Finally, Russell Investments Group Ltd. grew its position in Contango ORE by 129.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,320 shares of the company’s stock worth $58,000 after purchasing an additional 1,311 shares during the last quarter. 19.14% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently issued reports on CTGO shares. Canaccord Genuity Group started coverage on Contango ORE in a research note on Thursday, March 26th. They set a “buy” rating and a $32.00 price target for the company. Zacks Research upgraded Contango ORE to a “hold” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Contango ORE currently has a consensus rating of “Moderate Buy” and an average price target of $33.50.

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.