Eldorado Gold (NYSE:EGO) Reaches New 52-Week High – Here’s What Happened

Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD)’s share price reached a new 52-week high on Tuesday . The stock traded as high as $42.37 and last traded at $42.4080, with a volume of 296500 shares. The stock had previously closed at $40.28.

Analyst Ratings Changes

A number of brokerages have recently weighed in on EGO. Weiss Ratings reissued a “buy (b)” rating on shares of Eldorado Gold in a research report on Wednesday, October 8th. CIBC boosted their target price on Eldorado Gold from $32.00 to $46.00 and gave the company an “outperformer” rating in a research note on Friday, October 10th. Wall Street Zen downgraded Eldorado Gold from a “buy” rating to a “hold” rating in a report on Saturday, October 11th. Bank of America boosted their price objective on Eldorado Gold from $28.00 to $29.00 and gave the company an “underperform” rating in a research report on Monday, December 1st. Finally, National Bankshares restated an “outperform” rating on shares of Eldorado Gold in a report on Tuesday, November 4th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Eldorado Gold has a consensus rating of “Moderate Buy” and a consensus price target of $31.20.

Eldorado Gold Trading Up 5.2%

The stock has a market cap of $8.41 billion, a price-to-earnings ratio of 23.49, a P/E/G ratio of 0.21 and a beta of 0.54. The business has a 50-day simple moving average of $33.85 and a two-hundred day simple moving average of $28.01. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.28 and a current ratio of 2.79.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last announced its earnings results on Thursday, October 30th. The basic materials company reported $0.41 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.08). Eldorado Gold had a return on equity of 8.89% and a net margin of 22.15%.The business had revenue of $436.44 million for the quarter, compared to analyst estimates of $422.25 million. As a group, research analysts forecast that Eldorado Gold Corporation will post 1.5 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of EGO. Van ECK Associates Corp raised its stake in shares of Eldorado Gold by 33.9% during the 3rd quarter. Van ECK Associates Corp now owns 16,499,858 shares of the basic materials company’s stock worth $476,679,000 after purchasing an additional 4,173,963 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Eldorado Gold by 228.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 4,994,328 shares of the basic materials company’s stock worth $101,649,000 after buying an additional 3,472,504 shares during the last quarter. Jennison Associates LLC raised its position in 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 worth $162,521,000 after acquiring an additional 744,419 shares in the last quarter. Schroder Investment Management Group raised its position in Eldorado Gold by 94.9% during the third quarter. Schroder Investment Management Group now owns 1,448,558 shares of the basic materials company’s stock worth $41,240,000 after acquiring an additional 705,140 shares in the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new stake in Eldorado Gold in the second quarter valued at $13,387,000. 69.58% of the stock is currently owned by institutional investors.

About Eldorado Gold

Eldorado Gold Corporation is a Canada‐based gold producer engaged in the acquisition, exploration, development and operation of mineral properties. The company’s core focus is on gold, silver and select base metals, with an emphasis on advancing projects through feasibility and into production. Eldorado Gold maintains a diversified portfolio of both producing mines and advanced‐stage development projects.

Operationally, Eldorado Gold manages multiple gold mining operations across Turkey, Canada and Greece.