Eldorado Gold (NYSE:EGO) Stock Price Up 7.2% – Here’s Why
by Michael Walen · The Markets DailyShares of Eldorado Gold Corporation (NYSE:EGO – Get Free Report) (TSE:ELD) traded up 7.2% during mid-day trading on Wednesday . The company traded as high as $45.93 and last traded at $45.9630. 1,443,238 shares were traded during trading, a decline of 6% from the average session volume of 1,540,122 shares. The stock had previously closed at $42.89.
Wall Street Analyst Weigh In
A number of equities analysts have recently commented on the company. National Bankshares reiterated an “outperform” rating on shares of Eldorado Gold in a research note on Tuesday, November 4th. Canaccord Genuity Group raised Eldorado Gold from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 22nd. Wall Street Zen lowered Eldorado Gold from a “buy” rating to a “hold” rating in a report on Saturday, October 11th. Scotiabank raised their price objective on shares of Eldorado Gold from $25.50 to $33.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 23rd. Finally, Bank of America boosted their target price on shares of Eldorado Gold from $28.00 to $29.00 and gave the stock an “underperform” rating in a research report on Monday, December 1st. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $31.20.
Eldorado Gold Trading Up 2.3%
The business has a 50-day moving average price of $35.17 and a 200-day moving average price of $28.57. The company has a quick ratio of 2.28, a current ratio of 2.79 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $9.17 billion, a P/E ratio of 25.67, a PEG ratio of 0.23 and a beta of 0.54.
Eldorado Gold (NYSE:EGO – Get Free Report) (TSE:ELD) last posted its quarterly earnings results on Thursday, October 30th. The basic materials company reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.08). The business had revenue of $436.44 million for the quarter, compared to analyst estimates of $422.25 million. Eldorado Gold had a return on equity of 8.89% and a net margin of 22.15%. Analysts anticipate that Eldorado Gold Corporation will post 1.5 earnings per share for the current year.
Eldorado Gold Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be paid a $0.075 dividend. The ex-dividend date of this dividend is Friday, February 27th. This represents a $0.30 dividend on an annualized basis and a yield of 0.6%.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EGO. Goldman Sachs Group Inc. grew its stake in shares of Eldorado Gold by 50.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 798,205 shares of the basic materials company’s stock valued at $13,426,000 after purchasing an additional 266,048 shares during the period. Counterpoint Mutual Funds LLC bought a new position in shares of Eldorado Gold during the 2nd quarter worth approximately $349,000. Public Employees Retirement System of Ohio boosted its stake in Eldorado Gold by 8.5% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 82,847 shares of the basic materials company’s stock valued at $1,683,000 after buying an additional 6,475 shares in the last quarter. Ruffer LLP grew its position in Eldorado Gold by 10.2% in the second quarter. Ruffer LLP now owns 1,093,553 shares of the basic materials company’s stock valued at $22,243,000 after acquiring an additional 101,456 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its stake in Eldorado Gold by 10.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 278,300 shares of the basic materials company’s stock worth $5,669,000 after acquiring an additional 26,000 shares in the last quarter. Institutional investors own 69.58% of the company’s stock.
Eldorado Gold Company Profile
Eldorado Gold Corporation is a Canada‐based gold producer engaged in the acquisition, exploration, development and operation of mineral properties. The company’s core focus is on gold, silver and select base metals, with an emphasis on advancing projects through feasibility and into production. Eldorado Gold maintains a diversified portfolio of both producing mines and advanced‐stage development projects.
Operationally, Eldorado Gold manages multiple gold mining operations across Turkey, Canada and Greece.