Eldorado Gold (NYSE:EGO) Shares Up 6.8% – Here’s Why

Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD) shares rose 6.8% during trading on Wednesday . The company traded as high as $32.41 and last traded at $32.5430. 459,768 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 2,855,511 shares. The stock had previously closed at $30.46.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on EGO shares. Royal Bank Of Canada reduced their price target on Eldorado Gold from $39.00 to $37.00 and set a “sector perform” rating on the stock in a research note on Thursday, July 9th. Weiss Ratings cut shares of Eldorado Gold from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, June 11th. TD Cowen reduced their target price 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. National Bank Financial upgraded shares of Eldorado Gold to a “strong-buy” rating in a research note on Wednesday, April 15th. Finally, Scotiabank lowered their price target on shares of Eldorado Gold from $55.00 to $47.00 and set a “sector outperform” rating for the company in a research report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $41.83.

Eldorado Gold Stock Performance

The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.18 and a current ratio of 1.62. The stock has a market capitalization of $8.39 billion, a P/E ratio of 11.44, a PEG ratio of 0.19 and a beta of 0.62. The business has a 50-day moving average price of $31.42 and a 200 day moving average price of $36.09.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last posted its quarterly earnings data on Thursday, April 30th. The basic materials company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.26. The company had revenue of $532.43 million during the quarter, compared to analyst estimates of $503.31 million. Eldorado Gold had a return on equity of 11.60% and a net margin of 28.62%. As a group, sell-side analysts forecast that Eldorado Gold Corporation will post 3.41 EPS for the current fiscal year.

Eldorado Gold Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 16th. Stockholders of record on Tuesday, June 2nd were issued a dividend of $0.075 per share. The ex-dividend date was Tuesday, June 2nd. This represents a $0.30 annualized dividend and a dividend yield of 0.9%. Eldorado Gold’s dividend payout ratio (DPR) is presently 10.68%.

Hedge Funds Weigh In On Eldorado Gold

Several large investors have recently modified their holdings of EGO. TT International Asset Management LTD increased its stake in Eldorado Gold by 1,730.9% during the 4th quarter. TT International Asset Management LTD now owns 751,327 shares of the basic materials company’s stock valued at $26,916,000 after purchasing an additional 710,290 shares in the last quarter. Artemis Investment Management LLP purchased a new position in Eldorado Gold in the fourth quarter worth about $3,214,000. U S Global Investors Inc. bought a new position in shares of Eldorado Gold in the fourth quarter worth approximately $1,796,000. Burney Co. bought a new position in shares of Eldorado Gold in the fourth quarter worth approximately $2,506,000. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Eldorado Gold by 41.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 786,300 shares of the basic materials company’s stock valued at $28,261,000 after buying an additional 232,000 shares during the last quarter. 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.