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

Key Points

• Eldorado Gold Corporation reached a new 52-week high stock price of $23.39 during trading, closing at $23.29 with a volume of over 2 million shares.
• Equities research analysts have issued various ratings for Eldorado Gold, including "buy" and "outperform," with an average price target of $23.60.
• Institutional investors own approximately 69.58% of Eldorado Gold’s stock, with significant stake increases from various firms in recent quarters.

Eldorado Gold Corporation (NYSE:EGO - Get Free Report) TSE: ELD's stock price reached a new 52-week high during trading on Thursday . The stock traded as high as $23.39 and last traded at $23.29, with a volume of 2075682 shares. The stock had previously closed at $23.01.

Analyst Ratings Changes

Several equities research analysts have commented on EGO shares. CIBC reiterated an "outperform" rating on shares of Eldorado Gold in a research note on Tuesday, July 15th. Wall Street Zen upgraded Eldorado Gold from a "hold" rating to a "buy" rating in a research note on Friday, June 6th. Canaccord Genuity Group lowered their price objective on Eldorado Gold from $29.00 to $27.00 and set a "hold" rating on the stock in a research note on Monday, May 5th. National Bankshares reissued an "outperform" rating on shares of Eldorado Gold in a research note on Wednesday, July 16th. Finally, Scotiabank boosted their price objective on Eldorado Gold from $16.50 to $19.00 and gave the stock a "sector perform" rating in a research note on Monday, April 14th. Three research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $23.60.

Eldorado Gold Stock Up 1.2%

The company has a market capitalization of $4.73 billion, a PE ratio of 11.70, a price-to-earnings-growth ratio of 0.36 and a beta of 0.37. 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 firm has a 50-day moving average of $20.78 and a two-hundred day moving average of $18.07.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last issued its quarterly earnings data on Thursday, July 31st. The basic materials company reported $0.44 earnings per share 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 business had revenue of $459.53 million during the quarter, compared to analysts' expectations of $401.85 million. Equities research analysts predict that Eldorado Gold Corporation will post 1.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Donald Smith & CO. Inc. raised its stake in shares of Eldorado Gold by 3.2% in the first quarter. Donald Smith & CO. Inc. now owns 12,492,756 shares of the basic materials company's stock valued at $210,128,000 after acquiring an additional 391,776 shares in the last quarter. L1 Capital Pty Ltd raised its stake in shares of 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 valued at $147,580,000 after acquiring an additional 1,621,173 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of 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 in the last quarter. Jennison Associates LLC raised its stake in shares of Eldorado Gold by 10.3% in 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 acquiring an additional 744,419 shares in the last quarter. Finally, Carrhae Capital LLP raised its stake in shares of Eldorado Gold by 10.7% in 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 acquiring an additional 648,574 shares in the last quarter. 69.58% of the stock is currently owned by institutional investors and hedge funds.

About Eldorado Gold

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.