Contango ORE, Inc. (NYSEAMERICAN:CTGO – Get Free Report) shares traded up 7.1% on Thursday . The stock traded as high as $17.17 and last traded at $17.1190. 182,928 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 460,707 shares. The stock had previously closed at $15.99.
Analyst Upgrades and Downgrades
Several equities research analysts have commented on CTGO shares. Zacks Research raised shares of Contango ORE to a “hold” rating in a report on Wednesday, May 20th. Canaccord Genuity Group assumed coverage on shares of Contango ORE in a research note on Thursday, March 26th. They issued a “buy” rating and a $32.00 target price for the company. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $33.50.
Read Our Latest Stock Report on Contango ORE
Contango ORE Price Performance
Contango ORE (NYSEAMERICAN:CTGO – Get Free Report) last posted 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). As a group, research analysts predict that Contango ORE, Inc. will post 0.94 earnings per share for the current year.
Insider Buying and Selling
In other news, CEO Nieuwenhuyse Rick Van bought 4,111 shares of the stock in a transaction on Thursday, June 25th. The shares were acquired at an average cost of $15.24 per share, for a total transaction of $62,651.64. Following the purchase, the chief executive officer directly owned 555,251 shares of the company’s stock, valued at $8,462,025.24. This trade represents a 0.75% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 5.40% of the company’s stock.
Institutional Investors Weigh In On Contango ORE
A number of institutional investors and hedge funds have recently made changes to their positions in CTGO. Alyeska Investment Group L.P. purchased a new position in Contango ORE during the third quarter worth about $36,772,000. Franklin Resources Inc. raised its holdings in shares of Contango ORE by 4.6% in the 4th quarter. Franklin Resources Inc. now owns 759,709 shares of the company’s stock valued at $20,064,000 after acquiring an additional 33,359 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Contango ORE by 17.8% in the 4th quarter. Van ECK Associates Corp now owns 403,098 shares of the company’s stock valued at $10,646,000 after acquiring an additional 60,917 shares in the last quarter. Glazer Capital LLC bought a new stake in shares of Contango ORE during the 4th quarter valued at about $8,453,000. Finally, Geode Capital Management LLC grew its holdings in shares of Contango ORE by 23.9% during the fourth quarter. Geode Capital Management LLC now owns 258,610 shares of the company’s stock worth $6,831,000 after purchasing an additional 49,947 shares in the last quarter. 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.
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