Eldorado Gold Reports Quarterly Earnings, Surpasses Expectations

Eldorado Gold (NYSE:EGO - Get Free Report) and TSE: ELD recently announced its quarterly earnings results, revealing a positive performance for the financial quarter. The basic materials company declared earnings of $0.35 per share, which exceeded analysts' predictions of $0.33 by $0.02, according to reports from Zacks. During the same period, Eldorado Gold's revenue reached $331.76 million. Additionally, the company reported a net margin of 15.67% and a return on equity of 5.82%. It's worth noting that in the corresponding quarter last year, Eldorado Gold earned $0.17 per share.

Eldorado Gold Stock Overview

Following the earnings announcement, EGO shares experienced a decline of $1.03, reaching $16.35. On that trading day, a total of 3,143,883 shares changed hands, significantly higher than its average volume of 1,519,541. The company's market capitalization stands at $3.35 billion, with a price-to-earnings (P/E) ratio of 19.52 and a beta of 0.95. The stock's fifty-day moving average is $17.45, while the 200-day moving average is $16.32. Currently, Eldorado Gold holds a quick ratio of 2.65, a current ratio of 3.62, and a low debt-to-equity ratio of 0.20. Over the past year, the stock has experienced a low of $9.72 and a high of $19.06.

Changes in Analyst Ratings

Despite mixed views, EGO has garnered attention from various analysts in recent weeks. CIBC raised its price target for Eldorado Gold from $18.00 to $22.50, assigning an "outperformer" rating in a report dated July 10. The Royal Bank of Canada also increased its price objective, moving it from $20.00 to $22.00 and giving the stock an "outperform" rating on September 10. Meanwhile, Scotiabank upped its price target from $18.00 to $20.00 and assigned a "sector perform" rating on August 19. Overall, four analysts have rated the stock as a hold, while two have issued buy recommendations. According to data from MarketBeat.com, Eldorado Gold carries a consensus rating of "Hold" with an average target price of $19.38.

About Eldorado Gold

Eldorado Gold Corporation, along with its subsidiaries, operates in the mining, exploration, and development of mineral products primarily located in Turkey, Canada, Greece, and Romania. The company specializes in gold production, but it also produces silver, lead, and zinc. Eldorado Gold holds full interests in the Kisladag and Efemçukuru mines in Turkey, the Lamaque complex in Canada, and several gold mines in Greece, including Olympias, Stratoni, Skouries, Perama Hill, and Sapes. Furthermore, the company has a significant stake of 80.5% in Certej development projects in Romania.

Earnings, Performance, Stocks