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 report released on Tuesday, Zacks.com reports. The brokerage presently has a $9.50 target price on the basic materials company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 12.16% from the company’s current price.

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

A number of other equities research analysts have also recently commented on EGO. TD Securities reduced their target price on shares of Eldorado Gold from $13.00 to $12.00 and set a “hold” rating for the company in a report on Wednesday, August 4th. TheStreet cut shares of Eldorado Gold from a “c” rating to a “d+” rating in a report on Thursday, August 5th. Finally, National Bank Financial reduced their target price on shares of Eldorado Gold from C$18.50 to C$17.50 and set an “outperform” rating for the company in a report on Friday. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $15.20.

EGO traded down $0.04 on Tuesday, reaching $8.47. The company had a trading volume of 1,193,035 shares, compared to its average volume of 1,824,731. Eldorado Gold has a 1 year low of $7.95 and a 1 year high of $14.49. The stock has a market capitalization of $1.55 billion, a PE ratio of 84.70, a P/E/G ratio of 2.95 and a beta of 1.41. The company has a quick ratio of 2.15, a current ratio of 2.88 and a debt-to-equity ratio of 0.10. The stock has a 50-day moving average price of $9.00 and a 200-day moving average price of $10.37.

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

Several institutional investors have recently modified their holdings of the company. Morgan Stanley increased its stake in shares of Eldorado Gold by 73.0% during the second quarter. Morgan Stanley now owns 1,256,500 shares of the basic materials company’s stock worth $12,502,000 after acquiring an additional 530,401 shares during the period. Wells Fargo & Company MN increased its stake in shares of Eldorado Gold by 4,850.6% during the second quarter. Wells Fargo & Company MN now owns 303,915 shares of the basic materials company’s stock worth $3,021,000 after acquiring an additional 297,776 shares during the period. Invesco Ltd. grew its position in Eldorado Gold by 3.7% during the second quarter. Invesco Ltd. now owns 2,688,014 shares of the basic materials company’s stock worth $26,746,000 after buying an additional 94,875 shares during the period. Man Group plc acquired a new position in Eldorado Gold during the second quarter worth about $105,000. Finally, First Trust Advisors LP grew its position in Eldorado Gold by 9.6% during the second quarter. First Trust Advisors LP now owns 68,676 shares of the basic materials company’s stock worth $683,000 after buying an additional 6,033 shares during the period. Institutional investors and hedge funds own 54.46% of the company’s stock.

About Eldorado Gold

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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Analyst Recommendations for Eldorado Gold (NYSE:EGO)

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