Royal Bank Of Canada Forecasts Strong Price Appreciation for Eldorado Gold (NYSE:EGO) Stock

Key Points

• Royal Bank of Canada raised Eldorado Gold’s price target from $37 to $41 while maintaining a “sector perform” rating, implying approximately 0.73% downside from the stock’s $41.30 price.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $43.57; recent upgrades came from Stifel Nicolaus, Zacks Research, Weiss Ratings, and CIBC.
• Eldorado Gold reported quarterly EPS of $0.54, beating estimates by $0.02, while institutional investors own approximately 69.58% of the company’s shares.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD had its target price upped by equities researchers at Royal Bank Of Canada from $37.00 to $41.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a "sector perform" rating on the basic materials company's stock. Royal Bank Of Canada's price target indicates a potential downside of 0.73% from the stock's current price.

A number of other equities analysts also recently weighed in on EGO. Stifel Nicolaus raised shares of Eldorado Gold from a "hold" rating to a "buy" rating in a research note on Friday, July 31st. Zacks Research upgraded shares of Eldorado Gold from a "strong sell" rating to a "hold" rating in a research note on Monday. Weiss Ratings upgraded shares of Eldorado Gold from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, September 8th. 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. Finally, 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 research note on Tuesday, July 14th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Eldorado Gold currently has a consensus rating of "Moderate Buy" and a consensus price target of $43.57.

Eldorado Gold Trading Up 2.7%

Shares of EGO stock traded up $1.09 on Wednesday, hitting $41.30. The company had a trading volume of 2,090,444 shares, compared to its average volume of 2,839,805. Eldorado Gold has a twelve month low of $24.44 and a twelve month high of $51.16. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.85 and a current ratio of 1.31. The firm has a market cap of $10.79 billion, a P/E ratio of 14.63, a P/E/G ratio of 0.30 and a beta of 0.71. The stock's 50-day moving average is $37.59 and its two-hundred day moving average is $35.29.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last announced its earnings results on Thursday, July 30th. The basic materials company reported $0.54 EPS for the quarter, beating 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 business had revenue of $487.50 million for the quarter, compared to analysts' expectations of $529.92 million. On average, equities research analysts anticipate that Eldorado Gold will post 3.23 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Eldorado Gold

Institutional investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in Eldorado Gold during the 2nd quarter worth $587,469,000. Van ECK Associates Corp increased 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 worth $580,739,000 after purchasing an additional 5,241,277 shares during the last quarter. L1 Capital Pty Ltd raised its holdings in shares of Eldorado Gold by 35.2% in the 4th quarter. L1 Capital Pty Ltd now owns 9,640,407 shares of the basic materials company's stock worth $346,283,000 after purchasing an additional 2,512,168 shares during the period. Donald Smith & CO. Inc. bought a new stake in shares of Eldorado Gold in the 2nd quarter worth approximately $272,580,000. Finally, Arrowstreet Capital Limited Partnership lifted its stake in Eldorado Gold by 2.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,546,074 shares of the basic materials company's stock valued at $199,274,000 after purchasing an additional 132,170 shares during the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.