Contango ORE (NYSEAMERICAN:CTGO) Stock Passes Below 200 Day Moving Average – Here’s Why

Contango ORE, Inc. (NYSEAMERICAN:CTGO)’s share price crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $25.03 and traded as low as $19.50. Contango ORE shares last traded at $20.11, with a volume of 364,602 shares traded.

Analysts Set New Price Targets

Several research analysts have weighed in on CTGO shares. Canaccord Genuity Group started coverage on Contango ORE in a research report on Thursday, March 26th. They issued a “buy” rating and a $32.00 price objective on the stock. Zacks Research raised Contango ORE to a “hold” rating in a research report on Wednesday, May 20th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Contango ORE presently has a consensus rating of “Moderate Buy” and a consensus price target of $33.50.

Contango ORE Price Performance

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 business has a 50-day moving average price of $21.59 and a 200 day moving average price of $25.03. The stock has a market cap of $650.96 million, a PE ratio of -10.93 and a beta of -0.02.

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

Insider Activity

In other news, CFO Michael Aaron Clark sold 10,075 shares of the company’s stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $17.92, for a total transaction of $180,544.00. Following the transaction, the chief financial officer owned 39,798 shares of the company’s stock, valued at $713,180.16. This represents a 20.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Nieuwenhuyse Rick Van sold 21,621 shares of the company’s stock in a transaction 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 transaction, the chief executive officer directly owned 517,140 shares in the company, valued at $9,267,148.80. This represents a 4.01% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 34,471 shares of company stock valued at $617,720 in the last 90 days. Insiders own 14.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CTGO. Bank of America Corp DE lifted its holdings in Contango ORE by 1,908.3% during the 1st quarter. Bank of America Corp DE now owns 207,841 shares of the company’s stock worth $3,897,000 after purchasing an additional 197,492 shares in the last quarter. Royal Bank of Canada lifted its holdings in Contango ORE by 6,539.8% during the 1st quarter. Royal Bank of Canada now owns 51,392 shares of the company’s stock worth $963,000 after purchasing an additional 50,618 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Contango ORE by 5.0% during the 1st quarter. Renaissance Technologies LLC now owns 135,278 shares of the company’s stock worth $2,536,000 after purchasing an additional 6,451 shares in the last quarter. Cetera Investment Advisers purchased a new stake in Contango ORE during the 1st quarter worth about $204,000. Finally, Bank of New York Mellon Corp lifted its holdings in Contango ORE by 26.0% during the 1st quarter. Bank of New York Mellon Corp now owns 44,579 shares of the company’s stock worth $836,000 after purchasing an additional 9,210 shares in the last quarter. Hedge funds and other institutional investors own 19.14% of the company’s stock.

About Contango ORE

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.