Eldorado Gold (NYSE:EGO) Hits New 52-Week High - Still a Buy?

Key Points

• Eldorado Gold Corporation reached a new 52-week high of $28.69 during trading, closing at $29.13, signaling strong market performance.
• Analysts have given the stock a consensus rating of "Moderate Buy" with a target price of $23.60, reflecting positive outlook despite a recent earnings miss.
• Institutional investors have significantly increased their holdings, with Arrowstreet Capital alone raising its stake by over 228% in the second quarter.

Eldorado Gold Corporation (NYSE:EGO - Get Free Report) TSE: ELD reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $28.69 and last traded at $29.13, with a volume of 7775 shares trading hands. The stock had previously closed at $28.50.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. CIBC restated an "outperform" rating on shares of Eldorado Gold in a research report on Tuesday, July 15th. National Bankshares restated an "outperform" rating on shares of Eldorado Gold in a research report on Wednesday, July 16th. Scotiabank restated a "sector perform" rating on shares of Eldorado Gold in a research report on Monday, August 11th. Finally, Wall Street Zen upgraded shares of Eldorado Gold from a "hold" rating to a "buy" rating in a research report on Saturday. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $23.60.

Eldorado Gold Trading Up 0.6%

The company has a quick ratio of 2.65, a current ratio of 3.23 and a debt-to-equity ratio of 0.28. The stock's fifty day moving average price is $23.54 and its two-hundred day moving average price is $20.51. The company has a market capitalization of $5.83 billion, a PE ratio of 14.44, a price-to-earnings-growth ratio of 0.44 and a beta of 0.44.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last posted its earnings results on Thursday, July 31st. The basic materials company reported $0.44 earnings per share for the quarter, missing analysts' consensus estimates of $0.51 by ($0.07). The firm had revenue of $459.53 million for the quarter, compared to analysts' expectations of $401.85 million. Eldorado Gold had a return on equity of 8.79% and a net margin of 26.07%. Sell-side analysts anticipate that Eldorado Gold Corporation will post 1.5 earnings per share for the current year.

Institutional Trading of Eldorado Gold

A number of institutional investors have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership lifted its holdings in Eldorado Gold by 228.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 4,994,328 shares of the basic materials company's stock worth $101,649,000 after buying an additional 3,472,504 shares during the period. Candriam S.C.A. purchased a new stake in Eldorado Gold in the first quarter worth about $27,281,000. L1 Capital Pty Ltd lifted its holdings in Eldorado Gold by 22.7% in the first quarter. L1 Capital Pty Ltd now owns 8,774,080 shares of the basic materials company's stock worth $147,580,000 after buying an additional 1,621,173 shares during the period. Invenomic Capital Management LP lifted its holdings in Eldorado Gold by 127.2% in the first quarter. Invenomic Capital Management LP now owns 2,262,181 shares of the basic materials company's stock worth $38,050,000 after buying an additional 1,266,329 shares during the period. Finally, ANTIPODES PARTNERS Ltd lifted its holdings in Eldorado Gold by 43.5% in the first quarter. ANTIPODES PARTNERS Ltd now owns 3,802,895 shares of the basic materials company's stock worth $63,970,000 after buying an additional 1,152,909 shares during the period. 69.58% of the stock is currently owned by hedge funds and other institutional investors.

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.

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