Contango ORE (NYSEAMERICAN:CTGO) Shares Up 10.1% - What's Next?

Key Points

• Contango ORE shares jumped 10.1% to $18.45, despite trading volume falling 80% below its average daily level.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $33.50; Zacks Research upgraded the stock to “Hold.”
• The company reported quarterly adjusted EPS of negative $0.83, missing the $0.16 consensus estimate, while CEO Rick Van Nieuwenhuyse bought 4,111 shares worth approximately $62,652.

Shares of Contango ORE, Inc. (NYSEAMERICAN:CTGO - Get Free Report) rose 10.1% on Wednesday . The company traded as high as $18.52 and last traded at $18.45. 88,570 shares traded hands during trading, a decline of 80% from the average daily volume of 449,834 shares. The stock had previously closed at $16.76.

Wall Street Analyst Weigh In

Separately, Zacks Research raised shares of Contango ORE to a "hold" rating in a research report on Wednesday, May 20th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $33.50.

Contango ORE Trading Up 8.8%

The stock has a market cap of $590.53 million, a PE ratio of -9.91 and a beta of -0.01. The company's fifty day moving average is $16.64 and its 200-day moving average is $21.94. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.27 and a quick ratio of 1.27.

Contango ORE (NYSEAMERICAN:CTGO - Get Free Report) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.83) EPS for the quarter, missing the consensus estimate of $0.16 by ($0.99). On average, analysts predict that Contango ORE, Inc. will post 0.94 earnings per share for the current fiscal year.

Insider Activity at Contango ORE

In related news, CEO Nieuwenhuyse Rick Van bought 4,111 shares of the company's stock in a transaction that occurred on Thursday, June 25th. The shares were purchased at an average cost of $15.24 per share, with a total value of $62,651.64. Following the completion of the acquisition, the chief executive officer directly owned 555,251 shares in the company, valued at approximately $8,462,025.24. The trade was a 0.75% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 5.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Globeflex Capital L P purchased a new stake in Contango ORE during the fourth quarter worth $913,000. Oak Ridge Investments LLC purchased a new stake in shares of Contango ORE during the 4th quarter worth about $986,000. Strs Ohio purchased a new stake in shares of Contango ORE during the 4th quarter worth about $29,000. JPMorgan Chase & Co. boosted its stake in shares of Contango ORE by 77.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 32,984 shares of the company's stock worth $822,000 after acquiring an additional 14,399 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its position in shares of Contango ORE by 141.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,264 shares of the company's stock valued at $44,000 after acquiring an additional 1,327 shares during the period. 19.14% of the stock is owned by institutional investors and hedge funds.

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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