Eldorado Gold (NYSE:EGO) Hits New 1-Year High on Analyst Upgrade

Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD)’s share price hit a new 52-week high on Thursday after Bank of America raised their price target on the stock from $25.00 to $28.00. Bank of America currently has an underperform rating on the stock. Eldorado Gold traded as high as $30.14 and last traded at $30.38, with a volume of 881837 shares changing hands. The stock had previously closed at $29.18.

EGO has been the topic of a number of other research reports. National Bankshares reiterated an “outperform” rating on shares of Eldorado Gold in a report on Wednesday, July 16th. Weiss Ratings reiterated a “buy (b)” rating on shares of Eldorado Gold in a report on Wednesday, October 8th. Scotiabank reissued a “sector perform” rating on shares of Eldorado Gold in a research report on Monday, August 11th. Wall Street Zen lowered Eldorado Gold from a “buy” rating to a “hold” rating in a research report on Saturday, October 11th. Finally, CIBC raised their price objective on Eldorado Gold from $32.00 to $46.00 and gave the company an “outperformer” rating in a research report on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Eldorado Gold currently has a consensus rating of “Moderate Buy” and an average price target of $26.67.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in EGO. Continuum Advisory LLC increased its position in shares of Eldorado Gold by 335.3% during the first quarter. Continuum Advisory LLC now owns 2,525 shares of the basic materials company’s stock worth $42,000 after acquiring an additional 1,945 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Eldorado Gold by 11.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 252,300 shares of the basic materials company’s stock worth $4,242,000 after acquiring an additional 25,000 shares during the last quarter. D.A. Davidson & CO. purchased a new stake in shares of Eldorado Gold during the first quarter worth about $374,000. Bank of New York Mellon Corp increased its position in shares of Eldorado Gold by 36.7% during the first quarter. Bank of New York Mellon Corp now owns 18,479 shares of the basic materials company’s stock worth $311,000 after acquiring an additional 4,966 shares during the last quarter. Finally, Alps Advisors Inc. purchased a new stake in shares of Eldorado Gold during the first quarter worth about $250,000. 69.58% of the stock is owned by hedge funds and other institutional investors.

Eldorado Gold Stock Performance

The firm has a market capitalization of $6.27 billion, a PE ratio of 15.51, a price-to-earnings-growth ratio of 0.44 and a beta of 0.44. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.23 and a quick ratio of 2.65. The stock has a 50-day moving average price of $26.35 and a 200-day moving average price of $22.07.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last announced its earnings results on Thursday, July 31st. The basic materials company reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.07). Eldorado Gold had a return on equity of 8.79% and a net margin of 26.07%.The business had revenue of $459.53 million for the quarter, compared to analysts’ expectations of $401.85 million. On average, research analysts expect that Eldorado Gold Corporation will post 1.5 EPS for the current fiscal year.

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.