Contango ORE (NYSEAMERICAN:CTGO) Share Price Crosses Below 200 Day Moving Average – What’s Next?

Contango ORE, Inc. (NYSEAMERICAN:CTGO) passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $24.98 and traded as low as $24.95. Contango ORE shares last traded at $27.19, with a volume of 443,530 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Zacks Research upgraded Contango ORE from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 3rd. Canaccord Genuity Group assumed coverage on Contango ORE in a research report on Thursday, March 26th. They set a “buy” rating and a $32.00 price target on the stock. Two equities 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.com, the company has a consensus rating of “Moderate Buy” and an average price target of $33.50.

Contango ORE Price Performance

The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.19. The business has a 50-day moving average price of $22.79 and a two-hundred day moving average price of $24.98. The firm has a market capitalization of $457.34 million, a price-to-earnings ratio of -9.41 and a beta of -0.02.

Insider Transactions at Contango ORE

In other news, CFO Michael Aaron Clark sold 10,075 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 $180,544.00. Following the sale, the chief financial officer directly owned 39,798 shares in the company, valued at approximately $713,180.16. This represents a 20.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 value of $49,728.00. Following the sale, the vice president owned 12,793 shares in the company, valued at $229,250.56. The trade was a 17.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 34,471 shares of company stock worth $617,720. 14.40% of the stock is currently owned by company insiders.

Institutional Trading of Contango ORE

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