Eldorado Gold (NYSE:EGO) Shares Down 5.5% Following Weak Earnings

Shares of Eldorado Gold Co. (NYSE:EGO) (TSE:ELD) were down 5.5% during trading on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $17.87 and last traded at $17.80. Approximately 258,675 shares were traded during trading, a decline of 84% from the average daily volume of 1,576,033 shares. The stock had previously closed at $18.84.

The basic materials company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.04). The business had revenue of $341.59 million for the quarter, compared to analysts’ expectations of $319.83 million. Eldorado Gold had a return on equity of 8.74% and a net margin of 21.86%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on EGO shares. Royal Bank of Canada upped their target price on Eldorado Gold from $20.00 to $21.00 and gave the stock an “outperform” rating in a research report on Friday, April 4th. Scotiabank increased their price objective on shares of Eldorado Gold from $16.50 to $19.00 and gave the company a “sector perform” rating in a research report on Monday, April 14th. StockNews.com upgraded shares of Eldorado Gold from a “hold” rating to a “buy” rating in a research note on Thursday, April 10th. National Bank Financial upgraded shares of Eldorado Gold to a “strong-buy” rating in a research note on Friday, March 21st. Finally, National Bankshares reaffirmed an “outperform” rating on shares of Eldorado Gold in a research note on Wednesday, April 23rd. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Eldorado Gold has an average rating of “Moderate Buy” and a consensus target price of $20.38.

Institutional Trading of Eldorado Gold

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Donald Smith & CO. Inc. increased its position in shares of Eldorado Gold by 2.6% in the 4th quarter. Donald Smith & CO. Inc. now owns 12,100,980 shares of the basic materials company’s stock worth $179,942,000 after purchasing an additional 309,599 shares during the last quarter. Vanguard Group Inc. increased its holdings in Eldorado Gold by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 7,881,402 shares of the basic materials company’s stock valued at $117,228,000 after buying an additional 136,594 shares during the last quarter. Jennison Associates LLC raised its stake in Eldorado Gold by 17.5% during the fourth quarter. Jennison Associates LLC now owns 7,090,185 shares of the basic materials company’s stock valued at $105,431,000 after buying an additional 1,058,137 shares in the last quarter. Carrhae Capital LLP lifted its holdings in Eldorado Gold by 10.7% during the 1st quarter. Carrhae Capital LLP now owns 6,689,304 shares of the basic materials company’s stock worth $112,514,000 after buying an additional 648,574 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Eldorado Gold by 1.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,971,617 shares of the basic materials company’s stock worth $73,927,000 after acquiring an additional 74,389 shares in the last quarter. Institutional investors own 69.58% of the company’s stock.

Eldorado Gold Stock Down 1.7 %

The stock has a fifty day moving average price of $16.81 and a two-hundred day moving average price of $16.10. The firm has a market capitalization of $3.76 billion, a P/E ratio of 13.08 and a beta of 0.81. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.54 and a current ratio of 3.37.

About Eldorado Gold

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 mines located in Turkey; Lamaque complex 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.