Bank of America Forecasts Strong Price Appreciation for Eldorado Gold (NYSE:EGO) Stock

Eldorado Gold (NYSE:EGO) (TSE:ELD) had its price objective upped by Bank of America from $28.00 to $29.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “underperform” rating on the basic materials company’s stock. Bank of America‘s target price indicates a potential downside of 7.55% from the company’s current price.

EGO has been the subject of several other reports. Canaccord Genuity Group upgraded Eldorado Gold from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 22nd. Scotiabank boosted their price target on Eldorado Gold from $25.50 to $33.00 and gave the company a “sector perform” rating in a report on Thursday, October 23rd. Weiss Ratings reiterated a “buy (b)” rating on shares of Eldorado Gold in a report on Wednesday, October 8th. Wall Street Zen lowered shares of Eldorado Gold from a “buy” rating to a “hold” rating in a report on Saturday, October 11th. Finally, National Bankshares reissued an “outperform” rating on shares of Eldorado Gold in a research report on Tuesday, November 4th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $31.20.

Eldorado Gold Stock Up 0.2%

NYSE:EGO traded up $0.06 during midday trading on Monday, reaching $31.37. The company had a trading volume of 576,381 shares, compared to its average volume of 1,964,837. Eldorado Gold has a 12-month low of $13.29 and a 12-month high of $31.84. The firm has a market capitalization of $6.30 billion, a price-to-earnings ratio of 15.73, a PEG ratio of 0.29 and a beta of 0.49. The company has a current ratio of 3.23, a quick ratio of 2.65 and a debt-to-equity ratio of 0.28. The stock’s fifty day simple moving average is $27.90 and its 200-day simple moving average is $24.08.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last announced its quarterly earnings data on Thursday, October 30th. The basic materials company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.08). Eldorado Gold had a net margin of 26.07% and a return on equity of 8.79%. The company had revenue of $436.44 million during the quarter, compared to analysts’ expectations of $422.25 million. On average, sell-side analysts anticipate that Eldorado Gold will post 1.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in EGO. Carrhae Capital LLP grew its position in shares of Eldorado Gold by 10.6% during the 3rd quarter. Carrhae Capital LLP now owns 4,994,738 shares of the basic materials company’s stock worth $144,298,000 after buying an additional 480,253 shares during the period. CANADA LIFE ASSURANCE Co lifted its stake in Eldorado Gold by 0.9% in the third quarter. CANADA LIFE ASSURANCE Co now owns 63,081 shares of the basic materials company’s stock valued at $1,794,000 after buying an additional 582 shares in the last quarter. Wexford Capital LP acquired a new position in shares of Eldorado Gold in the third quarter valued at approximately $37,000. Verition Fund Management LLC boosted its holdings in shares of Eldorado Gold by 14.1% in the third quarter. Verition Fund Management LLC now owns 54,422 shares of the basic materials company’s stock valued at $1,572,000 after buying an additional 6,706 shares during the period. Finally, Prelude Capital Management LLC bought a new stake in shares of Eldorado Gold during the third quarter worth $367,000. Institutional investors and hedge funds own 69.58% of the company’s stock.

Eldorado Gold Company Profile

Eldorado Gold Corporation, together with its subsidiaries, engages in the mining, exploration, development, and sale of mineral products primarily in Turkey, Canada, Greece, and Romania. The company primarily produces gold, as well as silver, lead, and zinc. It holds a 100% interest in the Kisladag and Efemçukuru mines located in Turkey; Lamaque complex located in Canada; and Olympias, Stratoni, Skouries, Perama Hill, and Sapes gold mines located in Greece, as well as the 80.5% interest in Certej development projects located in Romania.