Eldorado Gold (NYSE:EGO) Upgraded at Bank of America

Bank of America upgraded shares of Eldorado Gold (NYSE:EGO) (TSE:ELD) from an underperform rating to a buy rating in a report published on Tuesday, MarketBeat Ratings reports. Bank of America currently has $54.00 target price on the basic materials company’s stock, up from their prior target price of $32.00.

Other research analysts also recently issued research reports about the company. Jefferies Financial Group started coverage on Eldorado Gold in a research note on Thursday, August 20th. They set a “buy” rating and a $50.00 price target on the stock. Scotiabank decreased their price objective on Eldorado Gold from $55.00 to $47.00 and set a “sector outperform” rating for the company in a report on Tuesday, July 14th. Canadian Imperial Bank of Commerce raised Eldorado Gold from a “neutral” rating to an “outperform” rating in a report on Sunday, August 9th. Zacks Research raised shares of Eldorado Gold from a “strong sell” rating to a “hold” rating in a report on Monday, September 14th. Finally, Weiss Ratings raised shares of Eldorado Gold from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, September 8th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, Eldorado Gold presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.57.

Eldorado Gold Stock Performance

NYSE EGO opened at $42.13 on Tuesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.31 and a quick ratio of 0.85. Eldorado Gold has a 1 year low of $24.44 and a 1 year high of $51.16. The company has a market capitalization of $11.02 billion, a PE ratio of 14.94, a P/E/G ratio of 0.34 and a beta of 0.71. The company has a fifty day moving average of $39.43 and a two-hundred day moving average of $35.26.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last posted its earnings results on Thursday, July 30th. The basic materials company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. Eldorado Gold had a return on equity of 10.91% and a net margin of 29.83%.The business had revenue of $487.50 million for the quarter, compared to analysts’ expectations of $529.92 million. As a group, analysts expect that Eldorado Gold will post 3.16 earnings per share for the current year.

Eldorado Gold Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were given a $0.0750 dividend. This represents a $0.30 annualized dividend and a yield of 0.7%. The ex-dividend date was Tuesday, September 1st. Eldorado Gold’s payout ratio is 10.64%.

Institutional Trading of Eldorado Gold

A number of hedge funds have recently added to or reduced their stakes in the stock. Continuum Advisory LLC acquired a new position in shares of Eldorado Gold in the second quarter valued at approximately $25,000. EFG International AG acquired a new stake in shares of Eldorado Gold during the second quarter worth $62,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Eldorado Gold during the fourth quarter worth $98,000. Nykredit A S purchased a new position in Eldorado Gold in the 2nd quarter valued at $143,000. Finally, Eurizon Capital SGR S.p.A. purchased a new position in Eldorado Gold in the 4th quarter valued at $253,000. 69.58% of the stock is owned by institutional investors and hedge funds.

About Eldorado Gold

Eldorado Gold Corporation is a Vancouver-based mid-tier gold producer focused on the exploration, development and operation of precious-metals mining assets. The company primarily produces gold, with some operations also generating silver, lead and zinc concentrates.

Eldorado Gold operates the Lamaque gold mine in Quebec, Canada; the Kisladag and Efemcukuru gold mines in Türkiye; and the Olympias polymetallic mine in northern Greece. The company is also advancing the Skouries project in Greece, a copper-gold development that is expected to expand its production profile.

Founded in 1996, Eldorado has built an international portfolio through acquisitions, exploration and mine development.