Eldorado Gold (NYSE:EGO) Trading Down 8% - What's Next?

Key Points

• Shares of Eldorado Gold traded down 8% on Thursday to $31.82 after hitting an intraday low of $31.02, with about 2.44 million shares changing hands—slightly below average volume.
• Analysts maintain a consensus "Hold" rating with an average price target of $43.71, following mixed actions that included downgrades from Canaccord and CIBC and an upgrade from Zacks.
• In the latest quarter Eldorado reported EPS of $0.63 (missing by $0.01) but revenue of $575.14M (above expectations); the company has a $6.31B market cap, a P/E of 12.83, and a quarterly dividend of $0.075 (≈0.9% yield).

Shares of Eldorado Gold Corporation (NYSE:EGO - Get Free Report) TSE: ELD traded down 8% during trading on Thursday . The stock traded as low as $31.02 and last traded at $31.8190. 2,444,575 shares traded hands during mid-day trading, a decline of 5% from the average session volume of 2,565,710 shares. The stock had previously closed at $34.60.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Canaccord Genuity Group cut shares of Eldorado Gold from a "buy" rating to a "hold" rating in a report on Friday, February 20th. Canadian Imperial Bank of Commerce downgraded Eldorado Gold from a "sector outperform" rating to a "neutral" rating and set a $54.00 target price for the company. in a research report on Friday, February 20th. Zacks Research upgraded Eldorado Gold from a "hold" rating to a "strong-buy" rating in a research note on Friday, February 27th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Eldorado Gold in a research report on Wednesday, January 21st. Finally, Bank of America lifted their price objective on Eldorado Gold from $28.00 to $29.00 and gave the stock an "underperform" rating in a report on Monday, December 1st. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Eldorado Gold presently has a consensus rating of "Hold" and an average price target of $43.71.

Eldorado Gold Price Performance

The business's fifty day simple moving average is $42.57 and its 200-day simple moving average is $34.23. The company has a current ratio of 1.83, a quick ratio of 1.46 and a debt-to-equity ratio of 0.29. The firm has a market cap of $6.31 billion, a P/E ratio of 12.83, a PEG ratio of 0.13 and a beta of 0.51.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last announced its quarterly earnings results on Thursday, February 19th. The basic materials company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.01). The company had revenue of $575.14 million during the quarter, compared to analysts' expectations of $500.42 million. Eldorado Gold had a net margin of 27.89% and a return on equity of 8.63%. As a group, analysts forecast that Eldorado Gold Corporation will post 1.5 EPS for the current fiscal year.

Eldorado Gold Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 27th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Friday, February 27th. Eldorado Gold's dividend payout ratio is presently 12.10%.

Hedge Funds Weigh In On Eldorado Gold

Hedge funds have recently bought and sold shares of the company. Smartleaf Asset Management LLC purchased a new stake in Eldorado Gold in the 4th quarter worth approximately $33,000. Flagship Harbor Advisors LLC purchased a new position in shares of Eldorado Gold during the 4th quarter valued at $36,000. Aventura Private Wealth LLC bought a new position in shares of Eldorado Gold in the fourth quarter worth $36,000. Wexford Capital LP purchased a new stake in shares of Eldorado Gold in the third quarter worth $37,000. Finally, Headlands Technologies LLC bought a new stake in Eldorado Gold during the second quarter valued at $32,000. Hedge funds and other institutional investors own 69.58% of the company's stock.

Eldorado Gold Company Profile

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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