Cormark Has Bullish Forecast for Lundin Gold FY2024 Earnings

Lundin Gold Inc. (TSE:LUG) – Cormark boosted their FY2024 earnings estimates for shares of Lundin Gold in a report released on Monday, November 11th. Cormark analyst N. Dion now expects that the company will post earnings per share of $2.34 for the year, up from their prior estimate of $2.18. Cormark has a “Hold” rating and a $32.00 price target on the stock. The consensus estimate for Lundin Gold’s current full-year earnings is $2.56 per share. Cormark also issued estimates for Lundin Gold’s FY2025 earnings at $2.49 EPS.

LUG has been the topic of a number of other reports. TD Securities boosted their price objective on shares of Lundin Gold from C$27.00 to C$38.00 in a research report on Friday, October 18th. Jefferies Financial Group increased their price objective on Lundin Gold from C$35.00 to C$37.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. National Bankshares boosted their target price on Lundin Gold from C$30.75 to C$32.00 and gave the company an “outperform” rating in a research note on Wednesday, August 14th. CIBC raised their price target on Lundin Gold from C$28.00 to C$34.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 11th. Finally, Scotiabank boosted their price target on Lundin Gold from C$23.50 to C$25.50 in a research note on Monday, August 19th. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of C$29.42.

Lundin Gold Price Performance

Shares of LUG opened at C$30.39 on Wednesday. The business’s 50-day moving average is C$31.05 and its 200-day moving average is C$25.11. 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 company has a market capitalization of C$7.29 billion, a price-to-earnings ratio of 23.56 and a beta of 1.23. Lundin Gold has a fifty-two week low of C$14.23 and a fifty-two week high of C$35.89.

Lundin Gold (TSE:LUG) last posted its quarterly earnings results on Thursday, November 7th. The company reported C$0.76 earnings per share for the quarter, beating the consensus estimate of C$0.60 by C$0.16. Lundin Gold had a return on equity of 22.88% and a net margin of 24.30%. The firm had revenue of C$440.77 million for the quarter.

Lundin Gold Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Thursday, December 5th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $0.80 annualized dividend and a yield of 2.63%. Lundin Gold’s dividend payout ratio (DPR) is presently 82.95%.

Insider Activity

In related news, Senior Officer Chester See sold 14,900 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of C$30.10, for a total transaction of C$448,490.00. In related news, Senior Officer Terrence Smith sold 25,740 shares of Lundin Gold stock in a transaction on Friday, September 20th. The shares were sold at an average price of C$29.52, for a total value of C$759,826.78. Also, Senior Officer Chester See sold 14,900 shares of Lundin Gold stock in a transaction 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. Insiders have sold a total of 72,840 shares of company stock valued at $2,146,122 over the last 90 days. 58.72% of the stock is currently owned by company insiders.

Lundin Gold Company Profile

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.