Eldorado Gold (NYSE:EGO) Stock Price Expected to Rise, Bank of America Analyst Says

Key Points

• Bank of America raised its price target for Eldorado Gold from $25.00 to $28.00, despite maintaining an "underperform" rating on the stock, indicating potential downside from previous close.
• The average market rating for Eldorado Gold is currently a "Moderate Buy" with a price target of $26.67, following mixed ratings from various analysts.
• Eldorado Gold reported lower-than-expected earnings of $0.44 per share for the last quarter, missing analysts' estimates by $0.07, but exceeded revenue expectations with $459.53 million.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD had its price objective lifted by research analysts at Bank of America from $25.00 to $28.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an "underperform" rating on the basic materials company's stock. Bank of America's price target indicates a potential downside of 4.13% from the company's previous close.

EGO has been the topic of a number of other reports. Wall Street Zen lowered shares of Eldorado Gold from a "buy" rating to a "hold" rating in a research note on Saturday, October 11th. Scotiabank reaffirmed a "sector perform" rating on shares of Eldorado Gold in a research report on Monday, August 11th. CIBC lifted their price target on shares of Eldorado Gold from $32.00 to $46.00 and gave the company an "outperformer" rating in a research report on Friday, October 10th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Eldorado Gold in a research report on Wednesday, October 8th. Finally, National Bankshares reaffirmed an "outperform" rating on shares of Eldorado Gold in a research report on Wednesday, July 16th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $26.67.

Eldorado Gold Trading Up 3.1%

EGO opened at $29.21 on Thursday. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.23 and a quick ratio of 2.65. The company's 50 day simple moving average is $26.20 and its two-hundred day simple moving average is $21.97. Eldorado Gold has a 1-year low of $13.29 and a 1-year high of $30.00. The firm has a market capitalization of $5.94 billion, a price-to-earnings ratio of 14.68, a price-to-earnings-growth ratio of 0.43 and a beta of 0.44.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last released its 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). 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. Analysts expect that Eldorado Gold will post 1.5 EPS for the current fiscal year.

Institutional Trading of Eldorado Gold

Large investors have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Eldorado Gold during the second quarter worth $32,000. Headlands Technologies LLC purchased a new stake in shares of Eldorado Gold during the second quarter worth $32,000. TD Waterhouse Canada Inc. increased its position in shares of Eldorado Gold by 35.4% during the second quarter. TD Waterhouse Canada Inc. now owns 2,247 shares of the basic materials company's stock worth $46,000 after acquiring an additional 587 shares during the period. Continuum Advisory LLC increased its holdings in Eldorado Gold by 335.3% in the first quarter. Continuum Advisory LLC now owns 2,525 shares of the basic materials company's stock valued at $42,000 after buying an additional 1,945 shares during the last quarter. Finally, State of Wyoming purchased a new position in Eldorado Gold in the second quarter valued at $58,000. Hedge funds and other institutional investors own 69.58% of the company's stock.

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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