Contango ORE (NYSEAMERICAN:CTGO) Shares Pass Above 50 Day Moving Average - Should You Sell?

Key Points

• Contango ORE shares rose above their 50-day moving average, reaching $20.28 and last trading at $20.00 on volume of 290,249 shares.
• Analysts maintain a generally positive outlook: the stock has a “Moderate Buy” consensus rating and a $33.50 target price, while Zacks Research recently upgraded it to “Hold.”
• The company exceeded quarterly earnings expectations with $0.14 in EPS versus a projected loss of $0.04. Insider activity was mixed, with the CEO buying shares while the CFO sold a portion of his holdings.

Contango ORE, Inc. (NYSEAMERICAN:CTGO - Get Free Report)'s stock price 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 trading hands.

Wall Street Analyst Weigh In

Separately, Zacks Research raised Contango ORE to a "hold" rating in a report on Wednesday, May 20th. 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 stock currently has an average rating of "Moderate Buy" and a consensus target price of $33.50.

Contango ORE Trading Up 1.2%

The firm's fifty day moving average price is $17.99 and its 200-day moving average price is $20.26. The company has a market cap of $670 million, a price-to-earnings ratio of -6.80 and a beta of 0.04. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.06 and a quick ratio of 1.06.

Contango ORE (NYSEAMERICAN:CTGO - Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The company reported $0.14 earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.18. On average, equities analysts expect that Contango ORE, Inc. will post 0.4 EPS for the current fiscal year.

Insider Activity

In other news, CEO Nieuwenhuyse Rick Van purchased 4,111 shares of the company's stock in a transaction on Thursday, June 25th. The shares were bought at an average price of $15.24 per share, for a total transaction of $62,651.64. Following the completion of the purchase, the chief executive officer owned 555,251 shares of the company's stock, valued at $8,462,025.24. This trade represents a 0.75% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michael Aaron Clark sold 1,289 shares of Contango ORE stock in a transaction that occurred 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 directly owned 54,709 shares in the company, valued at approximately $1,145,606.46. This trade represents a 2.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 5.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Contango ORE

Large investors have recently added to or reduced their stakes in the business. Bank of America Corp DE raised its stake in Contango ORE by 40.1% during the 4th quarter. Bank of America Corp DE now owns 10,262 shares of the company's stock valued at $103,000 after acquiring an additional 2,936 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Contango ORE by 235.9% in the second quarter. JPMorgan Chase & Co. now owns 18,585 shares of the company's stock worth $362,000 after purchasing an additional 13,052 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of Contango ORE by 24.1% during the second quarter. Rhumbline Advisers now owns 13,838 shares of the company's stock valued at $270,000 after purchasing an additional 2,690 shares during the period. Walleye Capital LLC acquired a new position in shares of Contango ORE during the second quarter valued at $232,000. Finally, Occudo Quantitative Strategies LP bought a new stake in shares of Contango ORE during the second quarter valued at about $230,000. 19.14% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.