Carrhae Capital 13F: Adds $48M to Eldorado Gold (EGO) Stake
Key Points
- Carrhae Capital raised its position in Eldorado Gold Corporation NYSE:EGO by 1,240,531 shares to end with 5,149,668 shares valued at approximately $198.2 million.
- The basic materials company reports trailing twelve month revenue of $2.03 billion alongside a net profit margin of 29.8% and earnings per share of $2.87.
- Wall Street analysts hold a consensus buy recommendation on the stock with a mean price target of $46.33 across 6 analyst opinions.
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Carrhae Capital boosted its holdings in Eldorado Gold Corporation NYSE:EGO by 31.7%, adding 1,240,531 shares to bring its total stake to 5,149,668 shares worth about $198.2 million according to a Form 13F filing on October 20, 2026. The fund previously held 3,909,137 shares.
EGO
Eldorado Gold Corporation
What Changed in Carrhae Capital's Eldorado Gold Corporation Position
The fund increased its investment by 31.7% during the period, lifting its share count from 3,909,137 up to 5,149,668. The resulting holding reached a reported value of $198.2 million.
Other Institutional Activity in Eldorado Gold Corporation
Other major fund managers also adjusted their positions in the gold miner during recent reporting cycles. Van Eck Associates Corporation grew its holdings by 5,241,628 shares, ending with 18,678,256 shares worth about $657.1 million. L1 Capital Pty Ltd grew its holdings by 3,976,861 shares, ending with 14,417,557 shares worth about $507.2 million. Fairfax Financial Holdings Ltd grew its holdings by 6,873,253 shares, ending with 13,746,506 shares worth about $483.6 million. Helikon Investments Ltd grew its holdings by 5,590,065 shares, ending with 11,180,130 shares worth about $393.3 million. Donald Smith & Co., Inc. grew its holdings by 1,492,162 shares, ending with 8,767,454 shares worth about $308.4 million.
Eldorado Gold Corporation Stock Up 0.1%
The shares recently traded around $35.18 as of October 21, 2026. That sits below its 50-day moving average of $40.93 and below its 200-day moving average of $37.04. The stock has traded in a 52-week range between $24.44 and $51.16.
Recent Earnings
Eldorado Gold Corporation generated revenue of $2.03 billion over the trailing twelve months. The miner posted earnings per share of $2.87, a net profit margin of 29.8%, and a return on equity of 11.3%. Revenue grew 7.9% year-over-year. The company's next earnings release is scheduled for October 28, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
Analyst view held steady after the report.
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EPS & revenue
EPS beat estimates by 33.0%. Revenue beat estimates by 3.5%.
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Profit surprise
EBITDA beat by 4 percent. Operating income met by 2 percent.
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Pre-earnings setup
Expectations were about average.
- Analyst signal
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Earnings quality
Gross margin up 13.2 points. Operating margin up 16.9 points. Positive free cash flow.
Earnings Call Summary
Eldorado had a solid first quarter with revenue up 50 percent to $532 million driven by higher gold prices, even though production fell 13 percent. Skouries is 94 percent complete and on track for Q3 first concentrate, while McIlvenna Bay is in hot commissioning and expected to produce this month. The company strengthened its leadership team and opened exploration spending of $17 million at McIlvenna Bay to pursue three key targets including the Tesla copper zone.
Guidance The company reaffirmed its full-year outlook. They expect production to be stronger in the second half of 2026 as Skouries begins producing in Q3 and McIlvenna Bay comes online. Skouries capital costs rose by $155 million to $1.315 billion, mainly due to extra contractor costs to finish electrical work and meet the Q3 startup target.
Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.
Dividend
The company pays an annual dividend rate of $0.30 per share, which translates to a dividend yield of 0.85% with a payout ratio of 5.2%.
Analysts Set New Price Targets
Several research firms updated their views on the stock prior to the filing. On July 14, 2026, Scotiabank maintained its Sector Outperform rating while lowering its price target from $55.00 to $47.00. On August 10, 2026, CIBC upgraded the stock to Outperformer. On August 21, 2026, Jefferies initiated coverage with a Buy rating and a $50.00 price target. On September 16, 2026, RBC Capital maintained a Sector Perform rating and raised its target from $37.00 to $41.00. On September 22, 2026, B of A Securities upgraded the stock to Buy and boosted its price target from $32.00 to $54.00. Overall, analysts maintain a consensus buy rating with a target mean price of $46.33.
About Eldorado Gold Corporation
Headquartered in Vancouver, British Columbia, Eldorado Gold Corporation operates as a mining and exploration enterprise focused on mineral products in Turkey, Canada, and Greece. The company produces gold alongside silver, lead, and zinc, operating key sites such as the Kisladag and Efemçukuru mines in Turkey, the Lamaque complex in Quebec, and several operations across northern Greece.
Bottom Line
Institutional investors like Carrhae Capital continue to maintain notable stakes in Eldorado Gold Corporation as the company approaches its next financial results on October 28, 2026. Market participants will be watching upcoming earnings reports and commodity price trends to gauge future performance.
Related Filing Alerts
Source: Carrhae Capital's 13F filing on $EGO (Oct 20, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts