Cormark Analysts Boost Earnings Estimates for Eldorado Gold Co. (NYSE:EGO)

Eldorado Gold Co. (NYSE:EGOGet Rating) (TSE:ELD) – Analysts at Cormark boosted their Q3 2022 earnings per share estimates for shares of Eldorado Gold in a research note issued on Monday, May 2nd. Cormark analyst R. Gray now anticipates that the basic materials company will post earnings of $0.17 per share for the quarter, up from their prior estimate of $0.15. Cormark also issued estimates for Eldorado Gold’s Q4 2022 earnings at $0.22 EPS, FY2022 earnings at $0.38 EPS, FY2023 earnings at $0.81 EPS and FY2024 earnings at $1.19 EPS.

Eldorado Gold (NYSE:EGOGet Rating) (TSE:ELD) last released its quarterly earnings results on Thursday, February 24th. The basic materials company reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.03. The firm had revenue of $244.60 million during the quarter. Eldorado Gold had a negative net margin of 51.36% and a positive return on equity of 2.05%.

EGO has been the subject of a number of other research reports. Zacks Investment Research upgraded shares of Eldorado Gold from a “sell” rating to a “hold” rating in a report on Tuesday, March 22nd. StockNews.com began coverage on shares of Eldorado Gold in a report on Thursday, March 31st. They issued a “hold” rating for the company. TD Securities increased their price objective on shares of Eldorado Gold from $11.50 to $12.50 and gave the company a “hold” rating in a report on Tuesday, March 1st. Finally, National Bank Financial increased their price objective on shares of Eldorado Gold from C$18.00 to C$20.00 in a report on Wednesday, April 20th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $15.00.

EGO stock opened at $9.46 on Tuesday. The company has a current ratio of 3.52, a quick ratio of 2.66 and a debt-to-equity ratio of 0.13. Eldorado Gold has a 12 month low of $7.45 and a 12 month high of $12.49. The firm has a 50-day moving average of $11.25 and a two-hundred day moving average of $10.07.

Several institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC boosted its position in shares of Eldorado Gold by 7.3% during the 3rd quarter. Renaissance Technologies LLC now owns 5,703,273 shares of the basic materials company’s stock worth $44,091,000 after purchasing an additional 387,346 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Eldorado Gold by 1,952.7% during the 3rd quarter. Goldman Sachs Group Inc. now owns 5,082,064 shares of the basic materials company’s stock worth $39,284,000 after purchasing an additional 4,834,490 shares during the period. Invesco Ltd. boosted its position in shares of Eldorado Gold by 11.4% during the 3rd quarter. Invesco Ltd. now owns 2,995,204 shares of the basic materials company’s stock worth $23,153,000 after purchasing an additional 307,190 shares during the period. Donald Smith & CO. Inc. boosted its position in shares of Eldorado Gold by 123.6% during the 3rd quarter. Donald Smith & CO. Inc. now owns 2,666,610 shares of the basic materials company’s stock worth $20,613,000 after purchasing an additional 1,474,109 shares during the period. Finally, Norges Bank purchased a new position in shares of Eldorado Gold during the 4th quarter worth approximately $18,508,000. 58.83% of the stock is owned by institutional investors and hedge funds.

About Eldorado Gold (Get Rating)

Eldorado Gold Corporation, together with its subsidiaries, engages in the mining, exploration, development, and sale of mineral products, primarily in Turkey, Canada, Greece, Brazil, and Romania. The company primarily produces gold, as well as silver, lead, zinc, and iron ore. It holds a 100% interest in the Kisladag and Efemcukuru gold mines located in western Turkey; Lamaque gold mines located in Canada; and Olympias, Stratoni, Skouries, Perama Hill, and Sapes gold mines located in Greece, as well as the Certej and Bolcana development projects located in Romania; and 100% interest in the Tocantinzinho development project located in Brazil.

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Earnings History and Estimates for Eldorado Gold (NYSE:EGO)

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