Contango ORE (NYSEAMERICAN:CTGO) Shares Cross Above 50-Day Moving Average – What’s Next?

Shares of Contango ORE, Inc. (NYSEAMERICAN:CTGO) passed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $24.82 and traded as high as $28.01. Contango ORE shares last traded at $27.31, with a volume of 314,977 shares.

Wall Street Analysts Forecast Growth

CTGO has been the topic of a number of research analyst reports. Zacks Research downgraded shares of Contango ORE from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 19th. Roth Capital reiterated a “buy” rating and issued a $35.00 price target on shares of Contango ORE in a report on Tuesday, September 30th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Contango ORE currently has a consensus rating of “Moderate Buy” and an average price target of $32.34.

Contango ORE Trading Up 0.5%

The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.64. The stock’s 50 day moving average is $24.82 and its two-hundred day moving average is $22.89. The company has a market capitalization of $408.56 million, a PE ratio of 273.10 and a beta of -0.35.

Hedge Funds Weigh In On Contango ORE

Several institutional investors have recently bought and sold shares of CTGO. Bank of America Corp DE raised its stake in Contango ORE by 40.1% in the fourth quarter. Bank of America Corp DE now owns 10,262 shares of the company’s stock worth $103,000 after buying an additional 2,936 shares in the last quarter. AlphaQuest LLC purchased a new position in shares of Contango ORE in the 2nd quarter valued at $83,000. JPMorgan Chase & Co. raised its position in shares of Contango ORE by 235.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 18,585 shares of the company’s stock worth $362,000 after acquiring an additional 13,052 shares in the last quarter. Rhumbline Advisers lifted its stake in shares of Contango ORE by 24.1% during the 2nd quarter. Rhumbline Advisers now owns 13,838 shares of the company’s stock worth $270,000 after purchasing an additional 2,690 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of Contango ORE during the 2nd quarter worth $593,000. 19.14% of the stock is 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.