Eldorado Gold (NYSE:EGO) Price Target Raised to $41.00

Eldorado Gold (NYSE:EGO) (TSE:ELD) had its price target boosted by Royal Bank Of Canada from $37.00 to $41.00 in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has a sector perform rating on the basic materials company’s stock.

A number of other brokerages have also issued reports on EGO. Weiss Ratings raised Eldorado Gold from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, September 8th. Canadian Imperial Bank of Commerce upgraded Eldorado Gold from a “neutral” rating to an “outperform” rating in a research report on Sunday, August 9th. Zacks Research raised Eldorado Gold from a “strong sell” rating to a “hold” rating in a research note on Monday, September 14th. Jefferies Financial Group started coverage on Eldorado Gold in a report on Thursday, August 20th. They issued a “buy” rating and a $50.00 price objective on the stock. Finally, Scotiabank cut their price objective on Eldorado Gold from $55.00 to $47.00 and set a “sector outperform” rating on the stock in a report on Tuesday, July 14th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $43.57.

Eldorado Gold Price Performance

Shares of EGO opened at $43.19 on Wednesday. Eldorado Gold has a 1-year low of $24.44 and a 1-year high of $51.16. The stock has a market cap of $11.29 billion, a PE ratio of 15.31, a P/E/G ratio of 0.31 and a beta of 0.71. The firm has a 50-day simple moving average of $38.30 and a two-hundred day simple moving average of $35.29. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.31 and a quick ratio of 0.85.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last issued its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. The firm had revenue of $487.50 million for the quarter, compared to analyst estimates of $529.92 million. Eldorado Gold had a net margin of 29.83% and a return on equity of 10.91%. As a group, analysts forecast that Eldorado Gold will post 3.23 EPS for the current year.

Eldorado Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were issued a dividend of $0.075 per share. The ex-dividend date was Tuesday, September 1st. This represents a $0.30 dividend on an annualized basis and a yield of 0.7%. Eldorado Gold’s dividend payout ratio is 10.64%.

Hedge Funds Weigh In On Eldorado Gold

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in shares of Eldorado Gold during the second quarter worth $587,469,000. Van ECK Associates Corp boosted its holdings in Eldorado Gold by 39.0% in the second quarter. Van ECK Associates Corp now owns 18,678,256 shares of the basic materials company’s stock valued at $580,739,000 after purchasing an additional 5,241,277 shares during the period. L1 Capital Pty Ltd boosted its holdings in Eldorado Gold by 35.2% in the fourth quarter. L1 Capital Pty Ltd now owns 9,640,407 shares of the basic materials company’s stock valued at $346,283,000 after purchasing an additional 2,512,168 shares during the period. Donald Smith & CO. Inc. acquired a new position in Eldorado Gold during the 2nd quarter worth $272,580,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in Eldorado Gold by 2.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,546,074 shares of the basic materials company’s stock worth $199,274,000 after purchasing an additional 132,170 shares in the last quarter. Hedge funds and other institutional investors own 69.58% of the company’s stock.

About Eldorado Gold

Eldorado Gold Corporation is a Vancouver-based mid-tier gold producer focused on the exploration, development and operation of precious-metals mining assets. The company primarily produces gold, with some operations also generating silver, lead and zinc concentrates.

Eldorado Gold operates the Lamaque gold mine in Quebec, Canada; the Kisladag and Efemcukuru gold mines in Türkiye; and the Olympias polymetallic mine in northern Greece. The company is also advancing the Skouries project in Greece, a copper-gold development that is expected to expand its production profile.

Founded in 1996, Eldorado has built an international portfolio through acquisitions, exploration and mine development.