Bank of America Increases Eldorado Gold (NYSE:EGO) Price Target to $29.00

Eldorado Gold (NYSE:EGO) (TSE:ELD) had its price objective lifted by equities researchers at Bank of America from $28.00 to $29.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “underperform” rating on the basic materials company’s stock. Bank of America‘s price objective would indicate a potential downside of 5.71% from the company’s current price.

Several other research analysts have also recently commented on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Eldorado Gold in a research note on Wednesday, October 8th. CIBC lifted their price objective on Eldorado Gold from $32.00 to $46.00 and gave the stock an “outperformer” rating in a report on Friday, October 10th. Canaccord Genuity Group upgraded Eldorado Gold from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 22nd. National Bankshares reissued an “outperform” rating on shares of Eldorado Gold in a research report on Tuesday, November 4th. Finally, Scotiabank lifted their price target on shares of Eldorado Gold from $25.50 to $33.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 23rd. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Eldorado Gold presently has a consensus rating of “Moderate Buy” and an average price target of $31.20.

Eldorado Gold Price Performance

Shares of EGO stock opened at $30.76 on Monday. The firm has a fifty day simple moving average of $28.00 and a 200-day simple moving average of $24.26. The company has a market capitalization of $6.18 billion, a PE ratio of 17.09, a price-to-earnings-growth ratio of 0.39 and a beta of 0.57. Eldorado Gold has a twelve month low of $13.29 and a twelve month high of $31.84. 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 (NYSE:EGO) (TSE:ELD) last released its quarterly earnings results on Thursday, October 30th. The basic materials company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.08). The firm had revenue of $436.44 million for the quarter, compared to analysts’ expectations of $422.25 million. Eldorado Gold had a return on equity of 8.89% and a net margin of 22.15%. Equities research analysts anticipate that Eldorado Gold will post 1.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC lifted its position in Eldorado Gold by 10.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 278,300 shares of the basic materials company’s stock valued at $5,669,000 after purchasing an additional 26,000 shares during the last quarter. LPL Financial LLC grew its position in Eldorado Gold by 645.2% in the 1st quarter. LPL Financial LLC now owns 167,708 shares of the basic materials company’s stock worth $2,821,000 after purchasing an additional 145,202 shares during the last quarter. Amundi increased its stake in shares of Eldorado Gold by 17.7% in the first quarter. Amundi now owns 1,289,210 shares of the basic materials company’s stock valued at $22,806,000 after purchasing an additional 193,586 shares during the period. Jennison Associates LLC raised its holdings in shares of Eldorado Gold by 10.3% during the second quarter. Jennison Associates LLC now owns 7,990,223 shares of the basic materials company’s stock valued at $162,521,000 after buying an additional 744,419 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Eldorado Gold during the second quarter valued at approximately $644,000. 69.58% of the stock is currently owned by institutional investors.

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.