Eldorado Gold (NYSE:EGO) Upgraded by Zacks Investment Research to “Buy”

Eldorado Gold (NYSE:EGO) (TSE:ELD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday, Zacks.com reports. The brokerage currently has a $9.50 price objective on the basic materials company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 12.16% from the stock’s previous close.

According to Zacks, “Eldorado Gold is a gold producing and exploration company with gold assets in Brazil and Turkey. “

EGO has been the subject of several other research reports. TD Securities decreased their price objective on Eldorado Gold from $13.00 to $12.00 and set a “hold” rating for the company in a report on Wednesday, August 4th. TheStreet downgraded Eldorado Gold from a “c” rating to a “d+” rating in a research report on Thursday, August 5th. Finally, National Bank Financial cut their price target on Eldorado Gold from C$18.50 to C$17.50 and set an “outperform” rating on the stock in a research report on Friday. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $15.20.

Eldorado Gold stock traded down $0.04 during mid-day trading on Tuesday, reaching $8.47. 1,193,035 shares of the company were exchanged, compared to its average volume of 1,824,731. The business has a fifty day moving average of $9.00 and a 200 day moving average of $10.37. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.15 and a current ratio of 2.88. The firm has a market cap of $1.55 billion, a P/E ratio of 84.70, a PEG ratio of 2.95 and a beta of 1.41. Eldorado Gold has a 12-month low of $7.95 and a 12-month high of $14.49.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last posted its earnings results on Thursday, July 29th. The basic materials company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.05. The company had revenue of $233.22 million during the quarter. Eldorado Gold had a return on equity of 4.49% and a net margin of 1.60%. Sell-side analysts predict that Eldorado Gold will post 0.56 EPS for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. U S Global Investors Inc. lifted its stake in Eldorado Gold by 13.4% in the 2nd quarter. U S Global Investors Inc. now owns 420,851 shares of the basic materials company’s stock worth $4,188,000 after purchasing an additional 49,591 shares in the last quarter. Allianz Asset Management GmbH raised its position in shares of Eldorado Gold by 49.0% during the 1st quarter. Allianz Asset Management GmbH now owns 306,101 shares of the basic materials company’s stock valued at $3,307,000 after buying an additional 100,638 shares during the period. Schroder Investment Management Group raised its position in shares of Eldorado Gold by 26.3% during the 1st quarter. Schroder Investment Management Group now owns 1,051,185 shares of the basic materials company’s stock valued at $11,355,000 after buying an additional 218,935 shares during the period. Cubist Systematic Strategies LLC raised its position in shares of Eldorado Gold by 78.0% during the 1st quarter. Cubist Systematic Strategies LLC now owns 26,328 shares of the basic materials company’s stock valued at $284,000 after buying an additional 11,537 shares during the period. Finally, Optiver Holding B.V. purchased a new stake in shares of Eldorado Gold during the 1st quarter valued at approximately $170,000. 54.46% of the stock is currently owned by institutional investors and hedge funds.

Eldorado Gold Company Profile

Eldorado Gold Corp. engages in the mining, development and exploration of gold. It has mining operations, ongoing development projects and exploration in Turkey, Canada, Greece, Brazil, Romania and Serbia. The company was founded by Richard J. Barclay, Marco Antonio Romero, and Gary D. Nordin on April 2, 1992 and is headquartered in Vancouver, Canada.

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