Contango ORE (NYSEAMERICAN:CTGO) Stock Price Crosses Below Two Hundred Day Moving Average Following Weak Earnings

Shares of Contango ORE, Inc. (NYSEAMERICAN:CTGO) crossed below its two hundred day moving average during trading on Thursday following a weaker than expected earnings announcement. The stock has a two hundred day moving average of $25.09 and traded as low as $20.44. Contango ORE shares last traded at $21.40, with a volume of 271,450 shares.

The company reported ($0.83) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.99).

Wall Street Analyst Weigh In

CTGO has been the subject of a number of recent analyst reports. Zacks Research raised Contango ORE from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 3rd. Canaccord Genuity Group started coverage on shares of Contango ORE in a research report on Thursday, March 26th. They set a “buy” rating and a $32.00 price target for the company. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $33.50.

Insider Activity

In related news, CEO Nieuwenhuyse Rick Van sold 21,621 shares of the 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 $387,448.32. Following the completion of the sale, the chief executive officer directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP David Gregory Larimer sold 2,775 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 transaction of $49,728.00. Following the completion of the sale, the vice president directly owned 12,793 shares of the company’s stock, 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. Insiders sold 34,471 shares of company stock valued at $617,720 in the last quarter. 14.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Contango ORE

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its stake in Contango ORE by 40.1% in the 4th quarter. Bank of America Corp DE now owns 10,262 shares of the company’s stock worth $103,000 after purchasing an additional 2,936 shares during the period. JPMorgan Chase & Co. boosted its stake in Contango ORE by 235.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 18,585 shares of the company’s stock worth $362,000 after purchasing an additional 13,052 shares during the period. Rhumbline Advisers boosted its stake in Contango ORE by 24.1% in the 2nd quarter. Rhumbline Advisers now owns 13,838 shares of the company’s stock worth $270,000 after purchasing an additional 2,690 shares during the period. Walleye Capital LLC bought a new position in Contango ORE in the 2nd quarter worth approximately $232,000. Finally, Occudo Quantitative Strategies LP bought a new position in Contango ORE in the 2nd quarter worth approximately $230,000. 19.14% of the stock is owned by hedge funds and other institutional investors.

Contango ORE Stock Up 1.1%

The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $359.95 million, a P/E ratio of -11.63 and a beta of -0.02. The company has a 50 day simple moving average of $21.92 and a two-hundred day simple moving average of $25.09.

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.