Eldorado Gold (NYSE:EGO) Trading Down 7.4% – What’s Next?

Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD)’s share price dropped 7.4% on Wednesday . The company traded as low as $30.02 and last traded at $29.6540. Approximately 361,774 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 2,937,498 shares. The stock had previously closed at $32.02.

Analyst Ratings Changes

Several research firms have issued reports on EGO. TD Securities cut 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. BMO Capital Markets reaffirmed an “outperform” rating on shares of Eldorado Gold in a research note on Wednesday, April 15th. National Bank Financial upgraded shares of Eldorado Gold to a “strong-buy” rating in a research note on Wednesday, April 15th. TD Cowen decreased their price objective on shares of Eldorado Gold from $45.00 to $40.00 and set a “hold” rating on the stock in a report on Tuesday, April 14th. Finally, Weiss Ratings lowered shares of Eldorado Gold from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, June 11th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $44.50.

Eldorado Gold Stock Down 6.6%

The firm has a market capitalization of $7.82 billion, a PE ratio of 10.65, a price-to-earnings-growth ratio of 0.19 and a beta of 0.62. The firm’s 50-day moving average is $31.98 and its 200 day moving average is $36.59. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.18 and a current ratio of 1.62.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last posted its earnings results on Thursday, April 30th. The basic materials company reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.26. Eldorado Gold had a net margin of 28.62% and a return on equity of 11.60%. The firm had revenue of $532.43 million during the quarter, compared to the consensus estimate of $503.31 million. As a group, research analysts forecast that Eldorado Gold Corporation will post 4.27 earnings per share for the current fiscal year.

Eldorado Gold Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 16th. Investors of record on Tuesday, June 2nd were given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Tuesday, June 2nd. Eldorado Gold’s payout ratio is currently 10.68%.

Hedge Funds Weigh In On Eldorado Gold

Several hedge funds have recently bought and sold shares of EGO. Linden Thomas Advisory Services LLC lifted its position in shares of Eldorado Gold by 4.2% in the fourth quarter. Linden Thomas Advisory Services LLC now owns 7,896 shares of the basic materials company’s stock valued at $284,000 after acquiring an additional 318 shares in the last quarter. Savant Capital LLC raised its stake in Eldorado Gold by 2.7% in the 4th quarter. Savant Capital LLC now owns 14,135 shares of the basic materials company’s stock valued at $508,000 after purchasing an additional 371 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in Eldorado Gold by 0.9% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 63,081 shares of the basic materials company’s stock valued at $1,794,000 after purchasing an additional 582 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Eldorado Gold by 8.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 10,216 shares of the basic materials company’s stock worth $351,000 after purchasing an additional 819 shares during the last quarter. Finally, Smartleaf Asset Management LLC acquired a new stake in shares of Eldorado Gold during the 4th quarter worth about $33,000. Hedge funds and other institutional investors 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.