Eldorado Gold Corporation (NYSE:EGO) Given Consensus Recommendation of "Moderate Buy" by Analysts

Key Points

• Eldorado Gold Corporation has received a consensus rating of "Moderate Buy" from analysts, with an average 1-year price target of $23.60.
• Recent upgrades from brokerages include Royal Bank of Canada's price target increase from $20.00 to $21.00 and Wall Street Zen upgrading the stock from a "hold" to a "buy" rating.
• Shares of Eldorado Gold opened at $21.00, representing a 2.8% increase, with a market capitalization of $4.28 billion.

Eldorado Gold Corporation (NYSE:EGO - Get Free Report) TSE: ELD has received an average recommendation of "Moderate Buy" from the seven analysts that are covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $23.60.

EGO has been the topic of a number of research reports. Canaccord Genuity Group cut their price objective on Eldorado Gold from $29.00 to $27.00 and set a "hold" rating on the stock in a report on Monday, May 5th. National Bankshares restated an "outperform" rating on shares of Eldorado Gold in a report on Wednesday, July 16th. Wall Street Zen upgraded shares of Eldorado Gold from a "hold" rating to a "buy" rating in a research note on Friday, June 6th. CIBC reiterated an "outperform" rating on shares of Eldorado Gold in a research note on Tuesday, July 15th. Finally, Royal Bank Of Canada boosted their price objective on shares of Eldorado Gold from $20.00 to $21.00 and gave the stock an "outperform" rating in a research note on Friday, April 4th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in EGO. Candriam S.C.A. purchased a new position in shares of Eldorado Gold in the first quarter valued at $27,281,000. L1 Capital Pty Ltd boosted its stake in Eldorado Gold by 22.7% during the 1st quarter. L1 Capital Pty Ltd now owns 8,774,080 shares of the basic materials company's stock valued at $147,580,000 after acquiring an additional 1,621,173 shares during the last quarter. Invenomic Capital Management LP boosted its stake in Eldorado Gold by 127.2% during the 1st quarter. Invenomic Capital Management LP now owns 2,262,181 shares of the basic materials company's stock valued at $38,050,000 after acquiring an additional 1,266,329 shares during the last quarter. ANTIPODES PARTNERS Ltd boosted its stake in Eldorado Gold by 43.5% during the 1st quarter. ANTIPODES PARTNERS Ltd now owns 3,802,895 shares of the basic materials company's stock valued at $63,970,000 after acquiring an additional 1,152,909 shares during the last quarter. Finally, Encompass Capital Advisors LLC bought a new position in Eldorado Gold during the 1st quarter valued at $16,815,000. 69.58% of the stock is currently owned by hedge funds and other institutional investors.

Eldorado Gold Trading Up 2.6%

Eldorado Gold stock traded up $0.53 during trading on Wednesday, reaching $21.03. The company had a trading volume of 3,707,012 shares, compared to its average volume of 1,488,193. Eldorado Gold has a 12-month low of $13.29 and a 12-month high of $21.82. The stock's 50 day moving average price is $20.61 and its two-hundred day moving average price is $17.90. The firm has a market capitalization of $4.29 billion, a price-to-earnings ratio of 10.57, a PEG ratio of 0.34 and a beta of 0.37. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.53 and a current ratio of 3.12.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last released its earnings results on Thursday, July 31st. The basic materials company reported $0.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.51 by ($0.07). Eldorado Gold had a net margin of 26.07% and a return on equity of 8.90%. The company had revenue of $459.53 million during the quarter, compared to analysts' expectations of $401.85 million. As a group, equities analysts expect that Eldorado Gold will post 1.5 earnings per share for the current fiscal year.

Eldorado Gold Company Profile

Eldorado Gold Corporation, together with its subsidiaries, engages in the mining, exploration, development, and sale of mineral products primarily in Turkey, Canada, Greece, and Romania. The company primarily produces gold, as well as silver, lead, and zinc. It holds a 100% interest in the Kisladag and Efemçukuru mines located in Turkey; Lamaque complex located in Canada; and Olympias, Stratoni, Skouries, Perama Hill, and Sapes gold mines located in Greece, as well as the 80.5% interest in Certej development projects located in Romania.