Eldorado Gold (NYSE:EGO) Rating Increased to Hold at Zacks Research

Key Points

• Zacks Research upgraded Eldorado Gold from “strong sell” to “hold,” while the broader analyst consensus remains “Moderate Buy” with a $43.00 price target.
• Eldorado Gold shares opened at $40.17, with a 52-week range of $24.44 to $51.16 and a market capitalization of approximately $10.5 billion.
• The company exceeded quarterly EPS expectations, reporting $0.54 versus the $0.52 consensus, although revenue of $487.5 million fell short of the $529.92 million estimate; institutional investors own 69.58% of the stock.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD was upgraded by equities research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Monday, Zacks reports.

Several other research analysts have also recently commented on the stock. Stifel Nicolaus upgraded shares of Eldorado Gold from a "hold" rating to a "buy" rating in a report on Friday, July 31st. Jefferies Financial Group began coverage on shares of Eldorado Gold in a research report on Thursday, August 20th. They issued a "buy" rating and a $50.00 price target for the company. Canadian Imperial Bank of Commerce raised shares of Eldorado Gold from a "neutral" rating to an "outperform" rating in a research note on Sunday, August 9th. Scotiabank lowered their price objective on shares of 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. Finally, Bank of America lifted their price objective on shares of Eldorado Gold from $31.00 to $33.00 and gave the stock an "underperform" rating in a research report on Thursday, July 9th. Two equities 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 issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $43.00.

Eldorado Gold Price Performance

Shares of NYSE:EGO opened at $40.17 on Monday. Eldorado Gold has a one year low of $24.44 and a one year high of $51.16. The stock has a fifty day moving average of $37.59 and a 200-day moving average of $35.29. The company has a market capitalization of $10.50 billion, a PE ratio of 14.25, a price-to-earnings-growth ratio of 0.30 and a beta of 0.71. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.85 and a current ratio of 1.31.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last issued its 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. The business had revenue of $487.50 million for the quarter, compared to analysts' expectations 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 analysts anticipate that Eldorado Gold will post 3.23 EPS for the current fiscal year.

Institutional Trading of Eldorado Gold

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in Eldorado Gold during the second quarter valued at approximately $587,469,000. Van ECK Associates Corp boosted its stake in shares of Eldorado Gold by 39.0% during the 2nd quarter. Van ECK Associates Corp now owns 18,678,256 shares of the basic materials company's stock valued at $580,739,000 after buying an additional 5,241,277 shares during the period. L1 Capital Pty Ltd boosted its stake in shares of Eldorado Gold by 35.2% during 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 period. Donald Smith & CO. Inc. purchased a new position in shares of Eldorado Gold during the 2nd quarter valued at $272,580,000. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of 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 valued at $199,274,000 after acquiring an additional 132,170 shares in the last quarter. 69.58% of the stock is owned by hedge funds and other institutional investors.

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.

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