Contango ORE (NYSEAMERICAN:CTGO) Share Price Crosses Below Two Hundred Day Moving Average – Here’s What Happened

Contango ORE, Inc. (NYSEAMERICAN:CTGO)’s share price passed 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 trading hands.

Wall Street Analysts Forecast Growth

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

Contango ORE Trading Up 0.8%

The stock has a market cap of $650.96 million, a price-to-earnings ratio of -10.93 and a beta of -0.02. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.27 and a current ratio of 1.27. The company’s 50 day simple moving average is $21.59 and its two-hundred day simple moving average is $25.03.

Contango ORE (NYSEAMERICAN:CTGO) last released 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). Research analysts expect that Contango ORE, Inc. will post 0.94 EPS for the current fiscal year.

Insider Transactions at Contango ORE

In other news, VP David Gregory Larimer sold 2,775 shares of the stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $17.92, for a total transaction of $49,728.00. Following the transaction, the vice president owned 12,793 shares in the company, valued at $229,250.56. This represents a 17.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Nieuwenhuyse Rick Van sold 21,621 shares of the stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $17.92, for a total transaction of $387,448.32. Following the transaction, the chief executive officer owned 517,140 shares in the company, valued at approximately $9,267,148.80. This trade represents a 4.01% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 34,471 shares of company stock worth $617,720 in the last 90 days. 14.40% of the stock is owned by insiders.

Institutional Trading of Contango ORE

Several large investors have recently modified their holdings of the company. Alyeska Investment Group L.P. bought a new stake in shares of Contango ORE during the 3rd quarter worth $36,772,000. Franklin Resources Inc. boosted its holdings in shares of Contango ORE by 4.6% during the 4th quarter. Franklin Resources Inc. now owns 759,709 shares of the company’s stock worth $20,064,000 after buying an additional 33,359 shares during the period. Van ECK Associates Corp boosted its holdings in shares of Contango ORE by 17.8% during the 4th quarter. Van ECK Associates Corp now owns 403,098 shares of the company’s stock worth $10,646,000 after buying an additional 60,917 shares during the period. Glazer Capital LLC bought a new stake in shares of Contango ORE during the 4th quarter worth $8,453,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Contango ORE by 23.9% during the 4th quarter. Geode Capital Management LLC now owns 258,610 shares of the company’s stock worth $6,831,000 after buying an additional 49,947 shares during the period. 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.