Eldorado Gold (NYSE:EGO) Stock Rating Lowered by Canaccord Genuity Group

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

Several other equities analysts have also recently issued reports on EGO. Bank of America lifted their price objective on shares of Eldorado Gold from $28.00 to $29.00 and gave the stock an “underperform” rating in a research note on Monday, December 1st. Royal Bank Of Canada lowered shares of Eldorado Gold from an “outperform” rating to a “sector perform” rating and set a $48.00 price objective on the stock. in a research note on Tuesday. Canadian Imperial Bank of Commerce reissued an “outperform” rating and issued a $54.00 target price on shares of Eldorado Gold in a research report on Wednesday, February 4th. National Bank Financial reaffirmed an “outperform” rating on shares of Eldorado Gold in a report on Tuesday, November 4th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Eldorado Gold in a research note on Wednesday, January 21st. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Eldorado Gold presently has a consensus rating of “Hold” and a consensus price target of $38.20.

Eldorado Gold Stock Down 9.2%

NYSE:EGO traded down $4.40 during mid-day trading 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 company has a market capitalization of $8.58 billion, a price-to-earnings ratio of 23.97, a price-to-earnings-growth ratio of 0.21 and a beta of 0.51. The stock’s 50 day simple moving average is $40.53 and its two-hundred day simple moving average is $31.73. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.79 and a quick ratio of 2.28. 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 quarterly 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 firm had revenue of $575.14 million for the quarter, compared to analyst estimates of $500.42 million. Equities analysts anticipate that Eldorado Gold will post 1.5 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in EGO. Van ECK Associates Corp boosted its holdings in Eldorado Gold by 33.9% in the 3rd quarter. Van ECK Associates Corp now owns 16,499,858 shares of the basic materials company’s stock valued at $476,679,000 after purchasing an additional 4,173,963 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in shares of Eldorado Gold by 228.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 4,994,328 shares of the basic materials company’s stock worth $101,649,000 after purchasing an additional 3,472,504 shares during the last quarter. L1 Capital Pty Ltd raised its position in shares of Eldorado Gold by 35.2% during the fourth quarter. L1 Capital Pty Ltd now owns 9,640,407 shares of the basic materials company’s stock worth $346,283,000 after acquiring an additional 2,512,168 shares during the last quarter. Mackenzie Financial Corp boosted its stake in shares of 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 purchasing an additional 1,631,373 shares during the last quarter. Finally, Millennium Management LLC grew its stake in Eldorado Gold by 490.6% during the fourth quarter. Millennium Management LLC now owns 1,787,062 shares of the basic materials company’s stock worth $64,193,000 after purchasing an additional 1,484,503 shares during the period. 69.58% of the stock is owned by institutional investors and hedge funds.

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.