Eldorado Gold (NYSE:EGO) Sets New 12-Month High - What's Next?

Key Points

• Eldorado Gold reached a new 52-week high of $21.82, currently trading at $21.15, with a market cap of $4.30 billion.
• A consensus target price for Eldorado Gold stands at $23.60, with most analysts giving it a "Moderate Buy" rating.
• In its latest earnings report, Eldorado Gold reported $0.44 EPS, falling short of the consensus estimate of $0.51, while revenue exceeded expectations at $459.53 million.

Shares of Eldorado Gold Corporation (NYSE:EGO - Get Free Report) TSE: ELD hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $21.82 and last traded at $21.15, with a volume of 705516 shares traded. The stock had previously closed at $20.50.

Wall Street Analyst Weigh In

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

Eldorado Gold Stock Up 6.1%

The firm has a 50-day simple moving average of $20.65 and a two-hundred day simple moving average of $18.00. The stock has a market cap of $4.67 billion, a P/E ratio of 11.56, a PEG ratio of 0.35 and a beta of 0.37. The company has a current ratio of 3.23, a quick ratio of 2.65 and a debt-to-equity ratio of 0.28.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last released its quarterly 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 business had revenue of $459.53 million during the quarter, compared to analyst estimates of $401.85 million. Eldorado Gold had a net margin of 26.07% and a return on equity of 8.79%. Equities research analysts expect that Eldorado Gold Corporation will post 1.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Eldorado Gold

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Jennison Associates LLC raised its holdings in shares of Eldorado Gold by 10.3% during the 2nd quarter. Jennison Associates LLC now owns 7,990,223 shares of the basic materials company's stock worth $162,521,000 after buying an additional 744,419 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Eldorado Gold during the 2nd quarter worth $32,000. TD Asset Management Inc lifted its stake in shares of Eldorado Gold by 4.6% in the second quarter. TD Asset Management Inc now owns 605,415 shares of the basic materials company's stock worth $12,299,000 after acquiring an additional 26,838 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of Eldorado Gold by 10.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 278,300 shares of the basic materials company's stock valued at $5,669,000 after purchasing an additional 26,000 shares during the last quarter. Finally, Ruffer LLP boosted its position in Eldorado Gold by 10.2% during the second quarter. Ruffer LLP now owns 1,093,553 shares of the basic materials company's stock valued at $22,243,000 after acquiring an additional 101,456 shares during the last quarter. 69.58% of the stock is currently owned by institutional investors and hedge funds.

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.