Eldorado Gold (NYSE:EGO) Shares Up 4.5% – Here’s Why

Shares of Eldorado Gold Co. (NYSE:EGO) (TSE:ELD) were up 4.5% during mid-day trading on Thursday . The company traded as high as $17.97 and last traded at $17.87. Approximately 891,227 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 1,980,375 shares. The stock had previously closed at $17.09.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Scotiabank decreased their target price on shares of Eldorado Gold from $18.50 to $16.50 and set a “sector perform” rating for the company in a research note on Friday, February 7th. National Bank Financial upgraded Eldorado Gold to a “strong-buy” rating in a research note on Friday, March 21st. Royal Bank of Canada raised their price target on Eldorado Gold from $20.00 to $21.00 and gave the stock an “outperform” rating in a research note on Friday, April 4th. Finally, StockNews.com raised Eldorado Gold from a “hold” rating to a “buy” rating in a research note on Thursday. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.75.

Eldorado Gold Stock Performance

The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.54 and a current ratio of 3.37. The company has a market cap of $3.96 billion, a P/E ratio of 13.79 and a beta of 0.81. The firm has a 50 day moving average price of $15.33 and a 200-day moving average price of $15.90.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last announced its quarterly earnings results on Thursday, February 20th. The basic materials company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.49 by $0.13. Eldorado Gold had a return on equity of 8.74% and a net margin of 21.86%. The company had revenue of $435.70 million for the quarter, compared to the consensus estimate of $440.43 million. On average, research analysts predict that Eldorado Gold Co. will post 1.5 EPS for the current year.

Institutional Investors Weigh In On Eldorado Gold

Hedge funds have recently bought and sold shares of the company. TD Waterhouse Canada Inc. increased its position in Eldorado Gold by 26.5% in the 4th quarter. TD Waterhouse Canada Inc. now owns 3,252 shares of the basic materials company’s stock worth $48,000 after buying an additional 682 shares during the period. SBI Securities Co. Ltd. bought a new stake in Eldorado Gold in the 4th quarter valued at $55,000. Generali Investments CEE investicni spolecnost a.s. acquired a new stake in Eldorado Gold in the 4th quarter worth $113,000. Tradition Wealth Management LLC acquired a new stake in Eldorado Gold during the fourth quarter worth about $153,000. Finally, Envestnet Asset Management Inc. bought a new position in Eldorado Gold during the fourth quarter valued at about $183,000. 69.58% of the stock is currently owned by institutional investors.

About Eldorado Gold

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.