Eldorado Gold (NYSE:EGO) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of Eldorado Gold (NYSE:EGO) (TSE:ELD) from a hold rating to a buy rating in a research note released on Wednesday morning.

EGO has been the subject of a number of other reports. BMO Capital Markets initiated coverage on Eldorado Gold in a report on Friday, June 9th. They issued an outperform rating and a C$17.00 price target for the company. TD Securities lowered their price objective on Eldorado Gold from $12.00 to $11.00 and set a hold rating on the stock in a report on Monday, July 31st. Royal Bank of Canada reissued a sector perform rating and set a $9.50 target price on shares of Eldorado Gold in a report on Tuesday, August 8th. CSFB lowered their price target on Eldorado Gold from $10.75 to $9.00 and set an underperform rating on the stock in a research note on Thursday, August 17th. Finally, National Bank Financial raised Eldorado Gold from a sector perform rating to an outperform rating in a research note on Wednesday, June 7th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $12.49.

Eldorado Gold Price Performance

NYSE EGO opened at $9.63 on Wednesday. The stock’s fifty day moving average price is $9.76 and its 200 day moving average price is $10.13. Eldorado Gold has a 1 year low of $5.06 and a 1 year high of $12.11. The company has a debt-to-equity ratio of 0.16, a current ratio of 3.75 and a quick ratio of 2.67. The company has a market cap of $1.97 billion, a price-to-earnings ratio of 120.38 and a beta of 1.23.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last announced its quarterly earnings data on Thursday, July 27th. The basic materials company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.02. Eldorado Gold had a return on equity of 1.67% and a net margin of 1.48%. The firm had revenue of $229.86 million during the quarter. As a group, equities research analysts forecast that Eldorado Gold will post 0.37 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in EGO. Helikon Investments Ltd increased its stake in Eldorado Gold by 13.6% during the second quarter. Helikon Investments Ltd now owns 28,936,990 shares of the basic materials company’s stock worth $292,264,000 after acquiring an additional 3,464,840 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Eldorado Gold by 3.6% during the 1st quarter. Van ECK Associates Corp now owns 20,631,141 shares of the basic materials company’s stock worth $213,739,000 after purchasing an additional 722,413 shares during the last quarter. BlackRock Inc. raised its holdings in Eldorado Gold by 1.4% in the 1st quarter. BlackRock Inc. now owns 10,321,583 shares of the basic materials company’s stock valued at $115,706,000 after buying an additional 141,298 shares during the period. Donald Smith & CO. Inc. boosted its stake in Eldorado Gold by 1.3% during the first quarter. Donald Smith & CO. Inc. now owns 9,925,322 shares of the basic materials company’s stock worth $102,826,000 after buying an additional 130,846 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of Eldorado Gold by 2.9% during the third quarter. Vanguard Group Inc. now owns 6,261,799 shares of the basic materials company’s stock valued at $37,758,000 after acquiring an additional 175,914 shares during the last quarter. 58.23% of the stock is currently owned by institutional investors and hedge funds.

Eldorado Gold Company Profile

Eldorado Gold Corporation, together with its subsidiaries, engages in the mining, exploration, development, and sale of mineral products primarily in Turkey, Canada, Greece, and Romania. The company primarily produces gold, as well as silver, lead, and zinc. It holds a 100% interest in the Kisladag and Efemçukuru 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 80.5% interest in Certej development projects located in Romania.