Eldorado Gold Corporation (NYSE:EGO) Stock Rating Lowered by Scotiabank

Scotiabank lowered shares of Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD) from an outperform rating to a sector perform rating in a report issued on Monday, July 31st, MarketBeat reports. Scotiabank currently has $4.00 price target on the basic materials company’s stock.

Other analysts have also issued reports about the stock. Canaccord Genuity lowered shares of Eldorado Gold Corporation from a buy rating to a hold rating in a research note on Friday, July 28th. Zacks Investment Research raised shares of Eldorado Gold Corporation from a sell rating to a hold rating in a research note on Thursday, June 29th. TD Securities reissued a buy rating on shares of Eldorado Gold Corporation in a research note on Thursday, June 29th. ValuEngine lowered shares of Eldorado Gold Corporation from a hold rating to a sell rating in a research note on Friday, June 2nd. Finally, Credit Suisse Group set a $2.00 target price on shares of Eldorado Gold Corporation and gave the company a hold rating in a research note on Saturday, July 29th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $4.68.

Eldorado Gold Corporation (NYSE EGO) traded up 1.60% during midday trading on Monday, hitting $1.90. 4,750,906 shares of the stock were exchanged. The firm’s 50-day moving average is $2.24 and its 200 day moving average is $3.03. Eldorado Gold Corporation has a 52 week low of $1.77 and a 52 week high of $4.34. The stock’s market cap is $1.36 billion.

Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD) last issued its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.01 earnings per share for the quarter. The company had revenue of $82.70 million during the quarter, compared to analyst estimates of $104.71 million. Eldorado Gold Corporation had a net margin of 1.00% and a return on equity of 1.41%. The business’s revenue for the quarter was down 22.8% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.01) EPS. Equities research analysts expect that Eldorado Gold Corporation will post $0.04 EPS for the current fiscal year.

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Large investors have recently modified their holdings of the stock. Van ECK Associates Corp raised its position in Eldorado Gold Corporation by 35.1% in the second quarter. Van ECK Associates Corp now owns 71,727,789 shares of the basic materials company’s stock valued at $189,361,000 after buying an additional 18,636,491 shares in the last quarter. Hexavest Inc. raised its position in Eldorado Gold Corporation by 121.5% in the second quarter. Hexavest Inc. now owns 15,523,735 shares of the basic materials company’s stock valued at $41,023,000 after buying an additional 8,515,065 shares in the last quarter. Franklin Resources Inc. raised its position in Eldorado Gold Corporation by 18.7% in the second quarter. Franklin Resources Inc. now owns 50,841,512 shares of the basic materials company’s stock valued at $134,866,000 after buying an additional 8,006,424 shares in the last quarter. Norges Bank bought a new position in Eldorado Gold Corporation during the fourth quarter valued at $23,411,000. Finally, Prudential PLC bought a new position in Eldorado Gold Corporation during the second quarter valued at $9,620,000. Institutional investors and hedge funds own 49.52% of the company’s stock.

About Eldorado Gold Corporation

Eldorado Gold Corporation (Eldorado) is a gold exploration, development and mining company. The Company’s geographical segments include Turkey, Brazil, Greece, Romania and Other. The Turkey segment includes the Kisladag and the Efemcukuru mines and exploration activities in Turkey. The Brazil segment includes the Vila Nova mine, Tocantinzinho project and exploration activities in Brazil.

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