Eldorado Gold (NYSE:EGO) Reaches New 12-Month High – Here’s What Happened

Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD) hit a new 52-week high during trading on Tuesday . The stock traded as high as $42.37 and last traded at $42.4080, with a volume of 296500 shares. The stock had previously closed at $40.28.

Wall Street Analyst Weigh In

EGO has been the topic of a number of analyst reports. Canaccord Genuity Group raised shares of Eldorado Gold from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 22nd. Scotiabank upped their target price on shares of Eldorado Gold from $25.50 to $33.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 23rd. National Bankshares restated an “outperform” rating on shares of Eldorado Gold in a research report on Tuesday, November 4th. Wall Street Zen cut Eldorado Gold from a “buy” rating to a “hold” rating in a report on Saturday, October 11th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Eldorado Gold in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Eldorado Gold currently has an average rating of “Moderate Buy” and a consensus price target of $31.20.

Eldorado Gold Stock Performance

The business has a fifty day moving average price of $34.46 and a 200-day moving average price of $28.28. The company has a quick ratio of 2.28, a current ratio of 2.79 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $8.91 billion, a P/E ratio of 24.92, a P/E/G ratio of 0.22 and a beta of 0.54.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last posted its quarterly earnings data on Thursday, October 30th. The basic materials company reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.08). Eldorado Gold had a net margin of 22.15% and a return on equity of 8.89%. The firm had revenue of $436.44 million for the quarter, compared to analysts’ expectations of $422.25 million. On average, sell-side analysts expect that Eldorado Gold Corporation will post 1.5 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Van ECK Associates Corp grew its position in Eldorado Gold by 33.9% in the 3rd quarter. Van ECK Associates Corp now owns 16,499,858 shares of the basic materials company’s stock valued at $476,679,000 after acquiring an additional 4,173,963 shares during the last quarter. Vanguard Group Inc. grew its holdings in Eldorado Gold by 2.6% in the third quarter. Vanguard Group Inc. now owns 8,387,901 shares of the basic materials company’s stock worth $242,226,000 after purchasing an additional 209,947 shares during the last quarter. Jennison Associates LLC raised its position in shares of Eldorado Gold by 2.3% in the 3rd quarter. Jennison Associates LLC now owns 8,173,003 shares of the basic materials company’s stock valued at $236,118,000 after purchasing an additional 182,780 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Eldorado Gold by 8.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,413,904 shares of the basic materials company’s stock valued at $156,364,000 after purchasing an additional 419,576 shares during the last quarter. Finally, Carrhae Capital LLP boosted its holdings in shares of Eldorado Gold by 10.6% in the 3rd quarter. Carrhae Capital LLP now owns 4,994,738 shares of the basic materials company’s stock valued at $144,298,000 after acquiring an additional 480,253 shares during the last quarter. Institutional investors own 69.58% of the company’s stock.

About Eldorado Gold

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.