Eldorado Gold (NYSE:EGO) Price Target Increased to $22.50 by Analysts at CIBC

Eldorado Gold (NYSE:EGO) (TSE:ELD) had its target price boosted by equities research analysts at CIBC from $18.00 to $22.50 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has an “outperformer” rating on the basic materials company’s stock. CIBC’s target price indicates a potential upside of 39.15% from the company’s current price.

Several other research analysts have also recently weighed in on EGO. Royal Bank of Canada raised shares of Eldorado Gold from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $14.00 to $20.00 in a report on Wednesday, May 29th. National Bank Financial reaffirmed an “outperform spec overweight” rating on shares of Eldorado Gold in a report on Monday, April 8th. Scotiabank upped their target price on shares of Eldorado Gold from $15.00 to $18.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 23rd. Finally, StockNews.com upgraded shares of Eldorado Gold from a “hold” rating to a “buy” rating in a research report on Monday, July 1st. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Eldorado Gold presently has a consensus rating of “Hold” and an average target price of $16.50.

Eldorado Gold Price Performance

NYSE EGO traded up $0.13 on Wednesday, hitting $16.17. The stock had a trading volume of 826,361 shares, compared to its average volume of 1,556,787. The firm has a 50-day moving average of $15.31 and a 200-day moving average of $13.74. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.52 and a current ratio of 3.50. Eldorado Gold has a 52-week low of $8.30 and a 52-week high of $16.69. The company has a market capitalization of $3.31 billion, a price-to-earnings ratio of 28.35, a price-to-earnings-growth ratio of 0.29 and a beta of 0.92.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last released its quarterly earnings results on Friday, April 26th. The basic materials company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.12. The firm had revenue of $257.97 million for the quarter. Eldorado Gold had a net margin of 11.43% and a return on equity of 4.47%. During the same period in the previous year, the company posted $0.11 EPS. Equities analysts expect that Eldorado Gold will post 1.09 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EGO. Parkside Financial Bank & Trust purchased a new stake in Eldorado Gold during the fourth quarter valued at about $35,000. C M Bidwell & Associates Ltd. purchased a new stake in Eldorado Gold during the fourth quarter valued at about $37,000. TD Asset Management Inc boosted its position in Eldorado Gold by 0.8% during the fourth quarter. TD Asset Management Inc now owns 533,641 shares of the basic materials company’s stock valued at $6,961,000 after buying an additional 4,478 shares during the period. Tobam purchased a new stake in Eldorado Gold during the fourth quarter valued at about $68,000. Finally, CIBC Asset Management Inc boosted its position in Eldorado Gold by 3.6% during the fourth quarter. CIBC Asset Management Inc now owns 200,114 shares of the basic materials company’s stock valued at $2,606,000 after buying an additional 6,926 shares during the period. 69.58% of the stock is currently owned by hedge funds and other 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.