Contango ORE, Inc. (NYSEAMERICAN:CTGO – Get Free Report) reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $14.50 and last traded at $14.83, with a volume of 635804 shares trading hands. The stock had previously closed at $15.64.
Analysts Set New Price Targets
CTGO has been the topic of a number of analyst reports. Zacks Research raised shares of Contango ORE to a “hold” rating in a report on Wednesday, May 20th. Canaccord Genuity Group initiated coverage on Contango ORE in a research report on Thursday, March 26th. They issued a “buy” rating and a $32.00 price target for the company. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $33.50.
Read Our Latest Analysis on CTGO
Contango ORE Trading Up 4.8%
Contango ORE (NYSEAMERICAN:CTGO – Get Free Report) last announced its earnings results on Thursday, May 14th. The company reported ($0.83) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.99). On average, equities research analysts expect that Contango ORE, Inc. will post 0.94 EPS for the current year.
Institutional Trading of Contango ORE
Several hedge funds and other institutional investors have recently bought and sold shares of CTGO. Strs Ohio bought a new stake in shares of Contango ORE in the 4th quarter worth approximately $29,000. Quarry LP purchased a new position in Contango ORE in the 3rd quarter worth $38,000. Federated Hermes Inc. raised 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 period. Meeder Asset Management Inc. purchased a new stake in Contango ORE during the 4th quarter valued at about $51,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Contango ORE by 141.6% during the second quarter. Tower Research Capital LLC TRC now owns 2,264 shares of the company’s stock valued at $44,000 after purchasing an additional 1,327 shares during the period. Hedge funds and other institutional investors own 19.14% of the company’s stock.
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.
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