Eldorado Gold (NYSE:EGO) Reaches New 1-Year High - Here's What Happened

Key Points

• Eldorado Gold's share price reached a new 52-week high of $29.58, closing at $29.08, with a trading volume of 120,676 shares.
• Wall Street analysts have upgraded Eldorado Gold's rating, with one analyst giving it a Strong Buy, while the overall average rating remains a "Moderate Buy".
• The company reported earnings of $0.44 per share for the last quarter, missing expectations, but had a total revenue of $459.53 million, exceeding projections.

Eldorado Gold Corporation (NYSE:EGO - Get Free Report) TSE: ELD's share price hit a new 52-week high during trading on Monday . The stock traded as high as $29.58 and last traded at $29.08, with a volume of 120676 shares. The stock had previously closed at $28.85.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Wall Street Zen raised Eldorado Gold from a "hold" rating to a "buy" rating in a research note on Saturday, September 20th. Scotiabank reiterated a "sector perform" rating on shares of Eldorado Gold in a report on Monday, August 11th. CIBC reissued an "outperform" rating on shares of Eldorado Gold in a research note on Tuesday, July 15th. Finally, National Bankshares restated an "outperform" rating on shares of Eldorado Gold in a report on Wednesday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Eldorado Gold currently has an average rating of "Moderate Buy" and an average price target of $23.60.

Eldorado Gold Price Performance

The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.65 and a current ratio of 3.23. The company has a fifty day moving average price of $24.21 and a two-hundred day moving average price of $20.89. The company has a market cap of $5.86 billion, a P/E ratio of 14.49, a PEG ratio of 0.45 and a beta of 0.44.

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

Institutional Investors Weigh In On Eldorado Gold

Several institutional investors have recently made changes to their positions in EGO. Donald Smith & CO. Inc. increased its holdings in Eldorado Gold by 3.2% in the 1st quarter. Donald Smith & CO. Inc. now owns 12,492,756 shares of the basic materials company's stock valued at $210,128,000 after buying an additional 391,776 shares during the period. L1 Capital Pty Ltd boosted its position in shares of 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 worth $147,580,000 after acquiring an additional 1,621,173 shares in the last quarter. Vanguard Group Inc. increased its stake in Eldorado Gold by 1.9% in the first quarter. Vanguard Group Inc. now owns 8,029,969 shares of the basic materials company's stock valued at $134,984,000 after acquiring an additional 148,567 shares during the last quarter. Jennison Associates LLC raised its position in Eldorado Gold by 10.3% during the second quarter. Jennison Associates LLC now owns 7,990,223 shares of the basic materials company's stock valued at $162,521,000 after purchasing an additional 744,419 shares in the last quarter. Finally, Carrhae Capital LLP raised its position in Eldorado Gold by 10.7% during the first quarter. Carrhae Capital LLP now owns 6,689,304 shares of the basic materials company's stock valued at $112,514,000 after purchasing an additional 648,574 shares in the last quarter. 69.58% of the stock is currently owned by 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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