Eldorado Gold (NYSE:EGO) Price Target Cut to $16.50 by Analysts at Scotiabank

Eldorado Gold (NYSE:EGO) (TSE:ELD) had its price objective reduced by Scotiabank from $18.50 to $16.50 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a sector perform rating on the basic materials company’s stock.

EGO has been the subject of several other reports. StockNews.com downgraded Eldorado Gold from a “buy” rating to a “hold” rating in a report on Friday, November 8th. TD Securities reduced their target price on shares of Eldorado Gold from $20.00 to $19.00 and set a “hold” rating for the company in a research note on Monday, November 4th. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Eldorado Gold currently has a consensus rating of “Moderate Buy” and an average target price of $20.00.

Eldorado Gold Stock Performance

Shares of EGO opened at $13.92 on Friday. The company’s 50 day simple moving average is $15.41 and its 200-day simple moving average is $16.42. The firm has a market cap of $2.85 billion, a PE ratio of 10.38 and a beta of 0.93. Eldorado Gold has a 12-month low of $9.72 and a 12-month high of $19.06. The company has a current ratio of 3.37, a quick ratio of 2.54 and a debt-to-equity ratio of 0.23.

Institutional Investors Weigh In On Eldorado Gold

Institutional investors have recently made changes to their positions in the stock. HighTower Advisors LLC purchased a new stake in Eldorado Gold during the fourth quarter worth about $461,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Eldorado Gold by 11.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 51,377 shares of the basic materials company’s stock worth $764,000 after purchasing an additional 5,397 shares during the last quarter. Amundi boosted its position in Eldorado Gold by 13.6% during the fourth quarter. Amundi now owns 1,095,624 shares of the basic materials company’s stock worth $17,585,000 after purchasing an additional 130,848 shares in the last quarter. Generali Investments CEE investicni spolecnost a.s. acquired a new position in Eldorado Gold during the fourth quarter worth about $113,000. Finally, Raymond James Financial Inc. acquired a new stake in Eldorado Gold during the 4th quarter valued at $1,249,000. 69.58% of the stock is currently owned by hedge funds and other institutional investors.

Eldorado Gold Company Profile

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.