Eldorado Gold (NYSE:EGO) Upgraded by Bank of America to Buy Rating

Eldorado Gold (NYSE:EGO) (TSE:ELD) was upgraded by analysts at Bank of America from an “underperform” rating to a “buy” rating in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a $54.00 target price on the basic materials company’s stock, up from their prior target price of $32.00. Bank of America‘s price target points to a potential upside of 27.30% from the stock’s previous close.

EGO has been the subject of several other research reports. Weiss Ratings upgraded Eldorado Gold from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, September 8th. Stifel Nicolaus raised Eldorado Gold from a “hold” rating to a “buy” rating in a report on Friday, July 31st. Zacks Research upgraded shares of Eldorado Gold from a “strong sell” rating to a “hold” rating in a research report on Monday, September 14th. Canadian Imperial Bank of Commerce raised shares of Eldorado Gold from a “neutral” rating to an “outperform” rating in a report on Sunday, August 9th. Finally, Scotiabank reduced their price objective on shares of Eldorado Gold from $55.00 to $47.00 and set a “sector outperform” rating for the company in a research report on Tuesday, July 14th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $46.57.

Eldorado Gold Price Performance

NYSE EGO opened at $42.42 on Tuesday. Eldorado Gold has a 12 month low of $24.44 and a 12 month high of $51.16. The firm has a market capitalization of $11.09 billion, a PE ratio of 15.04, a P/E/G ratio of 0.32 and a beta of 0.71. The company’s 50 day simple moving average is $38.57 and its 200 day simple moving average is $35.21. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.31 and a quick ratio of 0.85.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last issued its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The firm had revenue of $487.50 million during the quarter, compared to analyst estimates of $529.92 million. Eldorado Gold had a return on equity of 10.91% and a net margin of 29.83%. As a group, equities research analysts forecast that Eldorado Gold will post 3.21 EPS for the current fiscal year.

Hedge Funds Weigh In On Eldorado Gold

Hedge funds have recently modified their holdings of the stock. Caisse de depot et placement du Quebec purchased a new position in Eldorado Gold during the 2nd quarter worth approximately $7,356,000. Van ECK Associates Corp lifted its holdings in shares of Eldorado Gold by 39.0% in the second quarter. Van ECK Associates Corp now owns 18,678,256 shares of the basic materials company’s stock valued at $580,739,000 after purchasing an additional 5,241,277 shares in the last quarter. PSquared Asset Management AG purchased a new stake in shares of Eldorado Gold in the second quarter valued at $12,756,000. Jupiter Asset Management Ltd. boosted its position in shares of Eldorado Gold by 794.9% in the fourth quarter. Jupiter Asset Management Ltd. now owns 109,342 shares of the basic materials company’s stock worth $3,935,000 after buying an additional 97,124 shares during the period. Finally, L1 Global Manager Pty Ltd acquired a new stake in shares of Eldorado Gold in the fourth quarter worth $1,437,000. 69.58% of the stock is currently owned by institutional investors and hedge funds.

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.