Centerra Gold (NYSE:CGAU) Shares Gap Up After Earnings Beat

Centerra Gold Inc. (NYSE:CGAU)’s stock price gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $6.55, but opened at $6.90. Centerra Gold shares last traded at $7.00, with a volume of 94,508 shares traded.

The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.16 by $0.07. The firm had revenue of $282.31 million for the quarter. Centerra Gold had a return on equity of 5.58% and a net margin of 4.99%. During the same quarter last year, the company posted ($0.20) earnings per share.

Centerra Gold Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 12th. Stockholders of record on Wednesday, May 29th were paid a $0.051 dividend. The ex-dividend date of this dividend was Wednesday, May 29th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.91%. Centerra Gold’s dividend payout ratio (DPR) is 74.07%.

Analyst Upgrades and Downgrades

CGAU has been the topic of a number of analyst reports. CIBC reiterated a “neutral” rating and issued a $13.00 target price (up previously from $11.00) on shares of Centerra Gold in a research report on Wednesday, July 10th. Cibc World Mkts lowered Centerra Gold from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 10th. Scotiabank increased their target price on Centerra Gold from $8.00 to $9.00 and gave the company a “sector outperform” rating in a report on Thursday, May 23rd. Finally, National Bank Financial reaffirmed an “outperform overweight” rating on shares of Centerra Gold in a research note on Monday, April 8th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $9.80.

Hedge Funds Weigh In On Centerra Gold

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in Centerra Gold by 2.8% in the third quarter. Vanguard Group Inc. now owns 8,031,893 shares of the company’s stock worth $39,356,000 after purchasing an additional 220,263 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd bought a new position in shares of Centerra Gold in the 4th quarter worth about $9,540,000. Russell Investments Group Ltd. lifted its position in Centerra Gold by 943.8% during the 4th quarter. Russell Investments Group Ltd. now owns 65,020 shares of the company’s stock valued at $390,000 after acquiring an additional 58,791 shares during the period. Donald Smith & CO. Inc. boosted its stake in Centerra Gold by 27.9% during the fourth quarter. Donald Smith & CO. Inc. now owns 9,879,956 shares of the company’s stock worth $58,885,000 after acquiring an additional 2,156,920 shares in the last quarter. Finally, Van ECK Associates Corp grew its holdings in Centerra Gold by 1.2% in the fourth quarter. Van ECK Associates Corp now owns 20,482,153 shares of the company’s stock worth $122,339,000 after purchasing an additional 244,155 shares during the period. Institutional investors own 55.40% of the company’s stock.

Centerra Gold Price Performance

The stock’s 50 day simple moving average is $6.82 and its two-hundred day simple moving average is $6.15. The firm has a market cap of $1.49 billion, a P/E ratio of 25.19 and a beta of 0.98.

Centerra Gold Company Profile

Centerra Gold Inc, a gold mining company, engages in the acquisition, exploration, development, and operation of gold and copper properties in North America, Turkey, and internationally. The company explores for gold, copper, and molybdenum deposits. Its flagship projects are the 100% owned Mount Milligan gold-copper mine located in British Columbia, Canada; and the Öksüt gold mine located in Turkey.