TD Cowen Issues Pessimistic Forecast for Eldorado Gold (NYSE:EGO) Stock Price

Key Points

• TD Cowen cut its price target on Eldorado Gold to $40 (from $45) and kept a "hold" rating, implying only about a 7.19% upside from the prior close.
• Analyst consensus remains a Hold (3 Buy, 6 Hold, 1 Sell) with an average target of $43, signaling limited near-term analyst-driven upside.
• Eldorado shares traded at $37.32; the company posted quarterly EPS of $0.63 (missing the $0.64 estimate) but revenue beat at $575.14M, with a market cap of $7.41B and a PE of 15.02.

Eldorado Gold (NYSE:EGO - Get Free Report) TSE: ELD had its price objective decreased by stock analysts at TD Cowen from $45.00 to $40.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a "hold" rating on the basic materials company's stock. TD Cowen's target price indicates a potential upside of 7.19% from the company's previous close.

Several other brokerages also recently issued reports on EGO. TD Securities reduced their price objective on Eldorado Gold from $47.00 to $45.00 and set a "hold" rating on the stock in a research report on Tuesday, February 24th. Canaccord Genuity Group downgraded Eldorado Gold from a "buy" rating to a "hold" rating in a research report on Friday, February 20th. Zacks Research downgraded Eldorado Gold from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, March 31st. Royal Bank Of Canada downgraded Eldorado Gold from an "outperform" rating to a "sector perform" rating and set a $48.00 target price on the stock. in a research report on Tuesday, February 17th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Eldorado Gold in a research report on Wednesday, January 21st. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $43.00.

Eldorado Gold Price Performance

Shares of NYSE:EGO traded up $0.43 on Tuesday, hitting $37.32. The company had a trading volume of 850,509 shares, compared to its average volume of 2,565,871. The company has a current ratio of 1.83, a quick ratio of 1.46 and a debt-to-equity ratio of 0.29. Eldorado Gold has a 52-week low of $17.18 and a 52-week high of $51.16. The business has a 50 day moving average of $39.49 and a 200 day moving average of $35.23. The company has a market cap of $7.41 billion, a PE ratio of 15.02, a PEG ratio of 0.15 and a beta of 0.66.

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

Institutional Investors Weigh In On Eldorado Gold

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Montrusco Bolton Investments Inc. increased its stake in Eldorado Gold by 41.1% during the third quarter. Montrusco Bolton Investments Inc. now owns 356,975 shares of the basic materials company's stock worth $10,311,000 after acquiring an additional 103,975 shares during the last quarter. Ruffer LLP grew its stake in shares of Eldorado Gold by 29.2% in the third quarter. Ruffer LLP now owns 1,412,740 shares of the basic materials company's stock valued at $40,814,000 after buying an additional 319,187 shares in the last quarter. Gabelli Funds LLC grew its stake in shares of Eldorado Gold by 11.8% in the third quarter. Gabelli Funds LLC now owns 1,342,600 shares of the basic materials company's stock valued at $38,788,000 after buying an additional 141,900 shares in the last quarter. TT International Asset Management LTD grew its stake in shares of Eldorado Gold by 1,730.9% in the fourth quarter. TT International Asset Management LTD now owns 751,327 shares of the basic materials company's stock valued at $26,916,000 after buying an additional 710,290 shares in the last quarter. Finally, Sprott Inc. grew its stake in shares of Eldorado Gold by 3.1% in the third quarter. Sprott Inc. now owns 1,915,378 shares of the basic materials company's stock valued at $55,335,000 after buying an additional 58,013 shares in the last quarter. 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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