Contango ORE (NYSEAMERICAN:CTGO) Reaches New 1-Year Low - Time to Sell?

Key Points

• Contango ORE shares fell to a new 52-week low, trading as low as $14.10 versus a previous close of $15.02.
• Despite the decline, analysts remain generally optimistic: three rate the stock a Buy and one a Hold, producing a “Moderate Buy” consensus and a $32 target price.
• The company reported quarterly EPS of $0.14, beating the expected $0.04 loss, while institutional ownership stands at 19.14%; a company insider recently sold shares.

Contango ORE, Inc. (NYSEAMERICAN:CTGO - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Thursday. The stock traded as low as $14.10 and last traded at $14.49, with a volume of 468,783 shares changing hands. The stock had previously closed at $15.02.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on CTGO shares. Freedom Broker boosted their target price on shares of Contango ORE from $30.00 to $32.00 and gave the stock a "buy" rating in a research note on Thursday. National Bank Financial initiated coverage on Contango ORE in a research note on Thursday, October 8th. They issued an "outperform" rating for the company. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $32.00.

Contango ORE Price Performance

The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.06. The business's 50-day simple moving average is $18.14 and its two-hundred day simple moving average is $18.87. The firm has a market cap of $485.42 million, a price-to-earnings ratio of 10.58 and a beta of 0.13.

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

Insider Buying and Selling at Contango ORE

In related news, CFO Michael Aaron Clark sold 1,289 shares of the company's stock in a transaction dated Wednesday, August 19th. The shares were 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. This represents a 2.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 5.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Contango ORE

Institutional investors have recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in 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 buying an additional 95,000 shares during the period. Royal Bank of Canada increased its holdings in Contango ORE by 6,539.8% during the first quarter. Royal Bank of Canada now owns 51,392 shares of the company's stock worth $963,000 after buying an additional 50,618 shares during the last quarter. Bank of America Corp DE raised its position in Contango ORE by 1,908.3% in the first quarter. Bank of America Corp DE now owns 207,841 shares of the company's stock worth $3,897,000 after acquiring an additional 197,492 shares during the period. Van ECK Associates Corp raised its position in Contango ORE by 80.0% in the second quarter. Van ECK Associates Corp now owns 819,087 shares of the company's stock worth $12,933,000 after acquiring an additional 364,062 shares during the period. Finally, Alyeska Investment Group L.P. boosted its stake in Contango ORE by 54.4% in 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. 19.14% of the stock is owned by institutional investors.

Contango ORE Company Profile

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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