Raymond James Analysts Increase Earnings Estimates for Lundin Gold Inc. (TSE:LUG)

Lundin Gold Inc. (TSE:LUG) – Stock analysts at Raymond James boosted their Q3 2024 earnings per share estimates for Lundin Gold in a note issued to investors on Monday, September 23rd. Raymond James analyst C. Stanley now expects that the company will earn $0.57 per share for the quarter, up from their previous estimate of $0.53. Raymond James has a “Market Perform” rating and a $29.00 price objective on the stock. The consensus estimate for Lundin Gold’s current full-year earnings is $2.56 per share. Raymond James also issued estimates for Lundin Gold’s Q4 2024 earnings at $0.64 EPS and FY2024 earnings at $2.09 EPS.

A number of other research analysts have also weighed in on the company. TD Securities increased their price target on Lundin Gold from C$24.00 to C$27.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. National Bankshares raised their price target on Lundin Gold from C$30.75 to C$32.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 14th. National Bank Financial raised shares of Lundin Gold from a “hold” rating to a “strong-buy” rating in a research report on Sunday, July 7th. Royal Bank of Canada boosted their price objective on shares of Lundin Gold from C$25.00 to C$27.00 in a research note on Tuesday, September 10th. Finally, Scotiabank increased their target price on Lundin Gold from C$23.50 to C$25.50 in a research report on Monday, August 19th. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Lundin Gold has an average rating of “Moderate Buy” and a consensus target price of C$27.42.

Lundin Gold Stock Performance

TSE:LUG opened at C$29.41 on Wednesday. The company has a debt-to-equity ratio of 14.28, a current ratio of 1.98 and a quick ratio of 1.41. The firm has a market cap of C$7.05 billion, a PE ratio of 22.98 and a beta of 1.23. The firm has a 50 day simple moving average of C$25.83 and a 200-day simple moving average of C$21.76. Lundin Gold has a 1-year low of C$14.23 and a 1-year high of C$30.64.

Lundin Gold (TSE:LUG) last posted its quarterly earnings data on Thursday, August 8th. The company reported C$0.55 EPS for the quarter, missing analysts’ consensus estimates of C$0.62 by C($0.07). The company had revenue of C$412.43 million for the quarter. Lundin Gold had a return on equity of 22.88% and a net margin of 24.30%.

Lundin Gold Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 25th will be given a dividend of $0.551 per share. This is a boost from Lundin Gold’s previous quarterly dividend of $0.10. This represents a $2.20 dividend on an annualized basis and a dividend yield of 7.49%. The ex-dividend date of this dividend is Tuesday, September 10th. Lundin Gold’s payout ratio is presently 85.16%.

Insider Activity

In related news, Senior Officer Sheila Margaret Colman sold 16,000 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of C$28.74, for a total value of C$459,913.60. In other Lundin Gold news, Senior Officer Chester See sold 14,900 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of C$30.10, for a total transaction of C$448,490.00. Also, Senior Officer Sheila Margaret Colman sold 16,000 shares of Lundin Gold stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of C$28.74, for a total value of C$459,913.60. Over the last three months, insiders sold 72,840 shares of company stock worth $2,146,122. 58.75% of the stock is currently owned by company insiders.

About Lundin Gold

Lundin Gold Inc operates as a mining company in Canada. The company holds interests in 28 metallic mineral concessions and three construction material concessions covering an area of approximately 64,454 hectares located in Southeast Ecuador. It primary holds 100% interests in the Fruta del Norte gold project that comprising seven concessions covering an area of approximately 5,566 hectares located near the city of Loja in Ecuador.