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

Contango ORE, Inc. (NYSEAMERICAN:CTGO)’s share price hit a new 52-week low during trading on Wednesday . The company traded as low as $14.50 and last traded at $14.83, with a volume of 635804 shares. The stock had previously closed at $15.64.

Wall Street Analyst Weigh In

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

Contango ORE Price Performance

The stock’s fifty day moving average is $20.80 and its 200-day moving average is $24.27. The stock has a market capitalization of $480.05 million, a PE ratio of -8.06 and a beta of -0.06. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.27 and a quick ratio of 1.27.

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). As a group, equities analysts predict that Contango ORE, Inc. will post 0.94 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CTGO. Strs Ohio acquired a new position in shares of Contango ORE in the 4th quarter valued at $29,000. Quarry LP acquired a new stake in shares of Contango ORE during the 3rd quarter worth about $38,000. Federated Hermes Inc. increased its position in shares of Contango ORE by 435.2% during 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. purchased a new stake in Contango ORE in the 4th quarter valued at about $51,000. Finally, Tower Research Capital LLC TRC raised its holdings 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 valued at $44,000 after buying an additional 1,327 shares during the period. 19.14% of the stock is currently owned by institutional investors and hedge funds.

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.