Contango ORE (NYSEAMERICAN:CTGO) Upgraded at Zacks Research

Zacks Research upgraded shares of Contango ORE (NYSEAMERICAN:CTGO) from a strong sell rating to a hold rating in a report published on Tuesday morning,Zacks.com reports.

Contango ORE Stock Performance

Shares of CTGO opened at $25.57 on Tuesday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.14 and a current ratio of 1.14. The stock has a market capitalization of $382.53 million, a P/E ratio of 255.70 and a beta of -0.35. The company’s fifty day moving average is $28.18 and its two-hundred day moving average is $24.30. Contango ORE has a 1 year low of $8.85 and a 1 year high of $34.38.

Insider Activity at Contango ORE

In related news, CEO Nieuwenhuyse Rick Van sold 19,608 shares of the business’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $26.00, for a total transaction of $509,808.00. Following the sale, the chief executive officer owned 538,761 shares of the company’s stock, valued at approximately $14,007,786. The trade was a 3.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael Aaron Clark sold 10,097 shares of the company’s stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $26.00, for a total transaction of $262,522.00. Following the transaction, the chief financial officer owned 49,873 shares in the company, valued at $1,296,698. The trade was a 16.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 14.40% of the company’s stock.

Hedge Funds Weigh In On Contango ORE

Several hedge funds have recently added to or reduced their stakes in the business. Alyeska Investment Group L.P. purchased a new stake in shares of Contango ORE in the third quarter valued at about $36,772,000. Franklin Resources Inc. raised its position in shares of Contango ORE by 223.2% during the 3rd quarter. Franklin Resources Inc. now owns 726,350 shares of the company’s stock worth $18,108,000 after purchasing an additional 501,641 shares during the last quarter. Van ECK Associates Corp purchased a new stake in Contango ORE in the 3rd quarter valued at approximately $8,531,000. Squarepoint Ops LLC grew its holdings in Contango ORE by 428.4% during the 3rd quarter. Squarepoint Ops LLC now owns 91,920 shares of the company’s stock valued at $2,292,000 after buying an additional 74,523 shares during the last quarter. Finally, Minerva Advisors LLC increased 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 buying an additional 6,000 shares in the last quarter. 19.14% of the stock is currently owned by hedge funds and other institutional investors.

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.