Zacks Research Upgrades Eldorado Gold (NYSE:EGO) to “Hold”

Eldorado Gold (NYSE:EGO) (TSE:ELD) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Monday, Zacks reports.

A number of other research analysts also recently weighed in on the stock. Canadian Imperial Bank of Commerce upgraded shares of Eldorado Gold from a “neutral” rating to an “outperform” rating in a research report on Sunday, August 9th. Scotiabank dropped their target price on Eldorado Gold from $55.00 to $47.00 and set a “sector outperform” rating on the stock in a research report on Tuesday, July 14th. Royal Bank Of Canada cut their price target on Eldorado Gold from $39.00 to $37.00 and set a “sector perform” rating for the company in a research note on Thursday, July 9th. Jefferies Financial Group started coverage on Eldorado Gold in a research report on Thursday, August 20th. They set a “buy” rating and a $50.00 price target on the stock. Finally, Weiss Ratings raised Eldorado Gold from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, September 8th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $43.00.

Eldorado Gold Price Performance

Shares of NYSE EGO opened at $40.17 on Monday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.31 and a quick ratio of 0.85. The stock has a market capitalization of $10.50 billion, a price-to-earnings ratio of 14.25, a PEG ratio of 0.30 and a beta of 0.71. The firm’s 50 day simple moving average is $37.59 and its 200-day simple moving average is $35.29. Eldorado Gold has a 12 month low of $24.44 and a 12 month high of $51.16.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last announced its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. Eldorado Gold had a net margin of 29.83% and a return on equity of 10.91%. The firm had revenue of $487.50 million for the quarter, compared to the consensus estimate of $529.92 million. Analysts expect that Eldorado Gold will post 3.23 EPS for the current year.

Institutional Trading of Eldorado Gold

Institutional investors and hedge funds have recently modified their holdings of the stock. Engineers Gate Manager LP raised its position in shares of Eldorado Gold by 34.9% during the 2nd quarter. Engineers Gate Manager LP now owns 8,983 shares of the basic materials company’s stock worth $280,000 after purchasing an additional 2,324 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in Eldorado Gold by 8.4% in the 2nd quarter. NewEdge Advisors LLC now owns 63,641 shares of the basic materials company’s stock worth $1,979,000 after buying an additional 4,958 shares during the last quarter. Nykredit A S acquired a new stake in Eldorado Gold in the 2nd quarter worth about $143,000. HighTower Advisors LLC acquired a new stake in Eldorado Gold in the 2nd quarter worth about $239,000. Finally, TD Waterhouse Canada Inc. increased its stake in Eldorado Gold by 222.9% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 9,460 shares of the basic materials company’s stock worth $300,000 after buying an additional 6,530 shares in the last quarter. Hedge funds and other institutional investors own 69.58% of the company’s stock.

Eldorado Gold Company Profile

Eldorado Gold Corporation is a Vancouver-based mid-tier gold producer focused on the exploration, development and operation of precious-metals mining assets. The company primarily produces gold, with some operations also generating silver, lead and zinc concentrates.

Eldorado Gold operates the Lamaque gold mine in Quebec, Canada; the Kisladag and Efemcukuru gold mines in Türkiye; and the Olympias polymetallic mine in northern Greece. The company is also advancing the Skouries project in Greece, a copper-gold development that is expected to expand its production profile.

Founded in 1996, Eldorado has built an international portfolio through acquisitions, exploration and mine development.