Contango ORE (NYSEAMERICAN:CTGO) Stock Falls 8.8% - Here's What Happened

Key Points

• Contango ORE shares fell 8.8% Tuesday, closing near $15.10 after trading as low as $15.15; volume was about 80% below its daily average.
• Analysts maintain a “Moderate Buy” consensus, with a $32 average price target; three analysts rate the stock Buy and one Hold.
• The company’s latest reported quarterly EPS of $0.14 beat the consensus estimate of a $0.04 loss.

Contango ORE, Inc. (NYSEAMERICAN:CTGO - Get Free Report)'s stock price fell 8.8% during trading on Tuesday. The company traded as low as $15.15 and last traded at $15.0970. 85,924 shares were traded during trading, a decline of 80% from the average daily volume of 421,932 shares. The stock had previously closed at $16.55.

Analyst Upgrades and Downgrades

CTGO has been the subject of a number of research reports. Freedom Broker upped their price objective on shares of Contango ORE from $30.00 to $32.00 and gave the stock a "buy" rating in a research note on Thursday, October 22nd. National Bank Financial assumed coverage on shares of Contango ORE in a report 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.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $32.00.

Contango ORE Stock Down 9.5%

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 firm has a market capitalization of $502.00 million, a price-to-earnings ratio of -5.10 and a beta of 0.17. The business has a fifty day moving average price of $16.88 and a two-hundred day moving average price of $20.30.

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

Insider Activity at Contango ORE

In other Contango ORE news, CFO Michael Aaron Clark sold 1,289 shares of the firm's stock in a transaction that occurred 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 document filed with the SEC, which is available through this hyperlink. Insiders own 5.40% of the company's stock.

Institutional Trading of Contango ORE

Institutional investors and hedge funds have recently bought and sold shares of the business. Global Retirement Partners LLC grew its holdings in shares of Contango ORE by 330.3% during the third quarter. Global Retirement Partners LLC now owns 1,962 shares of the company's stock worth $33,000 after buying an additional 1,506 shares in the last quarter. Strs Ohio increased its stake in Contango ORE by 154.5% during the first quarter. Strs Ohio now owns 2,800 shares of the company's stock worth $52,000 after acquiring an additional 1,700 shares during the last quarter. Eastern Bank acquired a new position in Contango ORE during the third quarter valued at approximately $32,000. Renaissance Technologies LLC increased its holdings in Contango ORE by 5.0% in the 1st quarter. Renaissance Technologies LLC now owns 135,278 shares of the company's stock valued at $2,536,000 after purchasing an additional 6,451 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Contango ORE by 26.0% during the 1st quarter. Bank of New York Mellon Corp now owns 44,579 shares of the company's stock valued at $836,000 after buying an additional 9,210 shares during the period. 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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