Centerra Gold (NYSE:CGAU) Shares Gap Down After Earnings Miss

Shares of Centerra Gold Inc. (NYSE:CGAU) gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $6.65, but opened at $6.25. Centerra Gold shares last traded at $6.30, with a volume of 143,088 shares.

The company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.03). The firm had revenue of $302.40 million for the quarter, compared to the consensus estimate of $316.92 million. Centerra Gold had a return on equity of 8.83% and a net margin of 6.62%.

Centerra Gold Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th will be paid a dividend of $0.07 per share. The ex-dividend date is Thursday, March 13th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 4.54%. This is a positive change from Centerra Gold’s previous quarterly dividend of $0.05. Centerra Gold’s dividend payout ratio (DPR) is 61.11%.

Analyst Upgrades and Downgrades

CGAU has been the topic of a number of recent research reports. Scotiabank lowered their target price on Centerra Gold from $10.00 to $9.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, January 15th. Desjardins lowered Centerra Gold from a “moderate buy” rating to a “hold” rating in a research note on Thursday, February 13th. Three research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $11.00.

Hedge Funds Weigh In On Centerra Gold

Hedge funds have recently added to or reduced their stakes in the stock. CWM LLC bought a new position in Centerra Gold during the 3rd quarter worth $57,000. Vise Technologies Inc. bought a new position in Centerra Gold during the 4th quarter worth $58,000. SG Americas Securities LLC bought a new position in Centerra Gold during the 4th quarter worth $59,000. Massachusetts Financial Services Co. MA bought a new position in Centerra Gold during the 4th quarter worth $60,000. Finally, Susquehanna Advisors Group Inc. bought a new position in Centerra Gold during the 4th quarter worth $61,000. Institutional investors own 55.40% of the company’s stock.

Centerra Gold Trading Down 7.2 %

The stock has a 50 day simple moving average of $6.07 and a 200 day simple moving average of $6.51. The stock has a market cap of $1.30 billion, a P/E ratio of 17.15 and a beta of 0.91.

About Centerra Gold

Centerra Gold Inc, a gold mining company, engages in the acquisition, exploration, development, and operation of gold and copper properties in North America, Turkey, and internationally. The company explores for gold, copper, and molybdenum deposits. Its flagship projects are the 100% owned Mount Milligan gold-copper mine located in British Columbia, Canada; and the Öksüt gold mine located in Turkey.