Eldorado Gold (NYSE:EGO) Cut to “Hold” at StockNews.com

Eldorado Gold (NYSE:EGO) (TSE:ELD) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

Several other analysts also recently issued reports on the company. National Bank Financial upgraded Eldorado Gold to a “strong-buy” rating in a research report on Friday, March 21st. Scotiabank cut their target price on shares of Eldorado Gold from $18.50 to $16.50 and set a “sector perform” rating for the company in a research note on Friday, February 7th. Three investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Eldorado Gold presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.00.

Eldorado Gold Price Performance

Shares of NYSE:EGO traded up $0.32 during trading on Wednesday, hitting $17.92. 3,233,880 shares of the stock were exchanged, compared to its average volume of 1,519,912. The company has a market cap of $3.67 billion, a PE ratio of 12.80 and a beta of 0.81. The company has a current ratio of 3.37, a quick ratio of 2.54 and a debt-to-equity ratio of 0.23. The company has a fifty day moving average price of $15.04 and a two-hundred day moving average price of $15.93. Eldorado Gold has a 12-month low of $13.29 and a 12-month high of $19.06.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last announced its quarterly earnings results on Thursday, February 20th. The basic materials company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.13. Eldorado Gold had a return on equity of 8.74% and a net margin of 21.86%. The business had revenue of $435.70 million during the quarter, compared to analysts’ expectations of $440.43 million. On average, analysts forecast that Eldorado Gold will post 1.5 EPS for the current year.

Institutional Trading of Eldorado Gold

Hedge funds have recently made changes to their positions in the company. ANTIPODES PARTNERS Ltd boosted its stake in Eldorado Gold by 648.7% during the 4th quarter. ANTIPODES PARTNERS Ltd now owns 2,649,986 shares of the basic materials company’s stock valued at $39,408,000 after acquiring an additional 2,296,018 shares during the last quarter. Jennison Associates LLC lifted its holdings in Eldorado Gold by 17.5% during the 4th quarter. Jennison Associates LLC now owns 7,090,185 shares of the basic materials company’s stock worth $105,431,000 after buying an additional 1,058,137 shares during the last quarter. Carrhae Capital LLP grew its position in shares of Eldorado Gold by 13.9% during the 4th quarter. Carrhae Capital LLP now owns 6,040,730 shares of the basic materials company’s stock valued at $89,826,000 after buying an additional 738,233 shares during the last quarter. Wellington Management Group LLP bought a new position in shares of Eldorado Gold during the fourth quarter worth about $6,973,000. Finally, BNP Paribas Financial Markets increased its position in Eldorado Gold by 231.7% in the 4th quarter. BNP Paribas Financial Markets now owns 550,876 shares of the basic materials company’s stock valued at $8,192,000 after acquiring an additional 384,793 shares during the period. Hedge funds and other institutional investors 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.