Contango ORE (NYSEAMERICAN:CTGO) Shares Cross Below 200-Day Moving Average – Should You Sell?

Contango ORE, Inc. (NYSEAMERICAN:CTGO)’s stock price passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $22.27 and traded as low as $15.15. Contango ORE shares last traded at $15.48, with a volume of 459,608 shares trading hands.

Analyst Ratings Changes

Separately, Zacks Research raised shares of Contango ORE to a “hold” rating in a research note on Wednesday, May 20th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $33.50.

Contango ORE Trading Down 1.9%

The firm has a 50-day moving average of $17.02 and a 200 day moving average of $22.27. The company has a market cap of $501.09 million, a P/E ratio of -8.41 and a beta of -0.02. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.07.

Contango ORE (NYSEAMERICAN:CTGO) last issued its earnings results on Thursday, May 14th. The company reported ($0.83) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.99). On average, analysts predict that Contango ORE, Inc. will post 0.94 earnings per share for the current fiscal year.

Insider Activity at Contango ORE

In related news, CEO Nieuwenhuyse Rick Van acquired 4,111 shares of the stock in a transaction dated Thursday, June 25th. The stock was bought at an average price of $15.24 per share, for a total transaction of $62,651.64. Following the purchase, the chief executive officer directly owned 555,251 shares of the company’s stock, valued at $8,462,025.24. The trade was a 0.75% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Contango ORE

Large investors have recently bought and sold shares of the stock. Alyeska Investment Group L.P. bought a new stake in Contango ORE in the third quarter valued at $36,772,000. Franklin Resources Inc. boosted its position in shares of Contango ORE by 223.2% during the 3rd quarter. Franklin Resources Inc. now owns 726,350 shares of the company’s stock worth $18,108,000 after purchasing an additional 501,641 shares in the last quarter. Van ECK Associates Corp acquired a new stake in shares of Contango ORE in the 3rd quarter valued at about $8,531,000. Glazer Capital LLC acquired a new stake in shares of Contango ORE in the 4th quarter valued at about $8,453,000. Finally, Bank of America Corp DE increased its position in Contango ORE by 1,908.3% in the 1st quarter. Bank of America Corp DE now owns 207,841 shares of the company’s stock valued at $3,897,000 after buying an additional 197,492 shares in the last quarter. 19.14% of the stock is currently owned by institutional investors and hedge funds.

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.