Eldorado Gold (NYSE:EGO) Given New $56.00 Price Target at Scotiabank

Eldorado Gold (NYSE:EGO) (TSE:ELD) had its target price decreased by Scotiabank from $58.00 to $56.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “sector outperform” rating on the basic materials company’s stock. Scotiabank’s target price points to a potential upside of 70.81% from the stock’s previous close.

A number of other equities analysts have also commented on EGO. TD Securities dropped their price target on shares of Eldorado Gold from $45.00 to $40.00 and set a “hold” rating on the stock in a research report on Tuesday, April 14th. Royal Bank Of Canada downgraded shares of Eldorado Gold from an “outperform” rating to a “sector perform” rating and set a $48.00 target price on the stock. in a research report on Tuesday, February 17th. TD Cowen cut their target price on Eldorado Gold from $45.00 to $40.00 and set a “hold” rating on the stock in a research note on Tuesday, April 14th. BMO Capital Markets restated an “outperform” rating on shares of Eldorado Gold in a report on Wednesday, April 15th. Finally, Canaccord Genuity Group downgraded Eldorado Gold from a “buy” rating to a “hold” rating in a report on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $42.00.

Eldorado Gold Price Performance

EGO opened at $32.79 on Tuesday. The company has a quick ratio of 1.46, a current ratio of 1.83 and a debt-to-equity ratio of 0.29. The company’s 50-day moving average price is $39.01 and its 200 day moving average price is $35.43. Eldorado Gold has a fifty-two week low of $17.18 and a fifty-two week high of $51.16. The firm has a market cap of $6.51 billion, a price-to-earnings ratio of 13.22, a price-to-earnings-growth ratio of 0.15 and a beta of 0.66.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last announced its quarterly earnings results on Thursday, February 19th. The basic materials company reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.01). Eldorado Gold had a return on equity of 8.63% and a net margin of 27.89%.The company had revenue of $575.14 million for the quarter, compared to analyst estimates of $500.42 million. As a group, sell-side analysts expect that Eldorado Gold will post 4.63 earnings per share for the current year.

Institutional Investors Weigh In On Eldorado Gold

Several institutional investors and hedge funds have recently made changes to their positions in the business. PKO Investment Management Joint Stock Co raised its holdings in shares of Eldorado Gold by 20.2% during the first quarter. PKO Investment Management Joint Stock Co now owns 82,947 shares of the basic materials company’s stock valued at $2,842,000 after purchasing an additional 13,947 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in Eldorado Gold during the fourth quarter worth $98,000. Mackenzie Financial Corp grew its stake in Eldorado Gold by 904.1% in the 4th quarter. Mackenzie Financial Corp now owns 1,811,814 shares of the basic materials company’s stock valued at $65,322,000 after buying an additional 1,631,373 shares in the last quarter. Empowered Funds LLC bought a new position in shares of Eldorado Gold in the fourth quarter worth $3,499,000. Finally, XTX Topco Ltd lifted its holdings in Eldorado Gold by 17.4% during the 4th quarter. XTX Topco Ltd now owns 12,941 shares of the basic materials company’s stock worth $465,000 after purchasing an additional 1,919 shares in the last quarter. Institutional investors own 69.58% of the company’s stock.

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.