Eldorado Gold (NYSE:EGO) Given New $18.50 Price Target at Scotiabank

Eldorado Gold (NYSE:EGO) (TSE:ELD) had its target price cut by Scotiabank from $20.00 to $18.50 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the basic materials company’s stock. Scotiabank’s price objective suggests a potential upside of 24.71% from the stock’s current price.

Several other research firms have also weighed in on EGO. StockNews.com lowered shares of Eldorado Gold from a “buy” rating to a “hold” rating in a research note on Friday, November 8th. TD Securities decreased their price objective on Eldorado Gold from $20.00 to $19.00 and set a “hold” rating for the company in a report on Monday, November 4th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $20.50.

Eldorado Gold Price Performance

Shares of Eldorado Gold stock traded up $0.32 during midday trading on Tuesday, reaching $14.83. The company had a trading volume of 1,833,555 shares, compared to its average volume of 1,357,213. The company has a current ratio of 3.37, a quick ratio of 2.54 and a debt-to-equity ratio of 0.23. The stock has a fifty day simple moving average of $15.63 and a 200 day simple moving average of $16.56. Eldorado Gold has a 1-year low of $9.72 and a 1-year high of $19.06. The company has a market capitalization of $3.04 billion, a price-to-earnings ratio of 11.06 and a beta of 0.94.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last announced its quarterly earnings data on Thursday, October 31st. The basic materials company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.02. Eldorado Gold had a net margin of 23.16% and a return on equity of 6.67%. The business had revenue of $331.76 million for the quarter. During the same quarter in the prior year, the company earned $0.17 earnings per share. As a group, equities research analysts forecast that Eldorado Gold will post 1.46 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in EGO. Perpetual Ltd acquired a new position in Eldorado Gold during the fourth quarter worth $425,000. JPMorgan Chase & Co. grew its position in shares of Eldorado Gold by 130.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 150,107 shares of the basic materials company’s stock valued at $2,607,000 after acquiring an additional 85,053 shares during the period. Tidal Investments LLC increased its stake in shares of Eldorado Gold by 1.8% during the 3rd quarter. Tidal Investments LLC now owns 908,617 shares of the basic materials company’s stock worth $15,783,000 after purchasing an additional 15,652 shares during the last quarter. Sanctuary Advisors LLC raised its holdings in shares of Eldorado Gold by 331.4% in the 3rd quarter. Sanctuary Advisors LLC now owns 138,556 shares of the basic materials company’s stock valued at $2,295,000 after purchasing an additional 106,438 shares during the period. Finally, Toronto Dominion Bank lifted its stake in Eldorado Gold by 84.9% in the 3rd quarter. Toronto Dominion Bank now owns 18,543 shares of the basic materials company’s stock valued at $322,000 after purchasing an additional 8,512 shares during the last quarter. Institutional investors and hedge funds own 69.58% of the company’s stock.

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.