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

Contango ORE, Inc. (NYSEAMERICAN:CTGO)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $16.51, but opened at $18.05. Contango ORE shares last traded at $18.1850, with a volume of 103,262 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CTGO. Zacks Research upgraded Contango ORE to a “hold” rating in a research note on Wednesday, May 20th. Canaccord Genuity Group started coverage on Contango ORE in a research note on Thursday, March 26th. They issued a “buy” rating and a $32.00 target price on the stock. Two investment 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, Contango ORE currently has a consensus rating of “Moderate Buy” and an average target price of $33.50.

Contango ORE Stock Down 0.6%

The company has a market capitalization of $550.94 million, a price-to-earnings ratio of -9.25 and a beta of -0.06. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.27 and a current ratio of 1.27. The business’s 50 day moving average is $21.43 and its 200 day moving average is $24.62.

Contango ORE (NYSEAMERICAN:CTGO) last issued its quarterly earnings results 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). Sell-side analysts anticipate that Contango ORE, Inc. will post 0.94 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Michael Aaron Clark sold 10,075 shares of the firm’s stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $17.92, for a total value of $180,544.00. Following the completion of the transaction, the chief financial officer owned 39,798 shares in the company, valued at $713,180.16. This trade represents a 20.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP David Gregory Larimer sold 2,775 shares of Contango ORE stock in a transaction dated Thursday, March 19th. The stock was sold at an average price of $17.92, for a total value of $49,728.00. Following the sale, the vice president directly owned 12,793 shares of the company’s stock, valued at approximately $229,250.56. This represents a 17.83% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 34,471 shares of company stock worth $617,720 in the last 90 days. Insiders own 5.40% of the company’s stock.

Institutional Investors Weigh In On Contango ORE

A number of large investors have recently bought and sold shares of the company. Bank of America Corp DE increased its holdings in Contango ORE by 1,908.3% in the 1st quarter. Bank of America Corp DE now owns 207,841 shares of the company’s stock worth $3,897,000 after buying an additional 197,492 shares during the period. Royal Bank of Canada lifted its stake in Contango ORE by 6,539.8% during the 1st quarter. Royal Bank of Canada now owns 51,392 shares of the company’s stock valued at $963,000 after acquiring an additional 50,618 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of 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 acquiring an additional 6,451 shares during the last quarter. Cetera Investment Advisers acquired a new stake in shares of Contango ORE in the first quarter worth $204,000. Finally, Bank of New York Mellon Corp increased its stake in shares of 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 worth $836,000 after acquiring an additional 9,210 shares during the period. Hedge funds and other institutional investors own 19.14% of the company’s stock.

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.