Royal Bank of Canada initiated coverage on shares of Eldorado Gold (NYSE:EGO) (TSE:ELD) in a research note published on Wednesday morning, The Fly reports. The firm issued an underperform rating and a $6.50 price objective on the basic materials company’s stock.
EGO has been the topic of several other reports. CIBC set a $9.80 price objective on Eldorado Gold and gave the company a hold rating in a research report on Friday, November 1st. TD Securities increased their target price on Eldorado Gold from $7.00 to $9.00 and gave the stock a hold rating in a research report on Tuesday, August 13th. BMO Capital Markets set a $16.00 target price on Eldorado Gold and gave the company a buy rating in a research note on Thursday, October 17th. Zacks Investment Research cut Eldorado Gold from a buy rating to a hold rating in a research note on Monday, September 23rd. Finally, ValuEngine lowered Eldorado Gold from a sell rating to a strong sell rating in a research report on Wednesday, October 2nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. Eldorado Gold presently has a consensus rating of Hold and an average price target of $8.86.
NYSE:EGO opened at $7.30 on Wednesday. The company has a 50-day moving average price of $7.94 and a 200-day moving average price of $7.22. The stock has a market cap of $1.16 billion, a price-to-earnings ratio of -42.94, a P/E/G ratio of 10.12 and a beta of 1.84. The company has a current ratio of 2.26, a quick ratio of 1.36 and a debt-to-equity ratio of 0.14. Eldorado Gold has a 12 month low of $2.52 and a 12 month high of $10.09.
Hedge funds have recently added to or reduced their stakes in the company. Alps Advisors Inc. grew its stake in shares of Eldorado Gold by 17.8% in the 2nd quarter. Alps Advisors Inc. now owns 298,370 shares of the basic materials company’s stock worth $1,737,000 after buying an additional 45,019 shares during the last quarter. Morgan Stanley boosted its holdings in Eldorado Gold by 7.0% in the second quarter. Morgan Stanley now owns 2,899,783 shares of the basic materials company’s stock worth $16,877,000 after acquiring an additional 190,923 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Eldorado Gold by 30,263.6% in the second quarter. JPMorgan Chase & Co. now owns 463,045 shares of the basic materials company’s stock worth $2,663,000 after acquiring an additional 461,520 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Eldorado Gold by 2.7% in the second quarter. Vanguard Group Inc. now owns 4,271,311 shares of the basic materials company’s stock worth $24,860,000 after acquiring an additional 113,961 shares during the last quarter. Finally, CIBC Asset Management Inc increased its holdings in shares of Eldorado Gold by 2.0% during the second quarter. CIBC Asset Management Inc now owns 186,153 shares of the basic materials company’s stock valued at $1,082,000 after acquiring an additional 3,706 shares in the last quarter. Hedge funds and other institutional investors own 50.09% of the company’s stock.
About Eldorado Gold
Eldorado Gold Corporation, together with its subsidiaries, engages in the exploration, development, and mining of gold properties in Turkey, Greece, Brazil, Serbia, Canada, and Romania. The company holds 100% interests in the Kisladag and Efemcukuru gold mines in Turkey; Lamaque gold project in Canada; Perama Hill gold-silver project and Sapes in Greece; and Vila Nova iron ore mine and 100% interest in Tocantinzinho gold project in Brazil.
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