Royal Bank of Canada Forecasts Strong Price Appreciation for Eldorado Gold (NYSE:EGO) Stock

Eldorado Gold (NYSE:EGO) (TSE:ELD) had its target price upped by Royal Bank of Canada from $20.00 to $21.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the basic materials company’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 29.87% from the stock’s previous close.

A number of other analysts have also recently commented on the stock. Scotiabank reduced their target price on shares of Eldorado Gold from $18.50 to $16.50 and set a “sector perform” rating for the company in a report on Friday, February 7th. StockNews.com lowered Eldorado Gold from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, National Bank Financial raised Eldorado Gold to a “strong-buy” rating in a report on Friday, March 21st. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $19.75.

Eldorado Gold Stock Down 8.6 %

Eldorado Gold stock opened at $16.17 on Friday. Eldorado Gold has a 12 month low of $13.29 and a 12 month high of $19.06. The stock has a fifty day simple moving average of $15.10 and a two-hundred day simple moving average of $15.92. The company has a current ratio of 3.37, a quick ratio of 2.54 and a debt-to-equity ratio of 0.23. The firm has a market cap of $3.31 billion, a price-to-earnings ratio of 11.55 and a beta of 0.81.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last announced its earnings results on Thursday, February 20th. The basic materials company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.13. Eldorado Gold had a return on equity of 8.74% and a net margin of 21.86%. The business had revenue of $435.70 million for the quarter, compared to analysts’ expectations of $440.43 million. Equities analysts predict that Eldorado Gold will post 1.5 EPS for the current fiscal year.

Institutional Trading of Eldorado Gold

Institutional investors and hedge funds have recently modified their holdings of the company. Jennison Associates LLC increased its stake in Eldorado Gold by 17.5% in the 4th quarter. Jennison Associates LLC now owns 7,090,185 shares of the basic materials company’s stock worth $105,431,000 after buying an additional 1,058,137 shares in the last quarter. BNP Paribas Financial Markets grew its position in shares of Eldorado Gold by 130.5% during the third quarter. BNP Paribas Financial Markets now owns 166,083 shares of the basic materials company’s stock worth $2,885,000 after purchasing an additional 94,040 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Eldorado Gold by 130.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 150,107 shares of the basic materials company’s stock valued at $2,607,000 after purchasing an additional 85,053 shares during the period. National Bank of Canada FI lifted its holdings in Eldorado Gold by 22.9% in the 3rd quarter. National Bank of Canada FI now owns 638,338 shares of the basic materials company’s stock worth $11,089,000 after purchasing an additional 118,760 shares in the last quarter. Finally, SBI Securities Co. Ltd. purchased a new position in Eldorado Gold in the 4th quarter worth approximately $55,000. 69.58% of the stock is currently owned by institutional investors.

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.