Contango Ore, Inc. (NYSEAMERICAN:CTGO) to Post Q2 2024 Earnings of ($1.40) Per Share, Roth Capital Forecasts

Contango Ore, Inc. (NYSEAMERICAN:CTGO) – Stock analysts at Roth Capital reduced their Q2 2024 earnings estimates for Contango Ore in a research note issued on Monday, March 25th. Roth Capital analyst M. Niehuser now forecasts that the company will earn ($1.40) per share for the quarter, down from their previous estimate of ($0.84). The consensus estimate for Contango Ore’s current full-year earnings is ($4.00) per share. Roth Capital also issued estimates for Contango Ore’s Q3 2024 earnings at ($1.51) EPS, Q4 2024 earnings at ($1.53) EPS and FY2024 earnings at ($5.82) EPS.

A number of other equities research analysts also recently issued reports on the stock. Roth Mkm reiterated a “buy” rating and set a $38.00 price objective on shares of Contango Ore in a research note on Monday. Cormark started coverage on shares of Contango Ore in a report on Friday, March 22nd. They issued a “buy” rating and a $27.50 price objective for the company. Finally, Fundamental Research set a $23.22 price target on shares of Contango Ore and gave the stock a “buy” rating in a report on Tuesday, February 13th.

Contango Ore Price Performance

Shares of Contango Ore stock opened at $19.46 on Thursday. The company has a debt-to-equity ratio of 2.98, a current ratio of 4.02 and a quick ratio of 4.02. Contango Ore has a 12-month low of $14.03 and a 12-month high of $33.67.

Institutional Trading of Contango Ore

A number of institutional investors have recently made changes to their positions in CTGO. Luminus Management LLC bought a new position in shares of Contango Ore during the third quarter valued at approximately $509,000. Wittenberg Investment Management Inc. raised its holdings in Contango Ore by 17.4% in the third quarter. Wittenberg Investment Management Inc. now owns 24,323 shares of the company’s stock worth $441,000 after purchasing an additional 3,600 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Contango Ore by 5.9% in the third quarter. Bank of New York Mellon Corp now owns 11,190 shares of the company’s stock worth $203,000 after acquiring an additional 621 shares during the last quarter. Nuveen Asset Management LLC purchased a new stake in shares of Contango Ore in the fourth quarter worth $194,000. Finally, JPMorgan Chase & Co. grew its stake in shares of Contango Ore by 576.5% in the second quarter. JPMorgan Chase & Co. now owns 2,970 shares of the company’s stock worth $76,000 after acquiring an additional 2,531 shares during the last quarter. Hedge funds and other institutional investors own 19.14% of the company’s stock.

Insider Activity

In other news, Director Joseph S. Compofelice sold 5,826 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $22.00, for a total transaction of $128,172.00. Following the completion of the transaction, the director now owns 163,878 shares of the company’s stock, valued at $3,605,316. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Contango Ore news, CEO Nieuwenhuyse Rick Van sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $22.00, for a total value of $66,000.00. Following the completion of the sale, the chief executive officer now owns 500,896 shares of the company’s stock, valued at $11,019,712. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Joseph S. Compofelice sold 5,826 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $22.00, for a total value of $128,172.00. Following the sale, the director now directly owns 163,878 shares of the company’s stock, valued at approximately $3,605,316. The disclosure for this sale can be found here. Insiders have sold a total of 15,451 shares of company stock worth $323,004 over the last ninety days. Company insiders own 17.80% of the company’s stock.

About Contango Ore

Contango Ore, Inc, an exploration stage company, engages in the exploration of gold and associated minerals in the United States. It also explores for copper and silver deposits. The company, through its subsidiaries, leases approximately 675,000 acres from the Tetlin Tribal Council and holds approximately 13,000 State of Alaska mining claims for exploration and development; leases mineral rights approximately 8,600 acres of State of Alaska and patented mining claims for exploration from Alaska Hard Rock, Inc; and owns 100% interest in the mineral rights to approximately 154,000 acres of State of Alaska mining claims for exploration located north and northwest of the Manh Choh Project.