Eldorado Gold (NYSE:EGO) Stock Rating Upgraded by Bank of America

Eldorado Gold (NYSE:EGO) (TSE:ELD) was upgraded by equities research analysts at Bank of America from an “underperform” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, Marketbeat.com reports. The firm currently has a $54.00 price target on the basic materials company’s stock, up from their prior price target of $32.00. Bank of America‘s target price suggests a potential upside of 25.96% from the stock’s previous close.

Several other research firms have also issued reports on EGO. Canadian Imperial Bank of Commerce upgraded Eldorado Gold from a “neutral” rating to an “outperform” rating in a research report on Sunday, August 9th. Scotiabank dropped their price objective on Eldorado Gold from $55.00 to $47.00 and set a “sector outperform” rating for the company in a report on Tuesday, July 14th. Zacks Research raised Eldorado Gold from a “strong sell” rating to a “hold” rating in a research note on Monday, September 14th. Stifel Nicolaus upgraded Eldorado Gold from a “hold” rating to a “buy” rating in a report on Friday, July 31st. Finally, Jefferies Financial Group started coverage on Eldorado Gold in a research report on Thursday, August 20th. They set a “buy” rating and a $50.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, Eldorado Gold has a consensus rating of “Moderate Buy” and a consensus price target of $46.57.

Eldorado Gold Trading Down 4.4%

EGO opened at $42.87 on Tuesday. The firm has a 50 day simple moving average of $39.14 and a 200 day simple moving average of $35.25. Eldorado Gold has a fifty-two week low of $24.44 and a fifty-two week high of $51.16. The company has a market cap of $11.21 billion, a price-to-earnings ratio of 15.20, a price-to-earnings-growth ratio of 0.34 and a beta of 0.71. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.31 and a quick ratio of 0.85.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last announced its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The firm had revenue of $487.50 million for the quarter, compared to analysts’ expectations of $529.92 million. Eldorado Gold had a net margin of 29.83% and a return on equity of 10.91%. On average, sell-side analysts anticipate that Eldorado Gold will post 3.16 earnings per share for the current year.

Hedge Funds Weigh In On Eldorado Gold

Several institutional investors and hedge funds have recently modified their holdings of EGO. BlackRock Inc. acquired a new stake in Eldorado Gold during the 2nd quarter worth approximately $587,469,000. Donald Smith & CO. Inc. acquired a new position in shares of Eldorado Gold in the second quarter valued at approximately $272,580,000. Van ECK Associates Corp boosted its holdings in shares of Eldorado Gold by 39.0% in the second quarter. Van ECK Associates Corp now owns 18,678,256 shares of the basic materials company’s stock valued at $580,739,000 after buying an additional 5,241,277 shares during the period. L1 Capital Pty Ltd boosted its holdings in shares of Eldorado Gold by 35.2% in the fourth quarter. L1 Capital Pty Ltd now owns 9,640,407 shares of the basic materials company’s stock valued at $346,283,000 after buying an additional 2,512,168 shares during the period. Finally, Wellington Management Group LLP bought a new stake in shares of Eldorado Gold during the second quarter worth $61,156,000. 69.58% of the stock is currently owned by institutional investors and hedge funds.

Eldorado Gold Company Profile

Eldorado Gold Corporation is a Vancouver-based mid-tier gold producer focused on the exploration, development and operation of precious-metals mining assets. The company primarily produces gold, with some operations also generating silver, lead and zinc concentrates.

Eldorado Gold operates the Lamaque gold mine in Quebec, Canada; the Kisladag and Efemcukuru gold mines in Türkiye; and the Olympias polymetallic mine in northern Greece. The company is also advancing the Skouries project in Greece, a copper-gold development that is expected to expand its production profile.

Founded in 1996, Eldorado has built an international portfolio through acquisitions, exploration and mine development.