Canaccord Genuity Group Initiates Coverage on Contango ORE (NYSEAMERICAN:CTGO)

Analysts at Canaccord Genuity Group assumed coverage on shares of Contango ORE (NYSEAMERICAN:CTGO) in a research report issued on Thursday, Marketbeat reports. The firm set a “buy” rating and a $32.00 price target on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 87.03% from the company’s current price.

Separately, Zacks Research raised Contango ORE from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 3rd. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $33.50.

Contango ORE Stock Up 2.5%

CTGO opened at $17.11 on Thursday. Contango ORE has a 12 month low of $9.22 and a 12 month high of $34.38. The company has a market cap of $287.79 million, a PE ratio of -5.92 and a beta of -0.34. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.19. The company has a 50 day moving average of $26.50 and a 200 day moving average of $25.36.

Insider Transactions at Contango ORE

In other news, CEO Nieuwenhuyse Rick Van sold 21,621 shares of the stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $17.92, for a total value of $387,448.32. Following the completion of the transaction, the chief executive officer owned 517,140 shares of the company’s stock, valued at approximately $9,267,148.80. This represents a 4.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP David Gregory Larimer sold 2,775 shares of Contango ORE stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $17.92, for a total value of $49,728.00. Following the sale, the vice president owned 12,793 shares in the company, valued at $229,250.56. This represents a 17.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 64,176 shares of company stock valued at $1,390,050. Corporate insiders own 14.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Alyeska Investment Group L.P. purchased a new stake in Contango ORE in the third quarter worth about $36,772,000. Franklin Resources Inc. lifted its holdings in shares of Contango ORE by 223.2% during the third quarter. Franklin Resources Inc. now owns 726,350 shares of the company’s stock valued at $18,108,000 after purchasing an additional 501,641 shares during the last quarter. Van ECK Associates Corp purchased a new position in shares of Contango ORE during the third quarter valued at approximately $8,531,000. Glazer Capital LLC bought a new stake in shares of Contango ORE in the 4th quarter worth approximately $8,453,000. Finally, Renaissance Technologies LLC grew its stake in shares of Contango ORE by 138.6% in the 4th quarter. Renaissance Technologies LLC now owns 128,827 shares of the company’s stock worth $3,402,000 after buying an additional 74,827 shares during the last quarter. 19.14% of the stock is owned by hedge funds and other institutional investors.

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.