Royal Bank of Canada Increases Eldorado Gold (NYSE:EGO) Price Target to $22.00

Eldorado Gold (NYSE:EGO) (TSE:ELD) had its price objective lifted by equities research analysts at Royal Bank of Canada from $20.00 to $22.00 in a report issued on Tuesday, BayStreet.CA reports. The brokerage presently has an “outperform” rating on the basic materials company’s stock. Royal Bank of Canada’s target price suggests a potential upside of 35.30% from the company’s previous close.

Several other research analysts have also weighed in on EGO. Scotiabank upped their target price on shares of Eldorado Gold from $18.00 to $20.00 and gave the stock a “sector perform” rating in a research report on Monday, August 19th. CIBC lifted their price objective on Eldorado Gold from $18.00 to $22.50 and gave the stock an “outperformer” rating in a report on Wednesday, July 10th. Finally, StockNews.com upgraded Eldorado Gold from a “hold” rating to a “buy” rating in a research report on Monday, July 1st. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $19.38.

Eldorado Gold Stock Performance

Shares of Eldorado Gold stock traded up $0.20 on Tuesday, reaching $16.26. 331,248 shares of the stock were exchanged, compared to its average volume of 1,512,245. Eldorado Gold has a 1-year low of $8.30 and a 1-year high of $18.38. The business has a fifty day moving average price of $16.63 and a two-hundred day moving average price of $15.16. The firm has a market capitalization of $3.33 billion, a PE ratio of 28.53 and a beta of 0.95. The company has a current ratio of 3.62, a quick ratio of 2.65 and a debt-to-equity ratio of 0.20.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last released its quarterly earnings data on Thursday, July 25th. The basic materials company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.07. Eldorado Gold had a return on equity of 5.82% and a net margin of 15.67%. The firm had revenue of $297.14 million during the quarter. During the same quarter in the previous year, the company posted $0.09 EPS. As a group, research analysts anticipate that Eldorado Gold will post 1.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Eldorado Gold

A number of institutional investors have recently modified their holdings of the company. Sanctuary Advisors LLC purchased a new stake in Eldorado Gold in the 2nd quarter valued at about $488,000. Cetera Investment Advisers raised its stake in Eldorado Gold by 61.0% during the second quarter. Cetera Investment Advisers now owns 73,864 shares of the basic materials company’s stock worth $1,092,000 after purchasing an additional 27,991 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Eldorado Gold by 1.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 169,435 shares of the basic materials company’s stock valued at $2,499,000 after purchasing an additional 2,472 shares during the last quarter. Millennium Management LLC grew its stake in shares of Eldorado Gold by 230.6% during the 2nd quarter. Millennium Management LLC now owns 188,529 shares of the basic materials company’s stock valued at $2,788,000 after buying an additional 332,913 shares during the period. Finally, Maverick Capital Ltd. purchased a new position in shares of Eldorado Gold in the 2nd quarter worth $1,256,000. Institutional investors and hedge funds own 69.58% of the company’s stock.

Eldorado Gold Company Profile

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.