Contango ORE (NYSEAMERICAN:CTGO) Cut to Strong Sell at Zacks Research

Zacks Research cut shares of Contango ORE (NYSEAMERICAN:CTGO) from a hold rating to a strong sell rating in a research report released on Monday morning,Zacks.com reports.

Separately, Roth Capital reaffirmed a “buy” rating and set a $35.00 target price on shares of Contango ORE in a report on Tuesday, September 30th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $32.34.

Contango ORE Stock Performance

Shares of CTGO stock opened at $27.58 on Monday. The business has a fifty day moving average of $24.95 and a 200 day moving average of $22.92. Contango ORE has a 1 year low of $8.85 and a 1 year high of $30.22. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.14 and a quick ratio of 1.14. The firm has a market capitalization of $412.60 million, a price-to-earnings ratio of 275.80 and a beta of -0.35.

Institutional Investors Weigh In On Contango ORE

Hedge funds and other institutional investors have recently made changes to their positions in the company. AlphaQuest LLC acquired a new stake in shares of Contango ORE during the 2nd quarter valued at about $83,000. XTX Topco Ltd purchased a new position in Contango ORE during the second quarter worth approximately $593,000. Minerva Advisors LLC boosted its position in Contango ORE by 8.6% during the second quarter. Minerva Advisors LLC now owns 76,147 shares of the company’s stock worth $1,487,000 after purchasing an additional 6,000 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Contango ORE by 235.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 18,585 shares of the company’s stock valued at $362,000 after acquiring an additional 13,052 shares during the period. Finally, Bank of America Corp DE increased its stake in shares of Contango ORE by 40.1% during the fourth quarter. Bank of America Corp DE now owns 10,262 shares of the company’s stock worth $103,000 after purchasing an additional 2,936 shares in the last quarter. Institutional investors and hedge funds 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.