Scotiabank Issues Pessimistic Forecast for Eldorado Gold (NYSE:EGO) Stock Price

Eldorado Gold (NYSE:EGO) (TSE:ELD) had its price target cut by research analysts at Scotiabank from $59.00 to $58.00 in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The firm currently has a “sector outperform” rating on the basic materials company’s stock. Scotiabank’s price objective would indicate a potential upside of 27.25% from the stock’s previous close.

A number of other brokerages have also recently commented on EGO. Canadian Imperial Bank of Commerce cut Eldorado Gold from a “sector outperform” rating to a “neutral” rating and set a $54.00 price target on the stock. in a research report on Friday, February 20th. National Bank Financial reissued an “outperform” rating on shares of Eldorado Gold in a report on Tuesday, November 4th. TD Cowen reduced their price target on shares of Eldorado Gold from $47.00 to $45.00 and set a “hold” rating on the stock in a research report on Tuesday. Bank of America lifted their price objective on shares of Eldorado Gold from $28.00 to $29.00 and gave the company an “underperform” rating in a research note on Monday, December 1st. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Eldorado Gold in a research note on Wednesday, January 21st. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $43.71.

Eldorado Gold Stock Up 2.7%

Shares of EGO opened at $45.58 on Wednesday. Eldorado Gold has a 12 month low of $13.30 and a 12 month high of $51.16. The firm’s 50 day moving average is $41.49 and its 200-day moving average is $32.47. The stock has a market capitalization of $9.05 billion, a PE ratio of 18.38, a P/E/G ratio of 0.20 and a beta of 0.51. The company has a current ratio of 1.83, a quick ratio of 1.46 and a debt-to-equity ratio of 0.29.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last issued its quarterly earnings results on Thursday, February 19th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.01). The company had revenue of $575.14 million during the quarter, compared to the consensus estimate of $500.42 million. Eldorado Gold had a net margin of 27.89% and a return on equity of 8.63%. Equities research analysts forecast that Eldorado Gold will post 1.5 EPS for the current year.

Hedge Funds Weigh In On Eldorado Gold

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Van ECK Associates Corp boosted its stake in shares of Eldorado Gold by 33.9% during 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 purchasing an additional 4,173,963 shares in the last quarter. L1 Capital Pty Ltd raised its holdings in Eldorado Gold by 35.2% in the 4th quarter. L1 Capital Pty Ltd now owns 9,640,407 shares of the basic materials company’s stock valued at $346,283,000 after buying an additional 2,512,168 shares during the last quarter. Vanguard Group Inc. raised its holdings in Eldorado Gold by 2.6% in the 3rd quarter. Vanguard Group Inc. now owns 8,387,901 shares of the basic materials company’s stock valued at $242,226,000 after buying an additional 209,947 shares during the last quarter. Jennison Associates LLC boosted its position in Eldorado Gold by 2.3% during the 3rd quarter. Jennison Associates LLC now owns 8,173,003 shares of the basic materials company’s stock worth $236,118,000 after buying an additional 182,780 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Eldorado Gold by 2.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,546,074 shares of the basic materials company’s stock worth $199,274,000 after acquiring an additional 132,170 shares during the last quarter. Institutional investors and hedge funds own 69.58% of the company’s stock.

About Eldorado Gold

Eldorado Gold Corporation is a Canada‐based gold producer engaged in the acquisition, exploration, development and operation of mineral properties. The company’s core focus is on gold, silver and select base metals, with an emphasis on advancing projects through feasibility and into production. Eldorado Gold maintains a diversified portfolio of both producing mines and advanced‐stage development projects.

Operationally, Eldorado Gold manages multiple gold mining operations across Turkey, Canada and Greece.