Eldorado Gold (NYSE:EGO) Announces Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Eldorado Gold (NYSE:EGO) (TSE:ELD) released its quarterly earnings results on Thursday. The basic materials company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02, Zacks reports. Eldorado Gold had a return on equity of 11.60% and a net margin of 28.62%.

Eldorado Gold Stock Performance

NYSE:EGO traded up $0.79 during trading on Thursday, reaching $32.76. The company’s stock had a trading volume of 3,929,745 shares, compared to its average volume of 1,888,290. Eldorado Gold has a 12 month low of $20.39 and a 12 month high of $51.16. The firm has a market cap of $8.56 billion, a price-to-earnings ratio of 11.66, a price-to-earnings-growth ratio of 0.22 and a beta of 0.62. The firm has a 50 day moving average of $31.38 and a 200-day moving average of $35.85. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.18 and a current ratio of 1.62.

Hedge Funds Weigh In On Eldorado Gold

Several institutional investors have recently added to or reduced their stakes in EGO. Mackenzie Financial Corp increased its holdings in Eldorado Gold by 904.1% during the fourth quarter. Mackenzie Financial Corp now owns 1,811,814 shares of the basic materials company’s stock worth $65,322,000 after buying an additional 1,631,373 shares during the last quarter. Millennium Management LLC boosted its stake in Eldorado Gold by 490.6% in the fourth quarter. Millennium Management LLC now owns 1,787,062 shares of the basic materials company’s stock valued at $64,193,000 after acquiring an additional 1,484,503 shares during the last quarter. FIL Ltd bought a new position in shares of Eldorado Gold during the 4th quarter valued at approximately $35,473,000. Cubist Systematic Strategies LLC bought a new position in shares of Eldorado Gold during the 2nd quarter valued at approximately $13,387,000. Finally, Qube Research & Technologies Ltd increased its stake in shares of Eldorado Gold by 241.4% during the 2nd quarter. Qube Research & Technologies Ltd now owns 682,945 shares of the basic materials company’s stock worth $13,891,000 after purchasing an additional 482,915 shares during the last quarter. Institutional investors own 69.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on EGO shares. Citigroup downgraded shares of Eldorado Gold to a “sector perform” rating in a report on Monday, May 4th. Bank of America raised their price target on shares of Eldorado Gold from $31.00 to $33.00 and gave the company an “underperform” rating in a research report on Thursday, July 9th. TD Cowen cut their price target on shares of Eldorado Gold from $45.00 to $40.00 and set a “hold” rating on the stock in a report on Tuesday, April 14th. Royal Bank Of Canada cut their price target on shares of Eldorado Gold from $39.00 to $37.00 and set a “sector perform” rating on the stock in a report on Thursday, July 9th. Finally, Zacks Research lowered shares of Eldorado Gold from a “hold” rating to a “strong sell” rating in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $41.83.

Eldorado Gold Company Profile

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.