Ellsworth Advisors LLC Invests $875,000 in Contango ORE, Inc. $CTGO

Ellsworth Advisors LLC bought a new position in Contango ORE, Inc. (NYSEAMERICAN:CTGO) during the fourth quarter, Holdings Channel reports. The firm bought 33,148 shares of the company’s stock, valued at approximately $875,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quarry LP purchased a new position in Contango ORE during the 3rd quarter valued at approximately $38,000. Mather Group LLC. purchased a new stake in shares of Contango ORE during the 3rd quarter worth approximately $39,000. Tower Research Capital LLC TRC boosted its position in shares of Contango ORE by 141.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,264 shares of the company’s stock valued at $44,000 after acquiring an additional 1,327 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Contango ORE by 129.9% in the third quarter. Russell Investments Group Ltd. now owns 2,320 shares of the company’s stock valued at $58,000 after purchasing an additional 1,311 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of Contango ORE by 40.1% in the fourth quarter. Bank of America Corp DE now owns 10,262 shares of the company’s stock valued at $103,000 after purchasing an additional 2,936 shares in the last quarter. 19.14% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Nieuwenhuyse Rick Van sold 21,621 shares of the firm’s stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $17.92, for a total value of $387,448.32. Following the completion of the sale, the chief executive officer owned 517,140 shares in the company, valued at approximately $9,267,148.80. This trade represents a 4.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP David Gregory Larimer sold 2,775 shares of Contango ORE stock in a transaction dated Thursday, March 19th. The stock was sold at an average price of $17.92, for a total transaction of $49,728.00. Following the transaction, the vice president directly owned 12,793 shares of the company’s stock, valued at approximately $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. Over the last quarter, insiders have sold 64,176 shares of company stock valued at $1,390,050. 14.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on CTGO shares. Canaccord Genuity Group began coverage on shares of Contango ORE in a research note on Thursday, March 26th. They set a “buy” rating and a $32.00 price target on the stock. Zacks Research raised shares of Contango ORE from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 3rd. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $33.50.

Contango ORE Stock Down 1.1%

Shares of CTGO opened at $18.55 on Thursday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.19. The business has a fifty day moving average of $25.73 and a 200 day moving average of $25.30. The company has a market cap of $312.01 million, a PE ratio of -6.42 and a beta of -0.15. Contango ORE, Inc. has a 52-week low of $9.22 and a 52-week high of $34.38.

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.