Eldorado Gold (NYSE:EGO) Stock Price Expected to Rise, CIBC Analyst Says

Key Points

• CIBC has raised its price target for Eldorado Gold from $32.00 to $46.00, indicating a potential upside of 66.33% from its current stock price.
• The company has received positive ratings from several analysts, with an average rating of "Moderate Buy" and a consensus target price of $26.40.
• Eldorado Gold reported a quarterly earnings per share of $0.44, missing analysts' estimates, but generated revenues exceeding expectations at $459.53 million.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD had its price objective upped by CIBC from $32.00 to $46.00 in a report released on Friday,Benzinga reports. The brokerage presently has an "outperformer" rating on the basic materials company's stock. CIBC's price target would suggest a potential upside of 66.33% from the company's current price.

Several other research firms have also commented on EGO. National Bankshares reissued an "outperform" rating on shares of Eldorado Gold in a research note on Wednesday, July 16th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Eldorado Gold in a report on Wednesday. Wall Street Zen raised shares of Eldorado Gold from a "hold" rating to a "buy" rating in a report on Saturday, September 20th. Finally, Scotiabank reissued a "sector perform" rating on shares of Eldorado Gold in a report on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $26.40.

Eldorado Gold Price Performance

Shares of NYSE:EGO traded up $0.32 during trading on Friday, reaching $27.66. The company had a trading volume of 1,497,236 shares, compared to its average volume of 1,977,918. 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 has a 12 month low of $13.29 and a 12 month high of $30.00. The company has a fifty day moving average of $25.70 and a two-hundred day moving average of $21.65. The stock has a market capitalization of $5.62 billion, a P/E ratio of 13.92, a price-to-earnings-growth ratio of 0.44 and a beta of 0.44.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last announced its quarterly earnings results on Thursday, July 31st. The basic materials company reported $0.44 earnings per share (EPS) 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 firm had revenue of $459.53 million during the quarter, compared to the consensus estimate of $401.85 million. Equities research analysts forecast that Eldorado Gold will post 1.5 earnings per share for the current year.

Institutional Investors Weigh In On Eldorado Gold

A number of hedge funds have recently bought and sold shares of EGO. Arrowstreet Capital Limited Partnership raised its stake in Eldorado Gold by 228.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 4,994,328 shares of the basic materials company's stock valued at $101,649,000 after purchasing an additional 3,472,504 shares in the last quarter. Candriam S.C.A. purchased a new stake in shares of Eldorado Gold in the first quarter valued at $27,281,000. 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 during the period. Invenomic Capital Management LP raised its stake in shares of Eldorado Gold by 127.2% in the first quarter. Invenomic Capital Management LP now owns 2,262,181 shares of the basic materials company's stock valued at $38,050,000 after acquiring an additional 1,266,329 shares during the period. Finally, ANTIPODES PARTNERS Ltd raised its stake in shares of Eldorado Gold by 43.5% in the first quarter. ANTIPODES PARTNERS Ltd now owns 3,802,895 shares of the basic materials company's stock valued at $63,970,000 after acquiring an additional 1,152,909 shares during the period. 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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