Contango ORE (NYSEAMERICAN:CTGO) Sets New 52-Week Low – Should You Sell?

Contango ORE, Inc. (NYSEAMERICAN:CTGO)’s stock price hit a new 52-week low during mid-day trading on Monday . The company traded as low as $16.29 and last traded at $16.4050, with a volume of 531734 shares trading hands. The stock had previously closed at $16.50.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CTGO. Canaccord Genuity Group began coverage on Contango ORE in a research note on Thursday, March 26th. They set a “buy” rating and a $32.00 price objective on the stock. Zacks Research raised Contango ORE to a “hold” rating in a research note on Wednesday, May 20th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.50.

Contango ORE Stock Down 3.3%

The company has a debt-to-equity ratio of 0.07, a current ratio of 1.27 and a quick ratio of 1.27. The company has a market capitalization of $484.26 million, a P/E ratio of -8.13 and a beta of -0.06. The company has a 50 day moving average of $21.66 and a 200-day moving average of $24.82.

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

Insider Buying and Selling

In related news, CEO Nieuwenhuyse Rick Van sold 21,621 shares of the firm’s stock in a transaction dated Thursday, March 19th. The stock was sold at an average price of $17.92, for a total value of $387,448.32. Following the sale, the chief executive officer directly owned 517,140 shares of the company’s stock, valued at $9,267,148.80. This trade represents a 4.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP David Gregory Larimer sold 2,775 shares of the firm’s 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 completion of the sale, the vice president directly owned 12,793 shares in the company, valued at $229,250.56. The trade was a 17.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 34,471 shares of company stock valued at $617,720 over the last ninety days. 14.40% of the stock is owned by insiders.

Institutional Trading of Contango ORE

Large investors have recently modified their holdings of the business. Strs Ohio purchased a new stake in Contango ORE in the fourth quarter worth about $29,000. Quarry LP purchased a new stake in Contango ORE in the third quarter worth about $38,000. Tower Research Capital LLC TRC lifted its holdings in Contango ORE by 141.6% in the second quarter. Tower Research Capital LLC TRC now owns 2,264 shares of the company’s stock worth $44,000 after buying an additional 1,327 shares during the period. Federated Hermes Inc. lifted its holdings in Contango ORE by 435.2% in the fourth quarter. Federated Hermes Inc. now owns 1,884 shares of the company’s stock worth $50,000 after buying an additional 1,532 shares during the period. Finally, Meeder Asset Management Inc. purchased a new stake in Contango ORE in the fourth quarter worth about $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.