Eldorado Gold (NYSE:EGO) Trading Up 5.1% – Here’s Why

Eldorado Gold Co. (NYSE:EGO) (TSE:ELD)’s share price shot up 5.1% on Tuesday . The company traded as high as $16.58 and last traded at $16.52. 338,754 shares were traded during mid-day trading, a decline of 76% from the average session volume of 1,413,961 shares. The stock had previously closed at $15.71.

Analysts Set New Price Targets

Several brokerages have recently issued reports on EGO. StockNews.com upgraded shares of Eldorado Gold from a “hold” rating to a “buy” rating in a report on Friday, February 28th. Scotiabank lowered their target price on Eldorado Gold from $18.50 to $16.50 and set a “sector perform” rating for the company in a report on Friday, February 7th. Finally, National Bank Financial upgraded Eldorado Gold to a “strong-buy” rating in a research report on Friday, March 21st. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $20.00.

Eldorado Gold Stock Performance

The company has a 50-day moving average of $14.79 and a 200-day moving average of $15.92. The firm has a market capitalization of $3.36 billion, a P/E ratio of 11.71 and a beta of 1.11. The company has a current ratio of 3.37, a quick ratio of 2.54 and a debt-to-equity ratio of 0.23.

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

Institutional Investors Weigh In On Eldorado Gold

Several hedge funds and other institutional investors have recently made changes to their positions in EGO. Wellington Management Group LLP purchased a new position in shares of Eldorado Gold during the fourth quarter valued at approximately $6,973,000. PKO Investment Management Joint Stock Co bought a new stake in shares of Eldorado Gold in the 4th quarter worth $1,280,000. Mackenzie Financial Corp raised its holdings in shares of Eldorado Gold by 44.9% in the fourth quarter. Mackenzie Financial Corp now owns 747,250 shares of the basic materials company’s stock valued at $11,102,000 after purchasing an additional 231,515 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. bought a new position in shares of Eldorado Gold during the fourth quarter valued at about $504,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Eldorado Gold by 0.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 179,139 shares of the basic materials company’s stock worth $2,664,000 after purchasing an additional 1,174 shares during the last quarter. 69.58% of the stock is owned by institutional investors.

Eldorado Gold Company Profile

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.