Contango ORE (NYSEAMERICAN:CTGO) Price Target Raised to $32.00

by · The Markets Daily

Contango ORE (NYSEAMERICAN:CTGO – Free Report) had its price objective increased by Freedom Broker from $30.00 to $32.00 in a research note published on Thursday,Benzinga reports. Freedom Broker currently has a buy rating on the stock.

Separately, National Bank Financial began coverage on shares of Contango ORE in a report on Thursday, October 8th. They set an “outperform” rating on the stock. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, Contango ORE currently has an average rating of “Moderate Buy” and a consensus target price of $32.00.

Check Out Our Latest Report on Contango ORE

Contango ORE Trading Down 0.3%

Shares of CTGO stock opened at $14.45 on Thursday. Contango ORE has a 1 year low of $13.87 and a 1 year high of $34.38. The firm’s fifty day simple moving average is $18.03 and its 200 day simple moving average is $18.84. The firm has a market capitalization of $484.07 million, a P/E ratio of -4.91 and a beta of 0.13. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.06.

Contango ORE (NYSEAMERICAN:CTGO – Get Free Report) last released 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, sell-side analysts predict that Contango ORE will post 0.40 EPS for the current year.

Insider Buying and Selling

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 stock was sold at an average price of $20.94, for a total value of $26,991.66. Following the completion of the sale, the chief financial officer owned 54,709 shares in the company, valued at approximately $1,145,606.46. This trade represents a 2.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.40% of the stock is currently owned by company insiders.

Institutional Trading of Contango ORE

A number of institutional investors and hedge funds have recently modified their holdings of CTGO. Alyeska Investment Group L.P. raised its stake in shares of 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 purchasing an additional 750,000 shares in the last quarter. Van ECK Associates Corp increased its holdings in Contango ORE by 80.0% in the 2nd quarter. Van ECK Associates Corp now owns 819,087 shares of the company’s stock valued at $12,933,000 after buying an additional 364,062 shares during the period. Bank of America Corp DE increased its holdings in Contango ORE by 1,908.3% in the 1st quarter. Bank of America Corp DE now owns 207,841 shares of the company’s stock valued at $3,897,000 after buying an additional 197,492 shares during the period. 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 buying an additional 6,451 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Contango ORE by 28,023.6% in the 2nd 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. 19.14% of the stock is currently owned by institutional investors.

Contango ORE Company Profile

(Get Free Report)

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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