Eldorado Gold (NYSE:EGO) Sets New 1-Year High – Here’s What Happened

Eldorado Gold Co. (NYSE:EGO) (TSE:ELD) shares reached a new 52-week high on Monday . The stock traded as high as $18.87 and last traded at $18.87, with a volume of 2531 shares traded. The stock had previously closed at $18.62.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on EGO. StockNews.com raised shares of Eldorado Gold from a “hold” rating to a “buy” rating in a report on Monday, July 1st. CIBC raised their price objective on shares of Eldorado Gold from $18.00 to $22.50 and gave the stock an “outperformer” rating in a report on Wednesday, July 10th. Scotiabank boosted their target price on Eldorado Gold from $18.00 to $20.00 and gave the stock a “sector perform” rating in a report on Monday, August 19th. Finally, Royal Bank of Canada increased their price target on Eldorado Gold from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 10th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Eldorado Gold has a consensus rating of “Hold” and an average price target of $19.38.

Eldorado Gold Stock Performance

The company has a debt-to-equity ratio of 0.20, a current ratio of 3.62 and a quick ratio of 2.65. The stock’s 50 day simple moving average is $17.38 and its two-hundred day simple moving average is $16.16. The company has a market capitalization of $3.86 billion, a P/E ratio of 32.67 and a beta of 0.95.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last posted its quarterly earnings data on Thursday, July 25th. The basic materials company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.07. The firm had revenue of $297.14 million during the quarter. Eldorado Gold had a net margin of 15.67% and a return on equity of 5.82%. During the same quarter last year, the firm earned $0.09 EPS. As a group, research analysts expect that Eldorado Gold Co. will post 1.41 earnings per share for the current year.

Hedge Funds Weigh In On Eldorado Gold

Several large investors have recently made changes to their positions in the company. CANADA LIFE ASSURANCE Co raised its holdings in Eldorado Gold by 130.6% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 63,246 shares of the basic materials company’s stock worth $890,000 after purchasing an additional 35,820 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Eldorado Gold during the second quarter worth approximately $2,238,000. Maverick Capital Ltd. acquired a new position in Eldorado Gold in the second quarter valued at approximately $1,256,000. Gabelli Funds LLC lifted its holdings in Eldorado Gold by 2.8% in the first quarter. Gabelli Funds LLC now owns 2,020,000 shares of the basic materials company’s stock valued at $28,421,000 after buying an additional 55,000 shares during the period. Finally, Cetera Investment Advisers boosted its stake in Eldorado Gold by 61.0% in the second quarter. Cetera Investment Advisers now owns 73,864 shares of the basic materials company’s stock valued at $1,092,000 after acquiring an additional 27,991 shares during the last quarter. Institutional investors and hedge funds own 69.58% of the company’s stock.

About Eldorado Gold

Eldorado Gold Corporation, together with its subsidiaries, engages in the mining, exploration, development, and sale of mineral products primarily in Turkey, Canada, Greece, and Romania. The company primarily produces gold, as well as silver, lead, and zinc. It holds a 100% interest in the Kisladag and Efemçukuru mines located in Turkey; Lamaque complex located in Canada; and Olympias, Stratoni, Skouries, Perama Hill, and Sapes gold mines located in Greece, as well as the 80.5% interest in Certej development projects located in Romania.