Eldorado Gold (NYSE:EGO) Hits New 1-Year High – Still a Buy?

Shares of Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD) reached a new 52-week high on Friday . The stock traded as high as $31.33 and last traded at $31.0330, with a volume of 48836 shares traded. The stock had previously closed at $30.68.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Canaccord Genuity Group raised Eldorado Gold from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 22nd. CIBC raised their price objective on shares of Eldorado Gold from $32.00 to $46.00 and gave the stock an “outperformer” rating in a research report on Friday, October 10th. Wall Street Zen downgraded shares of Eldorado Gold from a “buy” rating to a “hold” rating in a research report on Saturday, October 11th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Eldorado Gold in a research note on Wednesday, October 8th. Finally, Bank of America increased their price objective on shares of Eldorado Gold from $25.00 to $28.00 and gave the stock an “underperform” rating in a research report on Thursday, October 16th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $31.00.

Eldorado Gold Price Performance

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 business’s fifty day moving average price is $27.90 and its 200-day moving average price is $24.03. The stock has a market capitalization of $6.30 billion, a price-to-earnings ratio of 15.76, a PEG ratio of 0.29 and a beta of 0.49.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last announced its quarterly earnings results on Thursday, October 30th. The basic materials company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.08). The business had revenue of $436.44 million during the quarter, compared to the consensus estimate of $422.25 million. Eldorado Gold had a net margin of 26.07% and a return on equity of 8.79%. On average, research analysts forecast that Eldorado Gold Corporation will post 1.5 EPS for the current year.

Institutional Investors Weigh In On Eldorado Gold

A number of institutional investors and hedge funds have recently bought and sold shares of EGO. Van ECK Associates Corp grew its holdings in shares of Eldorado Gold by 33.9% in the third quarter. Van ECK Associates Corp now owns 16,499,858 shares of the basic materials company’s stock valued at $476,679,000 after acquiring an additional 4,173,963 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Eldorado Gold by 228.2% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 4,994,328 shares of the basic materials company’s stock valued at $101,649,000 after purchasing an additional 3,472,504 shares during the period. Candriam S.C.A. purchased a new stake in shares of Eldorado Gold during the 1st quarter valued at $27,281,000. L1 Capital Pty Ltd raised its stake in shares of Eldorado Gold by 22.7% during the 1st quarter. L1 Capital Pty Ltd now owns 8,774,080 shares of the basic materials company’s stock worth $147,580,000 after purchasing an additional 1,621,173 shares during the period. Finally, Invenomic Capital Management LP boosted its holdings in shares of Eldorado Gold by 127.2% in the 1st quarter. Invenomic Capital Management LP now owns 2,262,181 shares of the basic materials company’s stock worth $38,050,000 after buying an additional 1,266,329 shares during the last quarter. 69.58% of the stock is owned by hedge funds and other institutional investors.

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.