Contango ORE (NYSEAMERICAN:CTGO) Stock Gets Price Target Bump from Freedom Broker

Key Points

• Freedom Broker raised Contango ORE’s price target to $32 from $30 and maintained a “buy” rating, implying 120.84% upside from the prior close. National Bank Financial also initiated coverage with an “outperform” rating, while the consensus rating remains “Moderate Buy.”
• Contango ORE shares fell 3.5% to $14.49 during Thursday trading, near the company’s 52-week low of $14.10. The stock has a market capitalization of approximately $485 million.
• The company reported quarterly EPS of $0.14, beating the consensus estimate of a $0.04 loss. Contango ORE focuses on gold exploration and production in Alaska through its minority stake in the Manh Choh project.

Contango ORE (NYSEAMERICAN:CTGO - Get Free Report) had its target price hoisted by equities research analysts at Freedom Broker from $30.00 to $32.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Freedom Broker's price objective points to a potential upside of 120.84% from the stock's previous close.

Separately, National Bank Financial started coverage on shares of Contango ORE in a research note on Thursday, October 8th. They set an "outperform" rating on the stock. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $32.00.

Contango ORE Trading Down 3.5%

NYSEAMERICAN:CTGO traded down $0.53 during trading hours on Thursday, hitting $14.49. The company had a trading volume of 468,778 shares, compared to its average volume of 428,261. Contango ORE has a 1 year low of $14.10 and a 1 year high of $34.38. The company has a market cap of $485.42 million, a P/E ratio of -4.93 and a beta of 0.13. The company has a 50-day moving average of $18.24 and a 200 day moving average of $18.90. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.06.

Contango ORE (NYSEAMERICAN:CTGO - Get Free Report) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.14 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.18. Sell-side analysts expect that Contango ORE will post 0.40 earnings per share for the current year.

Insider Transactions at Contango ORE

In other Contango ORE news, CFO Michael Aaron Clark sold 1,289 shares of Contango ORE stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $20.94, for a total value of $26,991.66. Following the sale, the chief financial officer owned 54,709 shares in the company, valued at $1,145,606.46. The trade was a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Contango ORE

Hedge funds have recently modified their holdings of the business. CoreCap Advisors LLC raised its holdings in Contango ORE by 682.2% in the 3rd quarter. CoreCap Advisors LLC now owns 19,360 shares of the company's stock valued at $325,000 after buying an additional 16,885 shares during the period. Eastern Bank purchased a new position in Contango ORE during the third quarter worth about $32,000. Squarepoint Ops LLC purchased a new position in Contango ORE during the second quarter worth about $165,000. Alyeska Investment Group L.P. increased its position in shares of Contango ORE by 54.4% during the second quarter. Alyeska Investment Group L.P. now owns 2,127,579 shares of the company's stock valued at $33,594,000 after acquiring an additional 750,000 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Contango ORE by 28,023.6% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 95,339 shares of the company's stock valued at $1,505,000 after acquiring an additional 95,000 shares during the last quarter. 19.14% of the stock is currently owned by hedge funds and other institutional investors.

About Contango ORE

Contango ORE, Inc is a gold exploration, development and production company focused on mineral properties in Alaska. The company's principal asset is its interest in the Peak Gold Joint Venture, which holds the Manh Choh project in the Tetlin area of eastern Alaska. Contango owns a minority interest in the joint venture, while Kinross Gold Corporation is the operator and majority partner.

Manh Choh is a high-grade gold project whose ore is transported to Kinross' Fort Knox processing facility near Fairbanks.

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