Centerra Gold Inc. (NYSE:CGAU) Sees Large Drop in Short Interest

Key Points

• Centerra Gold Inc. experienced a significant decline in short interest, dropping by 31.6% from August to September, with 3.7 million shares short sold as of September 15th.
• The company reported $0.25 earnings per share for the last quarter, exceeding estimates, although revenue fell short at $288.30 million against expectations of $319.42 million.
• Centerra Gold announced a quarterly dividend of $0.07, providing stockholders with an annualized dividend yield of 2.5%.

Centerra Gold Inc. (NYSE:CGAU - Get Free Report) saw a significant decline in short interest in the month of September. As of September 15th, there was short interest totaling 3,700,000 shares, a decline of 31.6% from the August 31st total of 5,410,000 shares. Currently, 1.9% of the shares of the company are short sold. Based on an average daily trading volume, of 1,430,000 shares, the days-to-cover ratio is presently 2.6 days. Based on an average daily trading volume, of 1,430,000 shares, the days-to-cover ratio is presently 2.6 days. Currently, 1.9% of the shares of the company are short sold.

Centerra Gold Stock Up 0.4%

NYSE:CGAU opened at $11.38 on Monday. The business's 50-day simple moving average is $8.42 and its two-hundred day simple moving average is $7.41. Centerra Gold has a 52 week low of $5.41 and a 52 week high of $11.58. The stock has a market cap of $2.30 billion, a PE ratio of 34.47, a P/E/G ratio of 1.55 and a beta of 0.88.

Centerra Gold (NYSE:CGAU - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.08. Centerra Gold had a return on equity of 9.12% and a net margin of 6.21%.The firm had revenue of $288.30 million during the quarter, compared to analysts' expectations of $319.42 million. Sell-side analysts anticipate that Centerra Gold will post 0.59 earnings per share for the current fiscal year.

Centerra Gold Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were issued a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Thursday, August 21st. Centerra Gold's payout ratio is 60.61%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CGAU. Scotiabank dropped their price target on shares of Centerra Gold from $12.00 to $9.50 and set a "sector outperform" rating on the stock in a research note on Tuesday, September 16th. Wall Street Zen downgraded Centerra Gold from a "buy" rating to a "hold" rating in a research report on Friday, September 26th. BMO Capital Markets reissued a "market perform" rating on shares of Centerra Gold in a report on Monday, September 15th. National Bankshares reaffirmed an "outperform" rating on shares of Centerra Gold in a research note on Tuesday, June 24th. Finally, CIBC reaffirmed an "outperform" rating on shares of Centerra Gold in a research report on Tuesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $12.83.

Hedge Funds Weigh In On Centerra Gold

Several institutional investors have recently bought and sold shares of CGAU. Farther Finance Advisors LLC purchased a new stake in Centerra Gold in the 2nd quarter worth $27,000. Osaic Holdings Inc. lifted its position in shares of Centerra Gold by 63.0% in the second quarter. Osaic Holdings Inc. now owns 4,758 shares of the company's stock worth $34,000 after buying an additional 1,839 shares in the last quarter. Pinnacle Holdings LLC purchased a new stake in shares of Centerra Gold in the first quarter worth about $39,000. Carrera Capital Advisors bought a new position in Centerra Gold during the second quarter valued at approximately $81,000. Finally, Olympiad Research LP purchased a new position in Centerra Gold during the 2nd quarter valued at approximately $89,000. 55.40% of the stock is owned by hedge funds and other institutional investors.

Centerra Gold Company Profile

Centerra Gold Inc, a gold mining company, engages in the acquisition, exploration, development, and operation of gold and copper properties in North America, Turkey, and internationally. The company explores for gold, copper, and molybdenum deposits. Its flagship projects are the 100% owned Mount Milligan gold-copper mine located in British Columbia, Canada; and the Öksüt gold mine located in Turkey.

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