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

Shares of Contango ORE, Inc. (NYSEAMERICAN:CTGO) passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $21.45 and traded as low as $19.57. Contango ORE shares last traded at $19.60, with a volume of 324,395 shares trading hands.

Analyst Upgrades and Downgrades

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

Contango ORE Stock Up 3.7%

The company has a debt-to-equity ratio of 0.07, a current ratio of 1.27 and a quick ratio of 1.27. The firm has a market cap of $653.87 million, a PE ratio of -10.98 and a beta of -0.01. The business has a fifty day moving average price of $16.61 and a two-hundred day moving average price of $21.35.

Contango ORE (NYSEAMERICAN:CTGO) last announced its quarterly earnings data on Thursday, August 13th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.18. On average, analysts anticipate that Contango ORE, Inc. will post 0.94 EPS for the current fiscal year.

Insider Activity

In related news, CEO Nieuwenhuyse Rick Van acquired 4,111 shares of the stock in a transaction that occurred on Thursday, June 25th. The shares were purchased at an average cost of $15.24 per share, with a total value of $62,651.64. Following the completion of the transaction, the chief executive officer owned 555,251 shares of the company’s stock, valued at approximately $8,462,025.24. This trade represents a 0.75% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 5.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Contango ORE

Several institutional investors and hedge funds have recently modified their holdings of the stock. Strs Ohio acquired a new position in shares of Contango ORE in the fourth quarter worth $29,000. Quarry LP acquired a new stake in Contango ORE during the third quarter valued at $38,000. Tower Research Capital LLC TRC grew its stake in Contango ORE by 141.6% in the second quarter. Tower Research Capital LLC TRC now owns 2,264 shares of the company’s stock valued at $44,000 after purchasing an additional 1,327 shares in the last quarter. Federated Hermes Inc. grew its stake in Contango ORE by 435.2% in the fourth quarter. Federated Hermes Inc. now owns 1,884 shares of the company’s stock valued at $50,000 after purchasing an additional 1,532 shares in the last quarter. Finally, Meeder Asset Management Inc. acquired a new position in Contango ORE in the 4th quarter worth about $51,000. 19.14% of the stock is currently owned by hedge funds and other institutional investors.

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.