Eldorado Gold (NYSE:EGO) Cut to "Strong Sell" at Zacks Research

Key Points

• Zacks Research downgraded Eldorado Gold from “hold” to “strong sell,” while the broader analyst consensus remains “hold” with an average price target of $41.83.
• Eldorado Gold shares opened at $31.93 and were down 1.0%, trading below their 200-day moving average of $35.89; the stock’s 52-week range is $20.39 to $51.16.
• The company recently exceeded quarterly expectations, reporting $0.95 in earnings per share versus a $0.69 estimate and revenue of $532.43 million versus $503.31 million expected. Institutional investors own approximately 69.58% of the stock.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD was downgraded by Zacks Research from a "hold" rating to a "strong sell" rating in a report released on Tuesday,Zacks.com reports.

EGO has been the topic of a number of other research reports. TD Securities dropped their price target on shares of Eldorado Gold from $45.00 to $40.00 and set a "hold" rating on the stock in a research report on Tuesday, April 14th. Bank of America lifted their target price on shares of Eldorado Gold from $31.00 to $33.00 and gave the stock an "underperform" rating in a research note on Thursday, July 9th. BMO Capital Markets restated an "outperform" rating on shares of Eldorado Gold in a report on Wednesday, April 15th. ATB Cormark Capital Markets cut shares of Eldorado Gold from a "moderate buy" rating to a "hold" rating in a research report on Monday, May 4th. Finally, Royal Bank Of Canada decreased their price target on Eldorado Gold from $39.00 to $37.00 and set a "sector perform" rating for the company in a report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $41.83.

Eldorado Gold Trading Down 1.0%

Shares of EGO stock opened at $31.93 on Tuesday. Eldorado Gold has a 1-year low of $20.39 and a 1-year high of $51.16. The company has a current ratio of 1.62, a quick ratio of 1.18 and a debt-to-equity ratio of 0.27. The stock has a market cap of $8.34 billion, a price-to-earnings ratio of 11.36, a PEG ratio of 0.22 and a beta of 0.62. The stock has a 50-day moving average of $31.36 and a 200-day moving average of $35.89.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last announced its earnings results on Thursday, April 30th. The basic materials company reported $0.95 EPS for the quarter, beating the consensus estimate of $0.69 by $0.26. The business had revenue of $532.43 million for the quarter, compared to analysts' expectations of $503.31 million. Eldorado Gold had a return on equity of 11.60% and a net margin of 28.62%. On average, equities research analysts forecast that Eldorado Gold will post 3.41 earnings per share for the current year.

Institutional Trading of Eldorado Gold

Several hedge funds have recently modified their holdings of the stock. TT International Asset Management LTD grew its holdings in Eldorado Gold by 1,730.9% in the fourth quarter. TT International Asset Management LTD now owns 751,327 shares of the basic materials company's stock worth $26,916,000 after purchasing an additional 710,290 shares during the period. Artemis Investment Management LLP acquired a new position in shares of Eldorado Gold during the fourth quarter valued at about $3,214,000. U S Global Investors Inc. bought a new position in shares of Eldorado Gold during the 4th quarter worth about $1,796,000. Burney Co. bought a new position in shares of Eldorado Gold during the 4th quarter worth about $2,506,000. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Eldorado Gold by 41.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 786,300 shares of the basic materials company's stock valued at $28,261,000 after buying an additional 232,000 shares during the period. Institutional investors own 69.58% of the company's stock.

About Eldorado Gold

Eldorado Gold Corporation is a Canada‐based gold producer engaged in the acquisition, exploration, development and operation of mineral properties. The company's core focus is on gold, silver and select base metals, with an emphasis on advancing projects through feasibility and into production. Eldorado Gold maintains a diversified portfolio of both producing mines and advanced‐stage development projects.

Operationally, Eldorado Gold manages multiple gold mining operations across Turkey, Canada and Greece.

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