Contango ORE (NYSEAMERICAN:CTGO) Reaches New 12-Month Low – Should You Sell?

by · The Markets Daily

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

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Freedom Broker boosted their price objective on Contango ORE from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday. National Bank Financial assumed coverage on shares of Contango ORE in a report on Thursday, October 8th. They set an “outperform” rating on the stock. Three investment 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.com, Contango ORE presently has a consensus rating of “Moderate Buy” and an average price target of $32.00.

View Our Latest Research Report on CTGO

Contango ORE Trading Down 0.3%

The firm has a market capitalization of $484.07 million, a price-to-earnings ratio of -4.91 and a beta of 0.13. The business’s fifty day moving average is $18.03 and its 200 day moving average is $18.84. The company has a quick ratio of 1.06, a current 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.18. Equities analysts predict that Contango ORE, Inc. will post 0.40 earnings per share for the current year.

Insider Activity

In related news, CFO Michael Aaron Clark sold 1,289 shares of Contango ORE 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 sale, the chief financial officer owned 54,709 shares of the company’s stock, valued at approximately $1,145,606.46. This trade represents a 2.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.40% of the company’s stock.

Hedge Funds Weigh In On Contango ORE

A number of large investors have recently bought and sold shares of CTGO. Alyeska Investment Group L.P. lifted its position 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 worth $33,594,000 after purchasing an additional 750,000 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Contango ORE by 80.0% during the second quarter. Van ECK Associates Corp now owns 819,087 shares of the company’s stock worth $12,933,000 after purchasing an additional 364,062 shares during the last quarter. Bank of America Corp DE boosted its holdings in Contango ORE by 1,908.3% during the first quarter. Bank of America Corp DE now owns 207,841 shares of the company’s stock worth $3,897,000 after purchasing an additional 197,492 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Contango ORE by 28,023.6% in 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 purchasing an additional 95,000 shares in the last quarter. Finally, Royal Bank of Canada grew its position in Contango ORE by 6,539.8% in the first quarter. Royal Bank of Canada now owns 51,392 shares of the company’s stock valued at $963,000 after purchasing an additional 50,618 shares in the last quarter. Institutional investors and hedge funds own 19.14% of the company’s stock.

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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