Eldorado Gold (NYSE:EGO) Shares Up 6.8% - Here's Why

Key Points

• Eldorado Gold shares rose 6.8% on Wednesday, trading as high as $32.41 after closing at $30.46 the prior session. Trading volume was well below average, with 459,768 shares changing hands.
• Analyst sentiment remains mixed but mostly cautious: the stock now carries a consensus “Hold” rating and a consensus price target of $41.83. Recent firms have trimmed targets or downgraded ratings, though Zacks Research did upgrade the stock to Hold.
• The company has reported solid fundamentals, including Q1 earnings of $0.95 per share, beating estimates of $0.69, and revenue of $532.43 million versus expectations of $503.31 million. Eldorado Gold also pays a quarterly dividend of $0.075, equal to a 0.9% annual yield.

Eldorado Gold Corporation (NYSE:EGO - Get Free Report) TSE: ELD's share price shot up 6.8% on Wednesday . The stock traded as high as $32.41 and last traded at $32.5430. 459,768 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 2,855,511 shares. The stock had previously closed at $30.46.

Wall Street Analysts Forecast Growth

EGO has been the subject of several analyst reports. Royal Bank Of Canada cut their price target on shares of Eldorado Gold from $39.00 to $37.00 and set a "sector perform" rating for the company in a research report on Thursday, July 9th. Weiss Ratings lowered Eldorado Gold from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, June 11th. Zacks Research upgraded Eldorado Gold from a "strong sell" rating to a "hold" rating in a report on Monday, June 29th. Citigroup lowered Eldorado Gold to a "sector perform" rating in a research report on Monday, May 4th. Finally, Scotiabank decreased their price target on Eldorado Gold from $55.00 to $47.00 and set a "sector outperform" rating on the stock in a research note on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $41.83.

Eldorado Gold Price Performance

The business has a 50-day simple moving average of $31.42 and a 200 day simple moving average of $36.09. The firm has a market cap of $8.39 billion, a P/E ratio of 11.44, a price-to-earnings-growth ratio of 0.19 and a beta of 0.62. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.18 and a current ratio of 1.62.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last issued its quarterly earnings data on Thursday, April 30th. The basic materials company reported $0.95 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.26. Eldorado Gold had a return on equity of 11.60% and a net margin of 28.62%.The firm had revenue of $532.43 million for the quarter, compared to analyst estimates of $503.31 million. On average, analysts anticipate that Eldorado Gold Corporation will post 3.41 earnings per share for the current fiscal year.

Eldorado Gold Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 16th. Investors of record on Tuesday, June 2nd were issued a $0.075 dividend. The ex-dividend date was Tuesday, June 2nd. This represents a $0.30 annualized dividend and a yield of 0.9%. Eldorado Gold's payout ratio is 10.68%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. L1 Capital Pty Ltd boosted its stake in shares of Eldorado Gold by 35.2% during the 4th quarter. L1 Capital Pty Ltd now owns 9,640,407 shares of the basic materials company's stock valued at $346,283,000 after purchasing an additional 2,512,168 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Eldorado Gold by 2.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 5,546,074 shares of the basic materials company's stock worth $199,274,000 after buying an additional 132,170 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Eldorado Gold by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 5,113,413 shares of the basic materials company's stock worth $175,522,000 after buying an additional 54,964 shares during the period. Mackenzie Financial Corp boosted its position in Eldorado Gold by 904.1% during the 4th quarter. Mackenzie Financial Corp now owns 1,811,814 shares of the basic materials company's stock valued at $65,322,000 after acquiring an additional 1,631,373 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Eldorado Gold by 490.6% during the 4th quarter. Millennium Management LLC now owns 1,787,062 shares of the basic materials company's stock worth $64,193,000 after acquiring an additional 1,484,503 shares during the period. 69.58% of the stock is currently owned by institutional investors.

About Eldorado Gold

Eldorado Gold Corporation is a Canada‐based gold producer engaged in the acquisition, exploration, development and operation of mineral properties. The company's core focus is on gold, silver and select base metals, with an emphasis on advancing projects through feasibility and into production. Eldorado Gold maintains a diversified portfolio of both producing mines and advanced‐stage development projects.

Operationally, Eldorado Gold manages multiple gold mining operations across Turkey, Canada and Greece.

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