Eldorado Gold (NYSE:EGO) Sets New 12-Month High – Still a Buy?

Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $29.58 and last traded at $29.08, with a volume of 120676 shares trading hands. The stock had previously closed at $28.85.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on EGO. Wall Street Zen upgraded Eldorado Gold from a “hold” rating to a “buy” rating in a research note on Saturday, September 20th. Scotiabank reissued a “sector perform” rating on shares of Eldorado Gold in a research note on Monday, August 11th. CIBC reiterated an “outperform” rating on shares of Eldorado Gold in a report on Tuesday, July 15th. Finally, National Bankshares reiterated an “outperform” rating on shares of Eldorado Gold in a research report on Wednesday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $23.60.

Eldorado Gold Trading Down 0.1%

The firm has a market cap of $5.86 billion, a P/E ratio of 14.49, a price-to-earnings-growth ratio of 0.45 and a beta of 0.44. The firm has a fifty day simple moving average of $24.21 and a 200-day simple moving average of $20.89. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.23 and a quick ratio of 2.65.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last issued its earnings results on Thursday, July 31st. The basic materials company reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.07). The firm had revenue of $459.53 million during the quarter, compared to the consensus estimate of $401.85 million. Eldorado Gold had a return on equity of 8.79% and a net margin of 26.07%. On average, equities research analysts expect that Eldorado Gold Corporation will post 1.5 earnings per share for the current year.

Hedge Funds Weigh In On Eldorado Gold

A number of hedge funds have recently added to or reduced their stakes in EGO. Donald Smith & CO. Inc. increased its holdings in Eldorado Gold by 3.2% during the 1st quarter. Donald Smith & CO. Inc. now owns 12,492,756 shares of the basic materials company’s stock worth $210,128,000 after purchasing an additional 391,776 shares in the last quarter. L1 Capital Pty Ltd grew its holdings in Eldorado Gold by 22.7% during the first quarter. L1 Capital Pty Ltd now owns 8,774,080 shares of the basic materials company’s stock worth $147,580,000 after buying an additional 1,621,173 shares in the last quarter. Vanguard Group Inc. raised its position in Eldorado Gold by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 8,029,969 shares of the basic materials company’s stock valued at $134,984,000 after buying an additional 148,567 shares during the last quarter. Jennison Associates LLC lifted its stake in Eldorado Gold by 10.3% during the 2nd quarter. Jennison Associates LLC now owns 7,990,223 shares of the basic materials company’s stock valued at $162,521,000 after acquiring an additional 744,419 shares in the last quarter. Finally, Carrhae Capital LLP boosted its holdings in Eldorado Gold by 10.7% during the 1st quarter. Carrhae Capital LLP now owns 6,689,304 shares of the basic materials company’s stock worth $112,514,000 after acquiring an additional 648,574 shares during the last quarter. Institutional investors and hedge funds own 69.58% of the company’s stock.

About Eldorado Gold

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.