Traders Buy Shares of Contact Gold Corp (C) on Weakness

Investors bought shares of Contact Gold Corp (NYSE:C) on weakness during trading on Friday. $201.69 million flowed into the stock on the tick-up and $97.98 million flowed out of the stock on the tick-down, for a money net flow of $103.71 million into the stock. Of all equities tracked, Contact Gold Corp had the 6th highest net in-flow for the day. Contact Gold Corp traded down ($0.18) for the day and closed at $72.25

A number of equities research analysts have weighed in on C shares. Credit Suisse Group reiterated an “outperform” rating and set a $72.00 price target (up from $64.00) on shares of Contact Gold Corp in a research report on Monday, July 17th. Nomura lifted their price target on shares of Contact Gold Corp from $74.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, July 17th. BMO Capital Markets cut shares of Contact Gold Corp from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $67.43 to $65.00 in a research report on Monday, July 31st. They noted that the move was a valuation call. Vetr cut shares of Contact Gold Corp from a “strong-buy” rating to a “buy” rating and set a $76.22 price target for the company. in a research report on Monday, July 31st. Finally, J P Morgan Chase & Co set a $73.50 price target on shares of Contact Gold Corp and gave the company a “buy” rating in a research report on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of C$74.77.

Contact Gold Corp (NYSE:C) last issued its quarterly earnings data on Thursday, October 12th. The company reported C$1.42 earnings per share for the quarter, topping the consensus estimate of C$1.32 by C$0.10. The business had revenue of C$18.17 billion during the quarter, compared to the consensus estimate of C$17.87 billion. Contact Gold Corp had a net margin of 22.76% and a return on equity of 7.30%. The company’s revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.24 EPS.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Monday, November 6th will be given a $0.32 dividend. The ex-dividend date of this dividend is Friday, November 3rd. This represents a $1.28 annualized dividend and a yield of 1.77%.

Hedge funds have recently added to or reduced their stakes in the stock. Capital Analysts LLC raised its position in Contact Gold Corp by 5.4% in the 2nd quarter. Capital Analysts LLC now owns 45,844 shares of the company’s stock valued at $3,066,000 after purchasing an additional 2,367 shares during the last quarter. Principal Financial Group Inc. raised its position in Contact Gold Corp by 5.2% in the 2nd quarter. Principal Financial Group Inc. now owns 4,152,299 shares of the company’s stock valued at $277,705,000 after purchasing an additional 205,298 shares during the last quarter. BlackRock Inc. raised its position in Contact Gold Corp by 2,718.7% in the 1st quarter. BlackRock Inc. now owns 196,415,461 shares of the company’s stock valued at $11,749,573,000 after purchasing an additional 189,447,104 shares during the last quarter. Amalgamated Bank raised its position in Contact Gold Corp by 1.0% in the 1st quarter. Amalgamated Bank now owns 195,156 shares of the company’s stock valued at $11,674,000 after purchasing an additional 1,937 shares during the last quarter. Finally, Shelton Capital Management raised its position in Contact Gold Corp by 13.9% in the 1st quarter. Shelton Capital Management now owns 60,400 shares of the company’s stock valued at $3,613,000 after purchasing an additional 7,384 shares during the last quarter.

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Contact Gold Corp Company Profile

Citigroup Inc (Citi) is a financial services holding company. The Company’s whose businesses provide consumers, corporations, governments and institutions with a range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management.

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