BlackRock Inc. Acquires Shares of 18,895,753 Eldorado Gold Corporation $EGO

Key Points

• BlackRock acquired 18.9 million Eldorado Gold shares in the second quarter, worth approximately $587.5 million and representing a 7.23% stake. Institutional investors collectively own 69.58% of the company.
• Eldorado Gold reported quarterly earnings of $0.54 per share, exceeding estimates of $0.52, though revenue of $487.5 million fell short of the $529.9 million consensus forecast.
• The company declared a quarterly dividend of $0.075 per share, or $0.30 annualized, representing a 0.7% yield. Analyst sentiment is mixed, with a consensus “Hold” rating and a $43 target price.

BlackRock Inc. acquired a new stake in Eldorado Gold Corporation (NYSE:EGO - Free Report) TSE: ELD in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 18,895,753 shares of the basic materials company's stock, valued at approximately $587,469,000. BlackRock Inc. owned approximately 7.23% of Eldorado Gold at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Savant Capital LLC raised its position in Eldorado Gold by 2.7% in the 4th quarter. Savant Capital LLC now owns 14,135 shares of the basic materials company's stock worth $508,000 after purchasing an additional 371 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its position in Eldorado Gold by 0.9% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 63,081 shares of the basic materials company's stock valued at $1,794,000 after buying an additional 582 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in Eldorado Gold by 8.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 10,216 shares of the basic materials company's stock valued at $351,000 after buying an additional 819 shares during the last quarter. Smartleaf Asset Management LLC acquired a new stake in shares of Eldorado Gold in the 4th quarter valued at $33,000. Finally, Vanguard Personalized Indexing Management LLC raised its position in shares of Eldorado Gold by 8.7% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 11,904 shares of the basic materials company's stock worth $428,000 after acquiring an additional 949 shares during the last quarter. 69.58% of the stock is owned by institutional investors.

Eldorado Gold Price Performance

Shares of EGO opened at $45.83 on Monday. Eldorado Gold Corporation has a 1 year low of $22.66 and a 1 year high of $51.16. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.31 and a quick ratio of 0.85. The company has a market capitalization of $11.98 billion, a price-to-earnings ratio of 16.25, a price-to-earnings-growth ratio of 0.34 and a beta of 0.63. The business has a 50-day moving average of $33.56 and a 200-day moving average of $35.22.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last released its earnings results on Thursday, July 30th. The basic materials company reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.52 by $0.02. The business had revenue of $487.50 million during the quarter, compared to the consensus estimate of $529.92 million. Eldorado Gold had a net margin of 29.83% and a return on equity of 10.91%. As a group, equities research analysts anticipate that Eldorado Gold Corporation will post 3.23 earnings per share for the current year.

Eldorado Gold Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Tuesday, September 1st. Eldorado Gold's dividend payout ratio (DPR) is presently 10.64%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on EGO. Jefferies Financial Group started coverage on shares of Eldorado Gold in a research note on Thursday. They issued a "buy" rating and a $50.00 target price for the company. Zacks Research lowered Eldorado Gold from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 28th. Weiss Ratings downgraded shares of Eldorado Gold from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, June 11th. Canadian Imperial Bank of Commerce upgraded Eldorado Gold from a "neutral" rating to an "outperform" rating in a report on Sunday, August 9th. Finally, Citigroup cut shares of Eldorado Gold to a "sector perform" rating in a report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Eldorado Gold has an average rating of "Hold" and a consensus target price of $43.00.

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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