Eldorado Gold (NYSE:EGO) Coverage Initiated at Royal Bank of Canada

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Equities researchers at Royal Bank of Canada started coverage on shares of Eldorado Gold (NYSE:EGO) (TSE:ELD) in a note issued to investors on Wednesday, The Fly reports. The firm set an “underperform” rating on the basic materials company’s stock.

A number of other research analysts have also weighed in on the stock. ValuEngine lowered shares of Eldorado Gold from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 2nd. Zacks Investment Research lowered shares of Eldorado Gold from a “buy” rating to a “hold” rating in a research note on Monday, September 23rd. CIBC set a $9.80 price target on shares of Eldorado Gold and gave the company a “hold” rating in a research note on Friday, November 1st. TD Securities lifted their price target on shares of Eldorado Gold from $7.00 to $9.00 and gave the company a “hold” rating in a research note on Tuesday, August 13th. Finally, National Bank Financial upgraded shares of Eldorado Gold from a “sector perform” rating to an “outperform” rating in a report on Thursday, September 12th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. Eldorado Gold currently has an average rating of “Hold” and an average target price of $9.26.

EGO traded down $0.25 during trading on Wednesday, reaching $7.92. The company had a trading volume of 1,783,081 shares, compared to its average volume of 2,664,366. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.26 and a quick ratio of 1.36. Eldorado Gold has a 12 month low of $2.52 and a 12 month high of $10.09. The business’s fifty day moving average price is $7.93 and its 200 day moving average price is $7.16. The company has a market cap of $1.25 billion, a P/E ratio of -46.59, a PEG ratio of 10.12 and a beta of 1.84.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last announced its quarterly earnings results on Thursday, October 31st. The basic materials company reported $0.05 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($0.03). Eldorado Gold had a negative net margin of 44.10% and a negative return on equity of 0.56%. The company had revenue of $172.26 million during the quarter. As a group, sell-side analysts predict that Eldorado Gold will post 0.16 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Lansdowne Partners UK LLP acquired a new position in shares of Eldorado Gold in the second quarter valued at approximately $31,277,000. Invesco Ltd. increased its position in Eldorado Gold by 2,044.2% during the 2nd quarter. Invesco Ltd. now owns 2,055,231 shares of the basic materials company’s stock valued at $11,961,000 after purchasing an additional 1,959,379 shares during the period. Renaissance Technologies LLC increased its position in Eldorado Gold by 78.2% during the 2nd quarter. Renaissance Technologies LLC now owns 3,600,533 shares of the basic materials company’s stock valued at $20,955,000 after purchasing an additional 1,579,544 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its position in Eldorado Gold by 61.5% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,959,700 shares of the basic materials company’s stock valued at $11,413,000 after purchasing an additional 746,117 shares during the period. Finally, Millennium Management LLC increased its position in Eldorado Gold by 203.9% during the 3rd quarter. Millennium Management LLC now owns 974,884 shares of the basic materials company’s stock valued at $7,574,000 after purchasing an additional 654,107 shares during the period. 50.09% of the stock is owned by hedge funds and other institutional investors.

Eldorado Gold Company Profile

Eldorado Gold Corporation, together with its subsidiaries, engages in the exploration, development, and mining of gold properties in Turkey, Greece, Brazil, Serbia, Canada, and Romania. The company holds 100% interests in the Kisladag and Efemcukuru gold mines in Turkey; Lamaque gold project in Canada; Perama Hill gold-silver project and Sapes in Greece; and Vila Nova iron ore mine and 100% interest in Tocantinzinho gold project in Brazil.

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Analyst Recommendations for Eldorado Gold (NYSE:EGO)

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