Contango ORE (NYSEAMERICAN:CTGO) Now Covered by Analysts at Canaccord Genuity Group

Canaccord Genuity Group started coverage on shares of Contango ORE (NYSEAMERICAN:CTGO) in a report published on Thursday, Marketbeat reports. The firm issued a buy rating and a $32.00 target price on the stock.

Separately, Zacks Research upgraded shares of Contango ORE from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 3rd. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Contango ORE currently has an average rating of “Moderate Buy” and a consensus target price of $33.50.

Contango ORE Price Performance

Shares of CTGO opened at $16.69 on Thursday. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.90 and a quick ratio of 0.90. Contango ORE has a 1-year low of $9.22 and a 1-year high of $34.38. The stock has a market cap of $280.73 million, a PE ratio of -5.78 and a beta of -0.34. The firm has a fifty day moving average price of $26.75 and a 200 day moving average price of $25.39.

Insider Activity

In related news, CEO Nieuwenhuyse Rick Van sold 21,621 shares of the business’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 $387,448.32. Following the sale, the chief executive officer directly owned 517,140 shares in the company, valued at $9,267,148.80. The trade was a 4.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Michael Aaron Clark sold 10,075 shares of the stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $17.92, for a total transaction of $180,544.00. Following the completion of the sale, the chief financial officer directly owned 39,798 shares in the company, valued at approximately $713,180.16. The trade was a 20.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 64,176 shares of company stock worth $1,390,050. Company insiders own 14.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Strs Ohio purchased a new position in Contango ORE during the fourth quarter worth $29,000. Quarry LP purchased a new stake in Contango ORE during the 3rd quarter worth about $38,000. Mather Group LLC. acquired a new position in Contango ORE in the 3rd quarter valued at about $39,000. Tower Research Capital LLC TRC raised its stake in Contango ORE by 141.6% in the 2nd 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 last quarter. Finally, Federated Hermes Inc. boosted its stake in shares of Contango ORE by 435.2% during 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 last quarter. 19.14% of the stock is currently owned by institutional investors and hedge funds.

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.