Cormark Issues Negative Estimate for Eldorado Gold Earnings

Eldorado Gold Co. (NYSE:EGO) (TSE:ELD) – Equities researchers at Cormark dropped their Q3 2024 earnings per share (EPS) estimates for Eldorado Gold in a research report issued on Wednesday, October 23rd. Cormark analyst R. Gray now expects that the basic materials company will post earnings of $0.28 per share for the quarter, down from their previous forecast of $0.47. The consensus estimate for Eldorado Gold’s current full-year earnings is $1.42 per share.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last posted its earnings results on Thursday, July 25th. The basic materials company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.26 by $0.07. Eldorado Gold had a return on equity of 5.82% and a net margin of 15.67%. The business had revenue of $297.14 million during the quarter. During the same quarter in the previous year, the firm earned $0.09 earnings per share.

Several other brokerages have also issued reports on EGO. StockNews.com raised Eldorado Gold from a “hold” rating to a “buy” rating in a research note on Monday, July 1st. Royal Bank of Canada lifted their price target on Eldorado Gold from $20.00 to $22.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 10th. CIBC lifted their price target on Eldorado Gold from $18.00 to $22.50 and gave the stock an “outperformer” rating in a research note on Wednesday, July 10th. Finally, Scotiabank lifted their price target on Eldorado Gold from $18.00 to $20.00 and gave the stock a “sector perform” rating in a research note on Monday, August 19th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Eldorado Gold presently has a consensus rating of “Hold” and an average price target of $19.38.

Eldorado Gold Trading Down 3.4 %

Shares of EGO stock opened at $17.38 on Monday. The company has a quick ratio of 2.65, a current ratio of 3.62 and a debt-to-equity ratio of 0.20. The business has a 50-day moving average price of $17.47 and a two-hundred day moving average price of $16.27. Eldorado Gold has a 12-month low of $9.72 and a 12-month high of $19.06. The firm has a market cap of $3.56 billion, a P/E ratio of 20.69 and a beta of 0.95.

Institutional Investors Weigh In On Eldorado Gold

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Tobam lifted its stake in shares of Eldorado Gold by 14.8% in the 2nd quarter. Tobam now owns 5,036 shares of the basic materials company’s stock valued at $74,000 after acquiring an additional 651 shares during the last quarter. Blue Trust Inc. raised its position in Eldorado Gold by 232.8% during the 3rd quarter. Blue Trust Inc. now owns 1,910 shares of the basic materials company’s stock valued at $33,000 after purchasing an additional 1,336 shares during the last quarter. Financial Management Professionals Inc. bought a new position in Eldorado Gold during the 3rd quarter valued at approximately $32,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Eldorado Gold by 4.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,980 shares of the basic materials company’s stock valued at $679,000 after purchasing an additional 1,858 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in Eldorado Gold by 1.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 169,435 shares of the basic materials company’s stock valued at $2,499,000 after purchasing an additional 2,472 shares during the last quarter. Institutional investors 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.