Eldorado Gold (NYSE:EGO) Sees Large Volume Increase – Should You Buy?

Eldorado Gold Co. (NYSE:EGO) (TSE:ELD) saw unusually-high trading volume on Tuesday . Approximately 1,275,296 shares were traded during trading, a decline of 1% from the previous session’s volume of 1,282,161 shares.The stock last traded at $14.76 and had previously closed at $14.51.

Wall Street Analysts Forecast Growth

A number of analysts have commented on EGO shares. TD Securities cut their price objective on shares of Eldorado Gold from $20.00 to $19.00 and set a “hold” rating for the company in a report on Monday, November 4th. Scotiabank reduced their price objective on Eldorado Gold from $20.00 to $18.50 and set a “sector perform” rating on the stock in a research report on Tuesday. Finally, StockNews.com cut Eldorado Gold from a “buy” rating to a “hold” rating in a report on Friday, November 8th. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $20.50.

Eldorado Gold Price Performance

The stock has a market cap of $3.03 billion, a PE ratio of 11.06 and a beta of 0.94. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.54 and a current ratio of 3.37. The stock’s 50-day moving average is $15.63 and its two-hundred day moving average is $16.56.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last issued its quarterly earnings data on Thursday, October 31st. The basic materials company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. Eldorado Gold had a return on equity of 6.67% and a net margin of 23.16%. The business had revenue of $331.76 million during the quarter. During the same period in the previous year, the firm posted $0.17 earnings per share. On average, equities analysts predict that Eldorado Gold Co. will post 1.46 earnings per share for the current year.

Institutional Investors Weigh In On Eldorado Gold

Several large investors have recently added to or reduced their stakes in EGO. Jennison Associates LLC grew its stake in shares of Eldorado Gold by 65.0% in the third quarter. Jennison Associates LLC now owns 6,032,048 shares of the basic materials company’s stock worth $104,777,000 after acquiring an additional 2,376,241 shares in the last quarter. Millennium Management LLC grew its stake in Eldorado Gold by 230.6% during the 2nd quarter. Millennium Management LLC now owns 188,529 shares of the basic materials company’s stock worth $2,788,000 after purchasing an additional 332,913 shares in the last quarter. Equinox Partners Investment Management LLC increased its holdings in Eldorado Gold by 32.0% during the 3rd quarter. Equinox Partners Investment Management LLC now owns 989,376 shares of the basic materials company’s stock worth $17,185,000 after purchasing an additional 239,800 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in Eldorado Gold in the 3rd quarter valued at about $2,626,000. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Eldorado Gold by 3.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,607,786 shares of the basic materials company’s stock valued at $68,149,000 after buying an additional 136,900 shares during the period. 69.58% of the stock is owned by hedge funds and other 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.