Van ECK Associates Corp Has $12.93 Million Stock Holdings in Contango ORE, Inc. $CTGO

Key Points

• Van ECK Associates increased its Contango ORE position by 80% in the second quarter, adding 364,062 shares to hold 819,087 shares worth approximately $12.93 million, or 2.53% of the company.
• Institutional investors and hedge funds collectively own 19.14% of CTGO. The stock opened at $19.50, compared with a 52-week range of $14.50 to $34.38.
• 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 an average price target of $33.50.

Van ECK Associates Corp lifted its position in shares of Contango ORE, Inc. (NYSEAMERICAN:CTGO - Free Report) by 80.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 819,087 shares of the company's stock after purchasing an additional 364,062 shares during the period. Van ECK Associates Corp owned about 2.53% of Contango ORE worth $12,933,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in CTGO. Strs Ohio bought a new position in Contango ORE in the 4th quarter valued at approximately $29,000. Quarry LP bought a new stake in Contango ORE during the 3rd quarter worth approximately $38,000. Tower Research Capital LLC TRC increased its position 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 acquiring an additional 1,327 shares during the period. Federated Hermes Inc. increased its position in Contango ORE by 435.2% in the 4th quarter. Federated Hermes Inc. now owns 1,884 shares of the company's stock valued at $50,000 after acquiring an additional 1,532 shares during the period. Finally, Meeder Asset Management Inc. acquired a new position in Contango ORE in the 4th quarter valued at approximately $51,000. Institutional investors and hedge funds own 19.14% of the company's stock.

Contango ORE Price Performance

Shares of CTGO opened at $19.50 on Tuesday. The business has a 50-day moving average of $17.48 and a 200-day moving average of $20.57. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.06 and a quick ratio of 1.06. The company has a market capitalization of $653.25 million, a price-to-earnings ratio of -6.63 and a beta of -0.01. Contango ORE, Inc. has a 1 year low of $14.50 and a 1 year high of $34.38.

Contango ORE (NYSEAMERICAN:CTGO - Get Free Report) last announced its earnings results on Thursday, August 13th. The company reported $0.14 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.18. As a group, equities research analysts anticipate that Contango ORE, Inc. will post 0.4 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Michael Aaron Clark sold 1,289 shares of Contango ORE stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $20.94, for a total transaction of $26,991.66. Following the completion of the transaction, the chief financial officer owned 54,709 shares of the company's stock, valued at $1,145,606.46. This trade represents a 2.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Nieuwenhuyse Rick Van bought 4,111 shares of the 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 purchase, the chief executive officer directly owned 555,251 shares of the company's stock, valued at $8,462,025.24. The trade was a 0.75% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 5.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Separately, Zacks Research upgraded shares of Contango ORE to a "hold" rating in a report on Wednesday, May 20th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $33.50.

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.

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