Contango ORE (NYSEAMERICAN:CTGO – Get Free Report) was upgraded by Zacks Research to a “hold” rating in a report issued on Wednesday,Zacks.com reports.
Separately, Canaccord Genuity Group initiated coverage on Contango ORE in a report on Thursday, March 26th. They issued a “buy” rating and a $32.00 target price on the stock. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $33.50.
Check Out Our Latest Research Report on Contango ORE
Contango ORE Stock Up 1.1%
Contango ORE (NYSEAMERICAN:CTGO – Get Free Report) last issued its quarterly earnings results on Wednesday, May 20th. The company reported ($0.83) earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.99). On average, analysts anticipate that Contango ORE will post 0.94 EPS for the current year.
Insiders Place Their Bets
In other news, CFO Michael Aaron Clark sold 10,075 shares of the business’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 $180,544.00. Following the transaction, the chief financial officer directly owned 39,798 shares of the company’s stock, valued at $713,180.16. The trade was a 20.20% decrease in their position. The sale 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 company’s stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $17.92, for a total value of $49,728.00. Following the sale, the vice president owned 12,793 shares in the company, valued at approximately $229,250.56. The trade was a 17.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 34,471 shares of company stock worth $617,720. Company insiders own 14.40% of the company’s stock.
Hedge Funds Weigh In On Contango ORE
Institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE boosted its holdings in shares of Contango ORE by 1,908.3% during 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 in the last quarter. Royal Bank of Canada lifted its position in shares of 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 lifted its position in shares of Contango ORE by 5.0% during 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 period. Cetera Investment Advisers bought a new position in Contango ORE during the first quarter worth $204,000. Finally, Bank of New York Mellon Corp grew its holdings in 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 purchasing an additional 9,210 shares during the period. 19.14% of the stock is owned by institutional investors and hedge funds.
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.
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