Contango ORE, Inc. $CTGO Shares Bought by Royal Bank of Canada

Key Points

• Royal Bank of Canada increased its Contango ORE stake by 6,539.8% in the first quarter, purchasing 50,618 additional shares to own 51,392 shares worth approximately $963,000. Institutional investors and hedge funds collectively own 19.14% of the company.
• Insider activity was mixed: CEO Rick Van Nieuwenhuyse bought 4,111 shares, while CFO Michael Aaron Clark sold 1,289 shares. Corporate insiders own 5.40% of Contango ORE.
• Contango ORE reported quarterly EPS of $0.14, beating the consensus estimate of a $0.04 loss. Analysts maintain a “Moderate Buy” consensus rating with a $33.50 target price, compared with the stock’s reported price of $20.01.

Royal Bank of Canada grew its holdings in shares of Contango ORE, Inc. (NYSEAMERICAN:CTGO - Free Report) by 6,539.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 51,392 shares of the company's stock after purchasing an additional 50,618 shares during the period. Royal Bank of Canada owned about 0.31% of Contango ORE worth $963,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Strs Ohio purchased a new stake in Contango ORE during the 4th quarter worth about $29,000. Quarry LP acquired a new position in shares of Contango ORE during the third quarter worth about $38,000. Tower Research Capital LLC TRC grew its position in shares of Contango ORE by 141.6% during the second quarter. Tower Research Capital LLC TRC now owns 2,264 shares of the company's stock worth $44,000 after buying an additional 1,327 shares in the last quarter. Federated Hermes Inc. increased its stake in shares of Contango ORE by 435.2% during the fourth quarter. Federated Hermes Inc. now owns 1,884 shares of the company's stock worth $50,000 after buying an additional 1,532 shares during the period. Finally, Meeder Asset Management Inc. acquired a new stake in Contango ORE in the fourth quarter valued at approximately $51,000. Institutional investors and hedge funds own 19.14% of the company's stock.

Insider Buying and Selling

In related news, CFO Michael Aaron Clark sold 1,289 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $20.94, for a total value of $26,991.66. Following the transaction, the chief financial officer directly owned 54,709 shares of the company's stock, valued at $1,145,606.46. This trade represents a 2.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Nieuwenhuyse Rick Van acquired 4,111 shares of the stock in a transaction that occurred on Thursday, June 25th. The stock was purchased at an average price of $15.24 per share, for a total transaction of $62,651.64. Following the completion of the transaction, the chief executive officer owned 555,251 shares in the company, valued at $8,462,025.24. The trade was a 0.75% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 5.40% of the company's stock.

Wall Street Analyst Weigh In

Separately, Zacks Research upgraded shares of Contango ORE to a "hold" rating in a research note on Wednesday, May 20th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $33.50.

Contango ORE Stock Performance

NYSEAMERICAN:CTGO opened at $20.01 on Friday. The firm has a market capitalization of $647.72 million, a PE ratio of -6.81 and a beta of -0.01. The business's fifty day moving average price is $17.10 and its 200 day moving average price is $20.94. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.06 and a quick ratio of 1.27. Contango ORE, Inc. has a 12 month low of $14.50 and a 12 month high of $34.38.

Contango ORE (NYSEAMERICAN:CTGO - Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The company reported $0.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.18. On average, sell-side analysts anticipate that Contango ORE, Inc. will post 0.4 earnings per share for the current fiscal year.

Contango ORE 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.

Want to see what other hedge funds are holding CTGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Contango ORE, Inc. (NYSEAMERICAN:CTGO - Free Report).

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