Contango ORE (NYSEAMERICAN:CTGO) Share Price Crosses Below 200-Day Moving Average – Here’s Why

Contango ORE, Inc. (NYSEAMERICAN:CTGO) crossed 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.

Wall Street Analyst Weigh In

Separately, Zacks Research raised Contango ORE to a “hold” rating in a research note on Wednesday, May 20th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price 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’s fifty day moving average is $16.92 and its 200 day moving average is $22.20. The company has a market cap of $498.50 million, a P/E ratio of -8.37 and a beta of -0.02.

Contango ORE (NYSEAMERICAN:CTGO) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.83) earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.99). As a group, sell-side analysts anticipate that Contango ORE, Inc. will post 0.94 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Nieuwenhuyse Rick Van purchased 4,111 shares of the firm’s stock in a transaction dated Thursday, June 25th. The shares were purchased at an average price of $15.24 per share, with a total value of $62,651.64. Following the acquisition, the chief executive officer directly owned 555,251 shares of the company’s stock, valued at approximately $8,462,025.24. This represents a 0.75% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 5.40% of the stock is owned by corporate insiders.

Institutional Trading of Contango ORE

A number of hedge funds have recently made changes to their positions in the stock. Strs Ohio bought a new position in Contango ORE in the fourth quarter valued at $29,000. Quarry LP purchased a new stake in Contango ORE during the third quarter valued at about $38,000. Federated Hermes Inc. lifted its stake in Contango ORE by 435.2% during the fourth quarter. Federated Hermes Inc. now owns 1,884 shares of the company’s stock worth $50,000 after purchasing an additional 1,532 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in Contango ORE during the fourth quarter worth about $51,000. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of Contango ORE by 141.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,264 shares of the company’s stock worth $44,000 after purchasing an additional 1,327 shares in the last quarter. 19.14% of the stock is owned by institutional investors.

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.