Shares of Eldorado Gold Corporation (NYSE:EGO – Get Free Report) (TSE:ELD) shot up 10.9% during mid-day trading on Wednesday . The company traded as high as $35.51 and last traded at $35.30. Approximately 781,055 shares changed hands during trading, a decline of 73% from the average session volume of 2,844,450 shares. The stock had previously closed at $31.82.
Analysts Set New Price Targets
Several research analysts recently weighed in on EGO shares. ATB Cormark Capital Markets cut shares of Eldorado Gold from a “moderate buy” rating to a “hold” rating in a research report on Monday, May 4th. Citigroup cut Eldorado Gold to a “sector perform” rating in a research note on Monday, May 4th. Scotiabank dropped their target price on Eldorado Gold from $55.00 to $47.00 and set a “sector outperform” rating for the company in a research report on Tuesday, July 14th. Weiss Ratings lowered Eldorado Gold from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, June 11th. Finally, TD Securities lowered their price objective on Eldorado Gold from $45.00 to $40.00 and set a “hold” rating for the company in a research report on Tuesday, April 14th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Eldorado Gold currently has an average rating of “Hold” and an average price target of $41.83.
View Our Latest Analysis on Eldorado Gold
Eldorado Gold Price Performance
Eldorado Gold (NYSE:EGO – Get Free Report) (TSE:ELD) last released its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02. Eldorado Gold had a return on equity of 10.91% and a net margin of 29.83%.The company had revenue of $487.50 million during the quarter, compared to the consensus estimate of $529.92 million. On average, research analysts forecast that Eldorado Gold Corporation will post 3.2 earnings per share for the current year.
Eldorado Gold Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.075 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.30 annualized dividend and a yield of 0.8%. Eldorado Gold’s payout ratio is presently 10.64%.
Institutional Investors Weigh In On Eldorado Gold
Several large investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Eldorado Gold in the 2nd quarter valued at $587,469,000. L1 Capital Pty Ltd lifted its position in shares of Eldorado Gold by 35.2% during the 4th quarter. L1 Capital Pty Ltd now owns 9,640,407 shares of the basic materials company’s stock worth $346,283,000 after buying an additional 2,512,168 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Eldorado Gold by 2.4% in 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 buying an additional 132,170 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Eldorado Gold by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 5,113,413 shares of the basic materials company’s stock valued at $175,522,000 after acquiring an additional 54,964 shares in the last quarter. Finally, Mackenzie Financial Corp raised its stake in shares of Eldorado Gold by 904.1% during the 4th quarter. Mackenzie Financial Corp now owns 1,811,814 shares of the basic materials company’s stock worth $65,322,000 after purchasing an additional 1,631,373 shares during the period. 69.58% of the stock is currently owned by institutional investors and hedge funds.
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.
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