Eldorado Gold (NYSE:EGO) Shares Down 8% – Here’s Why

Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD) was down 8% on Thursday . The company traded as low as $31.02 and last traded at $31.8190. Approximately 2,444,575 shares changed hands during mid-day trading, a decline of 5% from the average daily volume of 2,565,710 shares. The stock had previously closed at $34.60.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on EGO shares. Canadian Imperial Bank of Commerce lowered Eldorado Gold from a “sector outperform” rating to a “neutral” rating and set a $54.00 price objective for the company. in a report on Friday, February 20th. Scotiabank cut their price target on shares of Eldorado Gold from $59.00 to $58.00 and set a “sector outperform” rating for the company in a research note on Wednesday, February 25th. TD Cowen lowered their price objective on shares of Eldorado Gold from $47.00 to $45.00 and set a “hold” rating on the stock in a research report on Tuesday, February 24th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Eldorado Gold in a report on Wednesday, January 21st. Finally, Bank of America upped their target price on shares of Eldorado Gold from $28.00 to $29.00 and gave the stock an “underperform” rating in a research report on Monday, December 1st. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Eldorado Gold presently has a consensus rating of “Hold” and a consensus target price of $43.71.

Eldorado Gold Stock Performance

The company has a debt-to-equity ratio of 0.29, a current ratio of 1.83 and a quick ratio of 1.46. The company has a 50 day simple moving average of $42.57 and a 200-day simple moving average of $34.23. The firm has a market cap of $6.31 billion, a PE ratio of 12.83, a price-to-earnings-growth ratio of 0.13 and a beta of 0.51.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last posted its quarterly earnings results on Thursday, February 19th. The basic materials company reported $0.63 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.01). Eldorado Gold had a return on equity of 8.63% and a net margin of 27.89%.The business had revenue of $575.14 million for the quarter, compared to analysts’ expectations of $500.42 million. As a group, equities research analysts anticipate that Eldorado Gold Corporation will post 1.5 EPS for the current year.

Eldorado Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were paid a $0.075 dividend. The ex-dividend date of this dividend was Friday, February 27th. This represents a $0.30 annualized dividend and a yield of 0.9%. Eldorado Gold’s payout ratio is currently 12.10%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of EGO. Montrusco Bolton Investments Inc. boosted its holdings in Eldorado Gold by 41.1% in the third quarter. Montrusco Bolton Investments Inc. now owns 356,975 shares of the basic materials company’s stock valued at $10,311,000 after acquiring an additional 103,975 shares in the last quarter. Ruffer LLP lifted its position in shares of Eldorado Gold by 29.2% in the 3rd quarter. Ruffer LLP now owns 1,412,740 shares of the basic materials company’s stock worth $40,814,000 after purchasing an additional 319,187 shares during the period. Gabelli Funds LLC lifted its position in shares of Eldorado Gold by 11.8% in the 3rd quarter. Gabelli Funds LLC now owns 1,342,600 shares of the basic materials company’s stock worth $38,788,000 after purchasing an additional 141,900 shares during the period. Cibc World Market Inc. boosted its stake in shares of Eldorado Gold by 13.4% during the 3rd quarter. Cibc World Market Inc. now owns 345,445 shares of the basic materials company’s stock valued at $9,974,000 after purchasing an additional 40,729 shares in the last quarter. Finally, Penserra Capital Management LLC purchased a new position in shares of Eldorado Gold during the third quarter valued at about $506,000. Hedge funds and other institutional investors own 69.58% of the company’s stock.

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.