CIBC Upgrades Eldorado Gold (NYSE:EGO) to Neutral

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Eldorado Gold (NYSE:EGO) (TSE:ELD) was upgraded by stock analysts at CIBC from an “underperform” rating to a “neutral” rating in a research report issued on Wednesday, The Fly reports.

A number of other research firms have also weighed in on EGO. Zacks Investment Research upgraded IMI PLC/S from a “sell” rating to a “hold” rating in a report on Wednesday, April 3rd. JPMorgan Chase & Co. reissued a “neutral” rating and issued a GBX 785 ($10.26) target price on shares of in a research report on Wednesday, June 26th. Credit Suisse Group assumed coverage on New Gold in a research report on Tuesday, April 16th. They issued a “neutral” rating and a $1.00 target price on the stock. ValuEngine raised WPP from a “sell” rating to a “hold” rating in a research report on Wednesday, June 19th. Finally, TD Securities cut their price target on Great Canadian Gaming from C$62.00 to C$56.00 and set a “buy” rating on the stock in a research report on Tuesday, May 7th. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Eldorado Gold currently has an average rating of “Hold” and a consensus target price of $5.01.

NYSE EGO opened at $6.75 on Wednesday. The stock has a market capitalization of $1.09 billion, a P/E ratio of -39.71, a PEG ratio of 13.18 and a beta of 1.99. The company has a quick ratio of 2.70, a current ratio of 3.98 and a debt-to-equity ratio of 0.18. The firm’s fifty day moving average is $4.81. Eldorado Gold has a fifty-two week low of $2.52 and a fifty-two week high of $6.91.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last issued its quarterly earnings data on Thursday, May 2nd. The basic materials company reported ($0.11) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.07). Eldorado Gold had a negative return on equity of 1.40% and a negative net margin of 97.68%. The company had revenue of $80.02 million for the quarter, compared to the consensus estimate of $113.85 million. Sell-side analysts anticipate that Eldorado Gold will post 0.1 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Donald Smith & CO. Inc. increased its stake in shares of Eldorado Gold by 104.7% during the first quarter. Donald Smith & CO. Inc. now owns 4,103,511 shares of the basic materials company’s stock worth $18,999,000 after acquiring an additional 2,099,175 shares during the period. Norges Bank purchased a new position in shares of Eldorado Gold during the fourth quarter valued at approximately $4,037,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Eldorado Gold by 521.6% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,213,583 shares of the basic materials company’s stock valued at $5,605,000 after buying an additional 1,018,349 shares during the period. SG Americas Securities LLC lifted its stake in shares of Eldorado Gold by 167.5% during the first quarter. SG Americas Securities LLC now owns 370,940 shares of the basic materials company’s stock valued at $1,717,000 after buying an additional 920,703 shares during the period. Finally, Marshall Wace LLP acquired a new position in Eldorado Gold during the first quarter worth approximately $1,947,000. 41.47% of the stock is owned by hedge funds and other institutional investors.

About Eldorado Gold

Eldorado Gold Corporation, together with its subsidiaries, engages in the exploration, development, and mining of gold properties in Turkey, Greece, Brazil, Serbia, Canada, and Romania. The company holds 100% interests in the Kisladag and Efemcukuru gold mines in Turkey; Lamaque gold project in Canada; Perama Hill gold-silver project and Sapes in Greece; and Vila Nova iron ore mine and 100% interest in Tocantinzinho gold project in Brazil.

See Also: Trade Deficit

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Analyst Recommendations for Eldorado Gold (NYSE:EGO)

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