Eldorado Gold (NYSE:EGO) Price Target Lowered to $16.50 at Scotiabank

Eldorado Gold (NYSE:EGO) (TSE:ELD) had its target price reduced by Scotiabank from $18.50 to $16.50 in a report published on Friday,Benzinga reports. Scotiabank currently has a sector perform rating on the basic materials company’s stock.

Several other research firms have also recently weighed in on EGO. StockNews.com cut shares of Eldorado Gold from a “buy” rating to a “hold” rating in a research report on Friday, November 8th. TD Securities dropped their price target on Eldorado Gold from $20.00 to $19.00 and set a “hold” rating on the stock in a research report on Monday, November 4th. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Eldorado Gold currently has an average rating of “Moderate Buy” and an average price target of $20.00.

Eldorado Gold Stock Performance

Shares of EGO opened at $13.92 on Friday. The company has a 50-day moving average of $15.41 and a two-hundred day moving average of $16.42. The stock has a market cap of $2.85 billion, a price-to-earnings ratio of 10.38 and a beta of 0.93. The company has a debt-to-equity ratio of 0.23, a current ratio of 3.37 and a quick ratio of 2.54. Eldorado Gold has a one year low of $9.72 and a one year high of $19.06.

Hedge Funds Weigh In On Eldorado Gold

A number of hedge funds have recently modified their holdings of the stock. Financial Management Professionals Inc. purchased a new position in Eldorado Gold in the third quarter valued at about $32,000. Blue Trust Inc. lifted its holdings in shares of Eldorado Gold by 232.8% during the 3rd quarter. Blue Trust Inc. now owns 1,910 shares of the basic materials company’s stock valued at $33,000 after buying an additional 1,336 shares during the last quarter. Banque Cantonale Vaudoise bought a new stake in shares of Eldorado Gold in the 3rd quarter valued at approximately $36,000. SBI Securities Co. Ltd. acquired a new position in Eldorado Gold in the fourth quarter worth approximately $55,000. Finally, Generali Investments CEE investicni spolecnost a.s. bought a new position in Eldorado Gold during the fourth quarter valued at approximately $113,000. 69.58% of the stock is owned by institutional investors and hedge funds.

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.