Contango ORE (NYSEAMERICAN:CTGO) Stock Price Crosses Below Two Hundred Day Moving Average Following Weak Earnings

Contango ORE, Inc. (NYSEAMERICAN:CTGO) passed below its two hundred day moving average during trading on Thursday after the company announced weaker than expected quarterly earnings. The stock has a two hundred day moving average of $25.09 and traded as low as $20.44. Contango ORE shares last traded at $21.40, with a volume of 271,450 shares changing hands.

The company reported ($0.83) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.99).

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CTGO shares. Zacks Research upgraded shares of 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 shares of Contango ORE in a research report on Thursday, March 26th. They issued a “buy” rating and a $32.00 price objective on the stock. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $33.50.

Insider Buying and Selling at Contango ORE

In other Contango ORE news, CEO Nieuwenhuyse Rick Van sold 21,621 shares of the stock in a transaction that occurred on Thursday, March 19th. The shares were sold at an average price of $17.92, for a total transaction 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 trade represents a 4.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Michael Aaron Clark sold 10,075 shares of the firm’s 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 completion of the transaction, the chief financial officer owned 39,798 shares in the company, valued at $713,180.16. This represents a 20.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 34,471 shares of company stock worth $617,720 over the last ninety days. Insiders own 14.40% of the company’s stock.

Institutional Investors Weigh In On Contango ORE

Several institutional investors and hedge funds have recently modified their holdings of CTGO. Deutsche Bank AG boosted its holdings in shares of Contango ORE by 4.3% during the 4th quarter. Deutsche Bank AG now owns 10,104 shares of the company’s stock valued at $267,000 after buying an additional 417 shares in the last quarter. Bridgeway Capital Management LLC raised its position in shares of Contango ORE by 4.7% in the 4th quarter. Bridgeway Capital Management LLC now owns 22,400 shares of the company’s stock worth $592,000 after purchasing an additional 1,000 shares during the last quarter. Strs Ohio purchased a new position in shares of Contango ORE in the 4th quarter worth about $29,000. AlphaQuest LLC raised its position in shares of Contango ORE by 30.7% in the 3rd quarter. AlphaQuest LLC now owns 5,564 shares of the company’s stock worth $139,000 after purchasing an additional 1,308 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of Contango ORE by 129.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,320 shares of the company’s stock worth $58,000 after purchasing an additional 1,311 shares during the last quarter. 19.14% of the stock is owned by hedge funds and other institutional investors.

Contango ORE Trading Up 1.1%

The firm has a 50-day moving average price of $21.92 and a 200-day moving average price of $25.09. 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 stock has a market cap of $359.95 million, a PE ratio of -11.63 and a beta of -0.02.

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.