Eldorado Gold (NYSE:EGO) Sets New 1-Year High - What's Next?

Key Points

• Eldorado Gold Corporation stock reached a new 52-week high of $26.61 during trading, closing at $26.34 with significant trading volume of over 2.15 million shares.
• Recent analyst ratings vary, with one firm downgrading the stock from "buy" to "hold," while others maintain "outperform" and "sector perform" ratings, giving an average target price of $23.60.
• The company reported earnings of $0.44 per share for the last quarter, falling short of analyst expectations, while revenue of $459.53 million exceeded forecasts.

Eldorado Gold Corporation (NYSE:EGO - Get Free Report) TSE: ELD shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $26.61 and last traded at $26.34, with a volume of 2154539 shares changing hands. The stock had previously closed at $26.12.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Wall Street Zen cut shares of Eldorado Gold from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. CIBC reaffirmed an "outperform" rating on shares of Eldorado Gold in a research report on Tuesday, July 15th. Scotiabank reiterated a "sector perform" rating on shares of Eldorado Gold in a research note on Monday, August 11th. Finally, National Bankshares reiterated an "outperform" rating on shares of Eldorado Gold in a research note on Wednesday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $23.60.

Eldorado Gold Price Performance

The company's 50 day moving average price is $22.65 and its 200-day moving average price is $19.93. The company has a market capitalization of $5.71 billion, a PE ratio of 14.13, a PEG ratio of 0.45 and a beta of 0.44. 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 announced its quarterly earnings data 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 net margin of 26.07% and a return on equity of 8.79%. The company had revenue of $459.53 million for the quarter, compared to analysts' expectations of $401.85 million. On average, sell-side analysts forecast that Eldorado Gold Corporation will post 1.5 earnings per share for the current fiscal year.

Institutional Trading of Eldorado Gold

Several institutional investors have recently made changes to their positions in EGO. Arrowstreet Capital Limited Partnership boosted its position in Eldorado Gold by 228.2% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 4,994,328 shares of the basic materials company's stock worth $101,649,000 after purchasing an additional 3,472,504 shares during the period. Candriam S.C.A. purchased a new stake in Eldorado Gold during the 1st quarter worth $27,281,000. L1 Capital Pty Ltd boosted its position in 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 purchasing an additional 1,621,173 shares during the period. Invenomic Capital Management LP boosted its position in Eldorado Gold by 127.2% during the 1st quarter. Invenomic Capital Management LP now owns 2,262,181 shares of the basic materials company's stock worth $38,050,000 after purchasing an additional 1,266,329 shares during the period. Finally, ANTIPODES PARTNERS Ltd boosted its position in Eldorado Gold by 43.5% during the 1st quarter. ANTIPODES PARTNERS Ltd now owns 3,802,895 shares of the basic materials company's stock worth $63,970,000 after purchasing an additional 1,152,909 shares during the period. 69.58% of the stock is 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.