Eldorado Gold (NYSE:EGO) Cut to “Hold” at Canaccord Genuity Group

Eldorado Gold (NYSE:EGO) (TSE:ELD) was downgraded by stock analysts at Canaccord Genuity Group from a “buy” rating to a “hold” rating in a research note issued to investors on Friday, MarketBeat Ratings reports.

A number of other research analysts also recently weighed in on EGO. Weiss Ratings reiterated a “buy (b)” rating on shares of Eldorado Gold in a report on Wednesday, January 21st. National Bank Financial reiterated an “outperform” rating on shares of Eldorado Gold in a report on Tuesday, November 4th. Royal Bank Of Canada downgraded Eldorado Gold from an “outperform” rating to a “sector perform” rating and set a $48.00 target price on the stock. in a report on Tuesday. Scotiabank raised shares of Eldorado Gold from a “sector perform” rating to a “sector outperform” rating in a research note on Monday, January 26th. Finally, Bank of America increased their price objective on shares of Eldorado Gold from $28.00 to $29.00 and gave the company an “underperform” rating in a report on Monday, December 1st. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $38.20.

Eldorado Gold Price Performance

Shares of Eldorado Gold stock traded down $4.40 on Friday, reaching $43.23. The stock had a trading volume of 1,793,095 shares, compared to its average volume of 2,542,425. The business’s 50 day moving average is $40.53 and its two-hundred day moving average is $31.73. The company has a market cap of $8.58 billion, a P/E ratio of 23.97, a price-to-earnings-growth ratio of 0.21 and a beta of 0.51. The company has a current ratio of 2.79, a quick ratio of 2.28 and a debt-to-equity ratio of 0.31. Eldorado Gold has a 1 year low of $13.29 and a 1 year high of $51.16.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last announced its earnings results on Thursday, February 19th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.01). Eldorado Gold had a net margin of 22.15% and a return on equity of 8.89%. The company had revenue of $575.14 million for the quarter, compared to the consensus estimate of $500.42 million. As a group, research analysts anticipate that Eldorado Gold will post 1.5 EPS for the current year.

Hedge Funds Weigh In On Eldorado Gold

Several institutional investors and hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. boosted its stake in shares of Eldorado Gold by 50.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 798,205 shares of the basic materials company’s stock worth $13,426,000 after acquiring an additional 266,048 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Eldorado Gold in the second quarter valued at about $32,000. Jennison Associates LLC lifted its stake in Eldorado Gold by 10.3% during the second quarter. Jennison Associates LLC now owns 7,990,223 shares of the basic materials company’s stock worth $162,521,000 after purchasing an additional 744,419 shares in the last quarter. Savant Capital LLC purchased a new stake in shares of Eldorado Gold in the 2nd quarter valued at $285,000. Finally, Harvest Portfolios Group Inc. lifted its position in shares of Eldorado Gold by 12.3% during the second quarter. Harvest Portfolios Group Inc. now owns 43,440 shares of the basic materials company’s stock worth $884,000 after purchasing an additional 4,754 shares in the last quarter. Institutional investors and hedge funds own 69.58% of the company’s stock.

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.