Eldorado Gold Corporation (NYSE:EGO) Sees Large Drop in Short Interest

Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD) saw a large decline in short interest in April. As of April 30th, there was short interest totaling 6,891,969 shares, a decline of 35.4% from the April 15th total of 10,669,593 shares. Approximately 3.5% of the company’s shares are short sold. Based on an average trading volume of 4,567,276 shares, the days-to-cover ratio is presently 1.5 days.

Institutional Investors Weigh In On Eldorado Gold

Several institutional investors have recently added to or reduced their stakes in EGO. Headlands Technologies LLC purchased a new stake in Eldorado Gold during the second quarter valued at about $32,000. Smartleaf Asset Management LLC purchased a new stake in Eldorado Gold during the fourth quarter valued at about $33,000. Aventura Private Wealth LLC purchased a new stake in Eldorado Gold during the fourth quarter valued at about $36,000. Flagship Harbor Advisors LLC purchased a new stake in Eldorado Gold during the fourth quarter valued at about $36,000. Finally, Wexford Capital LP purchased a new stake in Eldorado Gold during the third quarter valued at about $37,000. 69.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on EGO. BMO Capital Markets reiterated an “outperform” rating on shares of Eldorado Gold in a research note on Wednesday, April 15th. TD Securities decreased their price target on shares of Eldorado Gold from $45.00 to $40.00 and set a “hold” rating for the company in a research note on Tuesday, April 14th. Scotiabank reduced their target price on shares of Eldorado Gold from $58.00 to $56.00 and set a “sector outperform” rating for the company in a research note on Tuesday, April 21st. Weiss Ratings cut shares of Eldorado Gold from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, May 7th. Finally, Canadian Imperial Bank of Commerce cut shares of Eldorado Gold from a “sector outperform” rating to a “neutral” rating and set a $54.00 price target on the stock. in a report on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $44.50.

Eldorado Gold Stock Performance

Shares of NYSE:EGO traded up $0.01 during midday trading on Monday, reaching $31.67. The company had a trading volume of 1,227,094 shares, compared to its average volume of 4,313,111. The company’s 50 day moving average price is $34.50 and its 200 day moving average price is $36.00. The company has a current ratio of 1.62, a quick ratio of 1.18 and a debt-to-equity ratio of 0.27. The stock has a market cap of $8.26 billion, a P/E ratio of 11.27, a P/E/G ratio of 0.18 and a beta of 0.56. Eldorado Gold has a 52-week low of $18.15 and a 52-week high of $51.16.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last issued its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.26. The company had revenue of $532.43 million for the quarter, compared to the consensus estimate of $503.31 million. Eldorado Gold had a net margin of 28.62% and a return on equity of 11.60%. As a group, sell-side analysts anticipate that Eldorado Gold will post 4.27 EPS for the current fiscal year.

Eldorado Gold Announces Dividend

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

Eldorado Gold Company Profile

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.