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

Key Points

• Bank of America upgraded Eldorado Gold from “underperform” to “buy” and raised its price target from $32 to $54, implying approximately 27.3% upside.
• Analyst sentiment has generally improved, with Eldorado Gold carrying a consensus “Moderate Buy” rating and an average price target of $46.57.
• The company reported quarterly EPS of $0.54, slightly exceeding estimates, while institutional investors own approximately 69.6% of its shares.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD was upgraded by investment analysts at Bank of America from an "underperform" rating to a "buy" rating in a report released on Tuesday, Benzinga reports. The brokerage presently has a $54.00 price objective on the basic materials company's stock, up from their previous price objective of $32.00. Bank of America's price target points to a potential upside of 27.30% from the stock's current price.

EGO has been the subject of several other reports. Scotiabank decreased their price target on shares of Eldorado Gold from $55.00 to $47.00 and set a "sector outperform" rating for the company in a report on Tuesday, July 14th. Jefferies Financial Group started coverage on shares of Eldorado Gold in a research note on Thursday, August 20th. They set a "buy" rating and a $50.00 price objective on the stock. Weiss Ratings upgraded Eldorado Gold from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, September 8th. Stifel Nicolaus raised Eldorado Gold from a "hold" rating to a "buy" rating in a report on Friday, July 31st. Finally, Zacks Research upgraded Eldorado Gold from a "strong sell" rating to a "hold" rating in a research report on Monday, September 14th. Two research 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 stock. According to MarketBeat, Eldorado Gold currently has an average rating of "Moderate Buy" and a consensus target price of $46.57.

Eldorado Gold Price Performance

Shares of NYSE EGO opened at $42.42 on Tuesday. The company has a current ratio of 1.31, a quick ratio of 0.85 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $11.09 billion, a price-to-earnings ratio of 15.04, a price-to-earnings-growth ratio of 0.32 and a beta of 0.71. Eldorado Gold has a twelve month low of $24.44 and a twelve month high of $51.16. The business has a 50 day simple moving average of $38.57 and a 200-day simple moving average of $35.21.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last announced its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.02. Eldorado Gold had a return on equity of 10.91% and a net margin of 29.83%.The firm had revenue of $487.50 million for the quarter, compared to analysts' expectations of $529.92 million. As a group, equities research analysts expect that Eldorado Gold will post 3.21 earnings per share for the current year.

Institutional Investors Weigh In On Eldorado Gold

A number of hedge funds have recently made changes to their positions in EGO. Engineers Gate Manager LP boosted its position in shares of Eldorado Gold by 34.9% during the second quarter. Engineers Gate Manager LP now owns 8,983 shares of the basic materials company's stock worth $280,000 after buying an additional 2,324 shares during the period. NewEdge Advisors LLC boosted its position in Eldorado Gold by 8.4% during the 2nd quarter. NewEdge Advisors LLC now owns 63,641 shares of the basic materials company's stock worth $1,979,000 after acquiring an additional 4,958 shares during the period. Nykredit A S bought a new position in shares of Eldorado Gold in the second quarter worth $143,000. HighTower Advisors LLC bought a new position in shares of Eldorado Gold in the second quarter worth $239,000. Finally, TD Waterhouse Canada Inc. increased its holdings in shares of Eldorado Gold by 222.9% during the second quarter. TD Waterhouse Canada Inc. now owns 9,460 shares of the basic materials company's stock valued at $300,000 after purchasing an additional 6,530 shares during the period. Institutional investors own 69.58% of the company's stock.

About Eldorado Gold

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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