Eldorado Gold (NYSE:EGO) Stock Price Expected to Rise, Bank of America Analyst Says

Eldorado Gold (NYSE:EGO) (TSE:ELD) had its price target increased by Bank of America from $25.00 to $28.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “underperform” rating on the basic materials company’s stock. Bank of America‘s target price indicates a potential downside of 0.69% from the company’s previous close.

A number of other analysts have also recently weighed in on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Eldorado Gold in a research note on Wednesday, October 8th. National Bankshares reissued an “outperform” rating on shares of Eldorado Gold in a research note on Wednesday, July 16th. Scotiabank reissued a “sector perform” rating on shares of Eldorado Gold in a research note on Monday, August 11th. CIBC boosted their price objective on shares of Eldorado Gold from $32.00 to $46.00 and gave the stock an “outperformer” rating in a research note on Friday, October 10th. Finally, Wall Street Zen cut shares of Eldorado Gold from a “buy” rating to a “hold” rating in a research note on Saturday, October 11th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Eldorado Gold has an average rating of “Moderate Buy” and a consensus price target of $26.67.

Eldorado Gold Stock Down 8.6%

Shares of EGO opened at $28.19 on Thursday. Eldorado Gold has a 12 month low of $13.29 and a 12 month high of $30.89. The firm’s 50 day moving average is $26.46 and its 200-day moving average is $22.14. The stock has a market capitalization of $5.73 billion, a PE ratio of 14.17, a P/E/G ratio of 0.47 and a beta of 0.44. The company has a current ratio of 3.23, a quick ratio of 2.65 and a debt-to-equity ratio of 0.28.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last announced its quarterly earnings data 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). The firm had revenue of $459.53 million during the quarter, compared to the consensus estimate of $401.85 million. Eldorado Gold had a net margin of 26.07% and a return on equity of 8.79%. Equities research analysts forecast that Eldorado Gold will post 1.5 EPS for the current year.

Hedge Funds Weigh In On Eldorado Gold

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Net Worth Advisory Group acquired a new position in Eldorado Gold in the third quarter valued at $223,000. TT International Asset Management LTD acquired a new stake in shares of Eldorado Gold in the 3rd quarter valued at about $1,186,000. Osaic Holdings Inc. increased its position in Eldorado Gold by 7.8% in the 2nd quarter. Osaic Holdings Inc. now owns 29,712 shares of the basic materials company’s stock valued at $604,000 after buying an additional 2,153 shares in the last quarter. State of Wyoming acquired a new position in Eldorado Gold during the 2nd quarter worth approximately $58,000. Finally, Headlands Technologies LLC acquired a new position in Eldorado Gold during the 2nd quarter worth approximately $32,000. Institutional investors and hedge funds own 69.58% of the company’s stock.

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.