Eldorado Gold (NYSE:EGO) Trading 6.8% Higher – Time to Buy?

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

Analyst Ratings Changes

Several analysts have recently commented on the company. Scotiabank reduced their price target on Eldorado Gold from $55.00 to $47.00 and set a “sector outperform” rating for the company in a report on Tuesday, July 14th. Citigroup downgraded Eldorado Gold to a “sector perform” rating in a research note on Monday, May 4th. TD Securities dropped their price objective on Eldorado Gold from $45.00 to $40.00 and set a “hold” rating on the stock in a report on Tuesday, April 14th. Weiss Ratings cut Eldorado Gold from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, June 11th. Finally, Bank of America raised their target price on Eldorado Gold from $31.00 to $33.00 and gave the company an “underperform” rating in a report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $41.83.

Eldorado Gold Stock Performance

The firm has a fifty day moving average of $31.30 and a 200-day moving average of $36.04. The company has a quick ratio of 1.18, a current ratio of 1.62 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $8.35 billion, a price-to-earnings ratio of 11.37, a PEG ratio of 0.22 and a beta of 0.62.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last posted its earnings results on Thursday, April 30th. The basic materials company reported $0.95 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 11.60% and a net margin of 28.62%. As a group, sell-side analysts anticipate that Eldorado Gold Corporation will post 3.41 EPS for the current year.

Eldorado Gold Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 16th. Investors of record on Tuesday, June 2nd were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Tuesday, June 2nd. Eldorado Gold’s dividend payout ratio is presently 10.68%.

Hedge Funds Weigh In On Eldorado Gold

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EGO. Goldman Sachs Group Inc. grew its position in shares of Eldorado Gold by 50.0% in the first quarter. Goldman Sachs Group Inc. now owns 798,205 shares of the basic materials company’s stock valued at $13,426,000 after purchasing an additional 266,048 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Eldorado Gold by 6.0% during the 2nd quarter. Geode Capital Management LLC now owns 113,368 shares of the basic materials company’s stock worth $2,318,000 after purchasing an additional 6,383 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Eldorado Gold by 1,209.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 339,370 shares of the basic materials company’s stock worth $6,903,000 after purchasing an additional 313,449 shares during the last quarter. Jump Financial LLC purchased a new stake in Eldorado Gold in the 2nd quarter valued at approximately $859,000. Finally, Cerity Partners LLC lifted its stake in Eldorado Gold by 15.2% in the 2nd quarter. Cerity Partners LLC now owns 36,039 shares of the basic materials company’s stock valued at $733,000 after buying an additional 4,758 shares in the last quarter. Institutional investors and hedge funds 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.