Scotiabank Has Lowered Expectations for Eldorado Gold (NYSE:EGO) Stock Price

Key Points

• Scotiabank cut Eldorado Gold’s price target from $55 to $47, while keeping a “sector outperform” rating. That still implies about 60% upside from the stock’s previous close.
• Other analysts have also turned more cautious recently, with several firms lowering targets or downgrading the stock. Overall, Eldorado Gold now carries a consensus Hold rating and an average price target of $41.83.
• The company recently reported better-than-expected quarterly results, posting EPS of $0.95 versus estimates of $0.69 and revenue of $532.43 million versus $503.31 million expected. Despite the strong earnings beat, the shares were trading at $29.31, below both their 50-day and 200-day moving averages.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD had its price target lowered by Scotiabank from $55.00 to $47.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a "sector outperform" rating on the basic materials company's stock. Scotiabank's price objective indicates a potential upside of 60.35% from the company's previous close.

Several other research analysts have also recently commented on EGO. TD Securities reduced their target price on Eldorado Gold from $45.00 to $40.00 and set a "hold" rating for the company in a research report on Tuesday, April 14th. ATB Cormark Capital Markets downgraded shares of Eldorado Gold from a "moderate buy" rating to a "hold" rating in a report on Monday, May 4th. Citigroup lowered shares of Eldorado Gold to a "sector perform" rating in a research report on Monday, May 4th. Royal Bank Of Canada lowered their target price on shares of Eldorado Gold from $39.00 to $37.00 and set a "sector perform" rating on the stock in a research note on Thursday, July 9th. Finally, TD Cowen dropped their price target on shares of Eldorado Gold from $45.00 to $40.00 and set a "hold" rating for the company in a research report on Tuesday, April 14th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Eldorado Gold presently has a consensus rating of "Hold" and a consensus price target of $41.83.

Eldorado Gold Stock Performance

Shares of Eldorado Gold stock traded up $0.17 during midday trading on Tuesday, hitting $29.31. The company had a trading volume of 917,646 shares, compared to its average volume of 2,910,575. The business's 50 day simple moving average is $31.91 and its two-hundred day simple moving average is $36.41. The stock has a market cap of $7.66 billion, a PE ratio of 10.45, a P/E/G ratio of 0.18 and a beta of 0.62. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.62 and a quick ratio of 1.18. Eldorado Gold has a 1-year low of $19.70 and a 1-year high of $51.16.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD last announced its quarterly earnings data on Thursday, April 30th. The basic materials company reported $0.95 EPS for the quarter, beating analysts' consensus estimates of $0.69 by $0.26. Eldorado Gold had a net margin of 28.62% and a return on equity of 11.60%. The business had revenue of $532.43 million during the quarter, compared to analyst estimates of $503.31 million. As a group, equities analysts predict that Eldorado Gold will post 3.92 EPS for the current fiscal year.

Institutional Trading of Eldorado Gold

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Headlands Technologies LLC acquired a new stake in Eldorado Gold in the 2nd quarter valued at about $32,000. Smartleaf Asset Management LLC acquired a new stake in shares of Eldorado Gold in the fourth quarter valued at approximately $33,000. Flagship Harbor Advisors LLC bought a new position in Eldorado Gold in the 4th quarter worth approximately $36,000. Aventura Private Wealth LLC acquired a new position in Eldorado Gold during the 4th quarter worth $36,000. Finally, Wexford Capital LP acquired a new position in Eldorado Gold during the 3rd quarter worth $37,000. 69.58% of the stock is currently owned by institutional investors and hedge funds.

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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