Scotiabank Cuts Eldorado Gold (NYSE:EGO) Price Target to $56.00

Eldorado Gold (NYSE:EGO) (TSE:ELD) had its price objective cut by equities researchers at Scotiabank from $58.00 to $56.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “sector outperform” rating on the basic materials company’s stock. Scotiabank’s target price indicates a potential upside of 70.81% from the company’s previous close.

EGO has been the subject of several other research reports. Canaccord Genuity Group lowered Eldorado Gold from a “buy” rating to a “hold” rating in a research note on Friday, February 20th. Royal Bank Of Canada cut shares of Eldorado Gold from an “outperform” rating to a “sector perform” rating and set a $48.00 target price on the stock. in a research report on Tuesday, February 17th. TD Securities cut their price target on shares of Eldorado Gold from $45.00 to $40.00 and set a “hold” rating for the company in a research report on Tuesday, April 14th. BMO Capital Markets reissued an “outperform” rating on shares of Eldorado Gold in a research note on Wednesday, April 15th. Finally, Canadian Imperial Bank of Commerce downgraded Eldorado Gold from a “sector outperform” rating to a “neutral” rating and set a $54.00 price objective for the company. in a research report on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $42.00.

Eldorado Gold Price Performance

EGO stock opened at $32.79 on Tuesday. The firm has a 50 day simple moving average of $39.01 and a two-hundred day simple moving average of $35.43. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.83 and a quick ratio of 1.46. The stock has a market cap of $6.51 billion, a PE ratio of 13.22, a P/E/G ratio of 0.15 and a beta of 0.66. Eldorado Gold has a one year low of $17.18 and a one year high of $51.16.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last announced its earnings results on Thursday, February 19th. The basic materials company reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.01). Eldorado Gold had a return on equity of 8.63% and a net margin of 27.89%.The company had revenue of $575.14 million during the quarter, compared to analysts’ expectations of $500.42 million. On average, analysts predict that Eldorado Gold will post 4.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Linden Thomas Advisory Services LLC boosted its stake in shares of Eldorado Gold by 4.2% during the 4th quarter. Linden Thomas Advisory Services LLC now owns 7,896 shares of the basic materials company’s stock valued at $284,000 after purchasing an additional 318 shares in the last quarter. Savant Capital LLC lifted its holdings in Eldorado Gold by 2.7% in the fourth quarter. Savant Capital LLC now owns 14,135 shares of the basic materials company’s stock worth $508,000 after buying an additional 371 shares during the period. CANADA LIFE ASSURANCE Co boosted its position in Eldorado Gold by 0.9% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 63,081 shares of the basic materials company’s stock valued at $1,794,000 after acquiring an additional 582 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Eldorado Gold by 10.7% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 9,406 shares of the basic materials company’s stock worth $272,000 after acquiring an additional 908 shares during the period. Finally, Smartleaf Asset Management LLC bought a new position in shares of Eldorado Gold in the 4th quarter worth approximately $33,000. 69.58% of the stock is currently owned by institutional investors.

About Eldorado Gold

Eldorado Gold Corporation is a Canada‐based gold producer engaged in the acquisition, exploration, development and operation of mineral properties. The company’s core focus is on gold, silver and select base metals, with an emphasis on advancing projects through feasibility and into production. Eldorado Gold maintains a diversified portfolio of both producing mines and advanced‐stage development projects.

Operationally, Eldorado Gold manages multiple gold mining operations across Turkey, Canada and Greece.