Eldorado Gold Corporation (NYSE:EGO) Sees Large Drop in Short Interest

Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD) saw a significant decrease in short interest in the month of April. As of April 30th, there was short interest totaling 6,891,969 shares, a decrease of 35.4% from the April 15th total of 10,669,593 shares. Approximately 3.5% of the shares of the company are sold short. Based on an average daily volume of 4,567,276 shares, the days-to-cover ratio is currently 1.5 days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Smartleaf Asset Management LLC acquired a new position in shares of Eldorado Gold in the 4th quarter worth approximately $33,000. Flagship Harbor Advisors LLC acquired a new position in shares of Eldorado Gold in the 4th quarter worth approximately $36,000. Aventura Private Wealth LLC acquired a new position in shares of Eldorado Gold in the 4th quarter worth approximately $36,000. Wexford Capital LP acquired a new position in shares of Eldorado Gold in the 3rd quarter worth approximately $37,000. Finally, Headlands Technologies LLC bought a new stake in shares of Eldorado Gold in the 2nd quarter valued at $32,000. Institutional investors and hedge funds own 69.58% of the company’s stock.

Eldorado Gold Price Performance

Shares of EGO traded up $0.01 during mid-day trading on Monday, reaching $31.67. The company had a trading volume of 1,227,094 shares, compared to its average volume of 4,313,111. The company’s 50 day simple moving average is $34.50 and its 200 day simple moving average is $36.00. Eldorado Gold has a 1-year low of $18.15 and a 1-year high of $51.16. 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 company has a market capitalization of $8.26 billion, a price-to-earnings ratio of 11.27, a P/E/G ratio of 0.18 and a beta of 0.56.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last issued its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.95 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.26. The company had revenue of $532.43 million for the quarter, compared to analyst estimates of $503.31 million. Eldorado Gold had a net margin of 28.62% and a return on equity of 11.60%. Analysts expect that Eldorado Gold will post 4.27 EPS for the current year.

Eldorado Gold Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 16th. Stockholders of record on Tuesday, June 2nd will be issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Tuesday, June 2nd. Eldorado Gold’s payout ratio is 10.68%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on EGO shares. Zacks Research lowered shares of Eldorado Gold from a “hold” rating to a “strong sell” rating in a research report on Wednesday, April 29th. ATB Cormark Capital Markets lowered shares of Eldorado Gold from a “moderate buy” rating to a “hold” rating in a research report on Monday, May 4th. Scotiabank lowered their price target on shares of Eldorado Gold from $58.00 to $56.00 and set a “sector outperform” rating on the stock in a research report on Tuesday, April 21st. TD Securities lowered their price target 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. Finally, Canadian Imperial Bank of Commerce lowered shares of Eldorado Gold from a “sector outperform” rating to a “neutral” rating and set a $54.00 price target on the stock. in a research report on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $44.50.

Eldorado Gold Company Profile

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.