Contango ORE (NYSEAMERICAN:CTGO) Share Price Passes Above 50 Day Moving Average – Time to Sell?

Contango ORE, Inc. (NYSEAMERICAN:CTGO) crossed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $17.99 and traded as high as $20.28. Contango ORE shares last traded at $20.00, with a volume of 290,249 shares changing hands.

Wall Street Analyst Weigh In

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

Contango ORE Stock Down 4.6%

The firm has a market capitalization of $632.48 million, a price-to-earnings ratio of -6.42 and a beta of 0.04. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.06. The company’s 50 day moving average price is $18.10 and its 200 day moving average price is $20.15.

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. As a group, research analysts forecast that Contango ORE, Inc. will post 0.4 earnings per share for the current fiscal year.

Insider Activity at Contango ORE

In other news, CFO Michael Aaron Clark sold 1,289 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $20.94, for a total value of $26,991.66. Following the sale, the chief financial officer owned 54,709 shares in the company, valued at $1,145,606.46. This represents a 2.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Nieuwenhuyse Rick Van bought 4,111 shares of Contango ORE stock in a transaction that occurred on Thursday, June 25th. The shares were acquired at an average cost of $15.24 per share, with a total value of $62,651.64. Following the acquisition, the chief executive officer owned 555,251 shares of the company’s stock, valued at $8,462,025.24. The trade was a 0.75% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 5.40% of the company’s stock.

Institutional Investors Weigh In On Contango ORE

Hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada raised its stake in shares of Contango ORE by 6,539.8% during the 1st quarter. Royal Bank of Canada now owns 51,392 shares of the company’s stock valued at $963,000 after buying an additional 50,618 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Contango ORE by 1,908.3% in the first quarter. Bank of America Corp DE now owns 207,841 shares of the company’s stock worth $3,897,000 after buying an additional 197,492 shares during the last quarter. Globeflex Capital L P acquired a new stake in Contango ORE during the fourth quarter worth about $913,000. Alyeska Investment Group L.P. grew its holdings in Contango ORE by 54.4% during the second quarter. Alyeska Investment Group L.P. now owns 2,127,579 shares of the company’s stock worth $33,594,000 after acquiring an additional 750,000 shares during the period. Finally, Van ECK Associates Corp raised its position in Contango ORE by 80.0% during the second quarter. Van ECK Associates Corp now owns 819,087 shares of the company’s stock valued at $12,933,000 after acquiring an additional 364,062 shares in the last quarter. 19.14% of the stock is owned by hedge funds and other 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.