Eldorado Gold (NYSE:EGO) Stock Price Down 9.2% After Earnings Miss

Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD) fell 9.2% during mid-day trading on Friday after the company announced weaker than expected quarterly earnings. The stock traded as low as $42.42 and last traded at $43.2670. 1,099,147 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 2,510,783 shares. The stock had previously closed at $47.63.

The basic materials company reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.01). The firm had revenue of $575.14 million during the quarter, compared to analysts’ expectations of $500.42 million. Eldorado Gold had a return on equity of 8.89% and a net margin of 22.15%.

Eldorado Gold Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 27th will be issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.7%. The ex-dividend date is Friday, February 27th.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on EGO. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Eldorado Gold in a research report on Wednesday, January 21st. Canadian Imperial Bank of Commerce restated an “outperform” rating and issued a $54.00 target price on shares of Eldorado Gold in a research note on Wednesday, February 4th. Bank of America raised their price target on shares of Eldorado Gold from $28.00 to $29.00 and gave the company an “underperform” rating in a report on Monday, December 1st. Scotiabank raised shares of Eldorado Gold from a “sector perform” rating to a “sector outperform” rating in a research note on Monday, January 26th. Finally, Royal Bank Of Canada cut shares of Eldorado Gold from an “outperform” rating to a “sector perform” rating and set a $48.00 price objective for the company. in a research report on Tuesday. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $38.20.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Mackenzie Financial Corp increased its position in Eldorado Gold by 904.1% in the fourth quarter. Mackenzie Financial Corp now owns 1,811,814 shares of the basic materials company’s stock worth $65,322,000 after buying an additional 1,631,373 shares during the period. Empowered Funds LLC acquired a new stake in shares of Eldorado Gold in the 4th quarter worth about $3,499,000. XTX Topco Ltd lifted its position in Eldorado Gold by 17.4% in the 4th quarter. XTX Topco Ltd now owns 12,941 shares of the basic materials company’s stock valued at $465,000 after purchasing an additional 1,919 shares during the last quarter. Quadrature Capital Ltd lifted its position in Eldorado Gold by 285.1% in the 4th quarter. Quadrature Capital Ltd now owns 150,200 shares of the basic materials company’s stock valued at $5,405,000 after purchasing an additional 111,200 shares during the last quarter. Finally, Orion Resource Partners LP boosted its stake in Eldorado Gold by 27.1% during the 4th quarter. Orion Resource Partners LP now owns 110,608 shares of the basic materials company’s stock valued at $3,975,000 after purchasing an additional 23,570 shares during the period. 69.58% of the stock is currently owned by institutional investors.

Eldorado Gold Trading Down 8.8%

The firm’s 50-day simple moving average is $40.53 and its 200 day simple moving average is $31.73. The stock has a market cap of $8.62 billion, a P/E ratio of 24.05, a PEG ratio of 0.21 and a beta of 0.51. The company has a current ratio of 2.79, a quick ratio of 2.28 and a debt-to-equity ratio of 0.31.

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.