Eldorado Gold (NYSE:EGO) Shares Gap Down – Here’s Why

Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD) gapped down prior to trading on Tuesday . The stock had previously closed at $47.37, but opened at $44.39. Eldorado Gold shares last traded at $43.9230, with a volume of 706,812 shares trading hands.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Royal Bank Of Canada downgraded shares of Eldorado Gold from an “outperform” rating to a “sector perform” rating and set a $48.00 price target on the stock. in a report on Tuesday. Weiss Ratings restated a “buy (b)” rating on shares of Eldorado Gold in a report on Wednesday, January 21st. Canadian Imperial Bank of Commerce reissued an “outperform” rating and set a $54.00 price target on shares of Eldorado Gold in a research report on Wednesday, February 4th. Bank of America raised their price objective on Eldorado Gold from $28.00 to $29.00 and gave the stock an “underperform” rating in a report on Monday, December 1st. Finally, Scotiabank upgraded Eldorado Gold from a “sector perform” rating to a “sector outperform” rating in a report on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $38.20.

Eldorado Gold Stock Performance

The stock has a 50 day simple moving average of $40.28 and a 200 day simple moving average of $31.62. The company has a market cap of $9.46 billion, a price-to-earnings ratio of 26.46, a PEG ratio of 0.20 and a beta of 0.51. The company has a quick ratio of 2.28, a current ratio of 2.79 and a debt-to-equity ratio of 0.31.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last posted its earnings results on Thursday, February 19th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.08. Eldorado Gold had a return on equity of 8.89% and a net margin of 22.15%. As a group, analysts predict that Eldorado Gold Corporation will post 1.5 EPS for the current year.

Eldorado Gold Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be given a $0.075 dividend. The ex-dividend date of this dividend is Friday, February 27th. This represents a $0.30 annualized dividend and a yield of 0.6%.

Institutional Investors Weigh In On Eldorado Gold

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd acquired a new position in Eldorado Gold in the 2nd quarter worth $32,000. Headlands Technologies LLC purchased a new stake in shares of Eldorado Gold during the second quarter worth about $32,000. Smartleaf Asset Management LLC acquired a new position in shares of Eldorado Gold in the fourth quarter worth about $33,000. Aventura Private Wealth LLC purchased a new position in Eldorado Gold in the fourth quarter valued at about $36,000. Finally, Flagship Harbor Advisors LLC acquired a new stake in Eldorado Gold during the 4th quarter valued at approximately $36,000. 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.