Eldorado Gold CorporationNYSE
Eldorado Gold Is A Buy As The Reward Outweighs The Risks
SomaBull • 22 Comments
SomaBull • 22 Comments
Fri, Nov. 18, 8:11 AM
- Greece has approved a permit application by Eldorado Gold (NYSE:EGO) to build a plant at its Skouries gold mine, Reuters reports, citing a senior Greek energy ministry source.
- EGO halted development at the project in January and laid off nearly 600 workers, saying the government had been delaying necessary permits.
- EGO resumed preparatory work for construction at the site in June after gaining approval of an updated technical study; it plans to begin production in 2019.
Wed, Nov. 9, 10:51 AM
- Gold has pared early gains approaching 5%, now just +1% at $1,287.70/oz., with silver +1.5% at $18.64/oz., but precious metals mining stocks continue to enjoy strong gains.
- “The market is telling you that the mining sector is the biggest beneficiary of a Trump election, particularly precious metals,” says Investec Securities analyst Jeremy Wrathall.
- Among precious metals miners today: ABX +3.5%, NEM +4.3%, GG +5.6%, AEM +4.2%, SLW +3.4%, KGC +4.2%, RGLD +5.1%, EGO +3.8%, NG +5.8%, GOLD +5%, GFI +5.5%, AU +4.5%, HMY +5.9%, SBGL +7.1%, FNV +3.8%, AUY +5.3%, IAG +4.6%, BTG +6.3%, NGD +7.6%.
- ETFs: GLD, SLV, GDX, NUGT, IAU, AGQ, GGN, DUST, PSLV, SIL, PHYS, USLV, SIVR, SGOL, ZSL, GLDX, UGL, DGP, GTU, UGLD, GLL, DZZ, SLVO, SGDM, GLDI, ASA, DSLV, OUNZ, SLVP, DGL, RING, DBS, DGZ, DGLD, PSAU, TGLDX, GYEN, USV, GEUR, UBG, GDXX, GDXS
Thu, Oct. 27, 5:34 PM
Wed, Oct. 26, 5:35 PM
- ACTG, AFL, AIV, AJG, ALDR, ALEX, ALJ, AMCC, AMGN, AMZN, ARAY, ARII, ASGN, ATEN, ATR, ATRC, AUY, AZPN, BGS, BIDU, BMRN, BOFI, BOOM, BSAC, BVN, CA, CATM, CBI, CBL, CEMP, CENX, CHDN, CLD, CLMS, CNMD, COLM, COWN, CPT, CRUS, CUBE, CXP, CY, DECK, DGII, DLR, ECOL, EGO, EHTH, ELLI, EMN, ESS, EXPE, FET, FII, FIX, FLEX, FLS, FORM, FPO, FR, FTNT, FTV, GIMO, GOOG, HBI, HIG, HLS, HTH, IART, IM, INT, INVA, IPHS, ISBC, ITGR, KAMN, KIM, KONA, KRG, LEG, LNKD, LOGM, MAA, MAC, MCK, MLNX, MOBL, MOH, MSA, MSTR, NANO, NATI, NGD, NR, NSIT, NSR, OFC, OII, OIS, OMCL, OSIS, PDFS, PEB, PFG, PKD, POWI, PSMT, PXLW, RGC, RSG, SGEN, SHOR, SIMO, SKYW, SMCI, SNMX, SPNC, SPSC, SRCL, SSD, SSNC, STRZA, SYK, SYNA, TDOC, TEAM, TFSL, TGB, TLGT, TMST, VCRA, VDSI, VR, VRSN, WRE, WRI, WSFS, YRCW
Tue, Oct. 4, 2:20 PM
- Precious metals miners are slammed as gold prices dip well below $1,300/oz. to settle at $1,269.70, its lowest since the U.K.'s Brexit vote in June, as upbeat U.S. manufacturing data yesterday has stoked expectations of higher interest rates.
- Gold is “falling off the cliff,” says Naeem Aslam, chief market analyst at ThinkMarkets. “Traders are buying the equity market with both hands, especially over in the U.K.” as the British pound declines.
- Among precious metals miners today: ABX -9.2%, KGC -10.4%, GG -7.8%, NEM -8.7%, EGO -7.4%, RGLD -7.8%, AEM -8.9%, NG -9.7%, SLW -9.1%, FNV -5.6%, IAG -11.2%, GOLD -8.1%, AU -9.3%, GFI -6.4%, SBGL -8.1%, HMY -9.9%, AUY -11.6%, BTG -9.3%, NGD -6.6%.
- ETFs: GDX, NUGT, GDXJ, GGN, DUST, SIL, JNUG, GLDX, JDST, SGDM, ASA, SLVP, SILJ, RING, PSAU, SGDJ, TGLDX, GDJJ, GDXX, GDXS
Wed, Sep. 21, 5:55 PM
- Newmont Mining (NYSE:NEM) was today's best-performing stock in the S&P 500 and precious metals miners gained across the board, enjoying a big boost from the Fed’s decision to keep interest rates unchanged.
- NEM even outperformed the VanEck Vectors Gold Miners ETF (NYSEARCA:GDX) - +7.5% vs. +7% - and Credit Suisse analysts say business in looking up for the miner, as NEM continues to meet or beat cost and production targets, as well as strengthen its portfolio.
- The firm adds that NEM believes shareholders appreciate its predictability, discipline and defining growth based on free cash flow rather than production.
- Also today: ABX +8.6%, GG +7%, AEM +7.1%, EGO +5.7%, KGC +7.6%, SLW +7.8%, FNV +4.8%, RGLD +9.6%, IAG +7.9%, GOLD +4.7%, AU +10.4%, GFI +9%, SBGL +9.5%, HMY +11.8%, AUY +7.6%, BTG +6.3%, NG +8.1%.
- ETFs: GDX, NUGT, GGN, DUST, SIL, GLDX, SGDM, ASA, SLVP, RING, PSAU, TGLDX, GDXX, GDXS
Wed, Sep. 14, 11:57 AM
- Eldorado Gold (EGO +1.6%) is upgraded to Buy from Underperform with a $5 price target at BofA Merrill Lynch, believing that as EGO advances its two Greek projects to the production stage, the stock's sizable discount to its peer producers will contract.
- The firm also notes that the EGO's production levels were higher and operating costs lower than estimates, and the company guided to gold output of more than 900K oz. by 2020, more than double expected 2017 levels.
- BofA adds that the sale of the Chinese gold mines should greatly strengthen EGO’s balance sheet, providing sufficient liquidity to advance the projects.
Mon, Sep. 12, 2:38 PM
- Eldorado Gold (EGO +7.7%) shoots higher as shares are upgraded to Outperform from Neutral with a $5.50 target price, lifted from $5, at Credit Suisse, citing "improved clarity" on EGO's longer term outlook thanks to growth drivers through 2020.
- The growth drivers that could raise production to 830K oz. in 2020 from 400K oz. in 2017 include the Kisladag expansion, Olympias Phase II (scheduled to begin in 2017), Skouries Phase I (expected to begin in 2019), and Tocantinzinho (scheduled for a late 2019 start), the firm says.
- Credit Suisse notes that shares have suffered because of its exposure in Turkey following the July 15 coup attempt against Pres. Erdogan, but that foreign investment has not been impacted by unrest in the region, and headwinds to EGO seem to be receding.
Fri, Sep. 9, 5:39 PM
Wed, Sep. 7, 3:43 PM
- Eldorado Gold (EGO +1%) is higher after outlining its 2020 financial and operational targets, and saying it expects 2017 capex of $500M-$580M.
- EGO says it sees gold production increasing by 110% over 2017 totals to more than 830K oz. in 2020, including 310K-320K oz. of gold in Turkey.
- As part of its 2020 targets, EGO also forecasts all-in sustaining cash costs to decline to below $650/oz., with average cash costs of $490/oz. in Turkey.
- EGO says it expects its financial flexibility to grow, with $1B-plus in total liquidity expected for year-end 2016 following the closing of its sale of the Jinfeng mine to a Chinese group for ~$300M.
Wed, Aug. 24, 2:30 PM
- Shares of gold miners are sharply lower as gold futures fall 1.2% to settle at a one-month low $1,329.70/oz., closing below its 50-day moving average for the first time since June 7.
- The top gold miners ETF (GDX -6.3%) trades well below its 50-day moving average of $29.09 and is on pace for its first four-day losing streak since early November.
- Investors are dialing down bullish bets on gold ahead of Friday's scheduled remarks from Janet Yellen, says Peter Hug, global trading director at Kitco Metals.
- Among top mining stocks: ABX -8.4%, NEM -6.7%, GG -8.7%, KGC -9%, AEM -6.3%, SLW -7.3%, RGLD -7.3%, EGO -7.2%, GFI -5.1%, AUY -8.8%, GOLD -5%, HMY -5.7%, SBGL -4.9%, IAG -8.7%, BTG -6.9%, NG -7.3%, FNV -6%.
- ETFs: GDX, NUGT, GGN, DUST, SIL, GLDX, UGL, DGP, UGLD, GLL, DZZ, SGDM, ASA, SLVP, DGL, RING, DGZ, DGLD, PSAU, TGLDX, UBG, GDXX, GDXS
Wed, Aug. 10, 3:39 PM
- Eldorado Gold (EGO +2.7%) is upgraded to Buy from Neutral with a $5 price target, raised from $4.40, at Goldman Sachs, which says EGO is well positioned to fund its highly prospective organic growth opportunities which should drive adjusted free cash flow improvement of 60% by year-end 2018.
- Goldman expects the stock to react favorably to updates on important organic growth projects, likely including details about development projects in Greece, which would offer clarity around EGO’s growth pipeline.
- Noting that EGO’s outlook and the gold market have improved since the company suspended its dividend in early 2016, the firm expects the company to reinstate the dividend by early 2017.
Thu, Jul. 28, 5:17 PM
Wed, Jul. 27, 5:35 PM
- ACTG, AFL, AIV, AJG, ALDW, ALGN, ALJ, AMZN, ARII, ATEN, ATR, AUY, BCOV, BGS, BIDU, BOOM, BRKS, CAA, CATM, CBL, CBS, CENX, CHMT, CLD, CLMS, COLM, COWN, CPHD, CPT, CUBE, CWST, CY, DECK, DGI, DGII, DLR, DTLK, ECOL, EEP, EGO, EHTH, EIX, ELLI, EMN, EQC, ES, ESS, EXPE, EYES, FE, FET, FICO, FII, FIX, FLS, FPO, FR, FTNT, GIMO, GNMK, GOOG, HIG, HLS, IM, INVA, INVN, ISIL, ITGR, IXYS, KAMN, KBR, KLAC, KRG, LEG, LMNX, LPLA, LYV, MATW, MOBL, MSCC, MSTR, MTD, N, NGVC, NR, NSR, OMCL, OUTR, PCCC, PDFS, PFG, PXLW, QGEN, QSII, RGA, RMD, ROVI, RSG, RTEC, SB, SBAC, SKYW, SNMX, SPNC, SRCL, STMP, STRZA, SYNA, TCO, TFSL, THG, TLGT, TNDM, UCTT, ULH, VCRA, VDSI, VRSN, WDC, WLK, WRI, WYNN, YRCW
Fri, Jul. 22, 10:58 AM
- Eldorado Gold (EGO -3.1%) is downgraded to Neutral from Outperform with a $5.25 price target, cut from $7, at Credit Suisse, citing geopolitical headwinds in Turkey.
- Turkey had been considered a relatively stable operating base for EGO and comprises most of the company's production outside Greece, but recent events in the country have led to a perception of higher political risk which Credit Suisse says will make share outperformance unlikely until greater visibility is achieved.
- The firm notes that EGO is trading at 0.88x price/NAV, a 0.31x discount to peers at 1.19x, in-line with its average 0.30x discount over the last 12 months.
Fri, Jun. 24, 9:11 AM
- Gainers: AAU +20%. VGZ +18%. MUX +13%. AKG +12%. GPL +13%. GORO +12%. GFI +12%. EMES +12%. GOLD +12%. AU +12%. SBGL +11%. EXK +11%. KGC +10%. HMY +11%. SAND +10%. ABX +10%. EGO +9%. SA +7%. IAG +9%. AUY +9%. CDE 9%. NGD 9%. AEM 8%. NEM 8%. GG 8%. NG 8%. FSM 7%.
- Losers: LYG -27%. BCS -26%. SAN -24%. RBS -23%. AV -23%. BBVA -22%. DB -18%. ING -18%. BT -18%. VNR -11%. TEF -17%. CS -16%. PUK -15%. MT -15%. AEG -14%. RYAAY -13%. UBS -12%. FCAU -12%. GNCA -12%. NOK -12%. BBL -11%. IPI -11%. TOT -11%. ANFI -11%. MNKD -10%. BCEI -8%. VMEM -10%.