Cormark Has Bullish Forecast for Lundin Gold FY2024 Earnings

Lundin Gold Inc. (TSE:LUG) – Research analysts at Cormark increased their FY2024 EPS estimates for Lundin Gold in a note issued to investors on Wednesday, December 11th. Cormark analyst N. Dion now anticipates that the company will earn $2.37 per share for the year, up from their prior forecast of $2.35. 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.

Lundin Gold (TSE:LUG) last released its earnings results on Thursday, November 7th. The company reported C$0.76 EPS for the quarter, topping 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 business had revenue of C$440.77 million for the quarter.

Several other research firms have also recently issued reports on LUG. Scotiabank lowered their price objective on Lundin Gold from C$31.50 to C$30.00 in a research report on Tuesday. CIBC raised their price target on Lundin Gold from C$34.00 to C$41.00 in a report on Monday, December 2nd. BMO Capital Markets lowered Lundin Gold from an “outperform” rating to a “market perform” rating in a research note on Tuesday. Desjardins upgraded Lundin Gold to a “moderate buy” rating in a research report on Thursday, October 31st. Finally, Royal Bank of Canada boosted their price target on Lundin Gold from C$27.00 to C$31.00 in a report on Friday, December 6th. Six analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of C$30.63.

Lundin Gold Stock Performance

Shares of Lundin Gold stock opened at C$31.92 on Friday. The stock has a market cap of C$7.66 billion, a price-to-earnings ratio of 24.74 and a beta of 1.23. The company has a debt-to-equity ratio of 14.28, a current ratio of 1.98 and a quick ratio of 1.41. Lundin Gold has a 1 year low of C$14.23 and a 1 year high of C$35.89. The firm’s 50-day moving average is C$32.79 and its 200 day moving average is C$27.03.

Insider Activity at Lundin Gold

In other Lundin Gold news, Director Ronald F. Hochstein sold 16,200 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of C$29.50, for a total value of C$477,891.90. Also, Senior Officer Terrence Smith sold 25,740 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of C$29.52, for a total transaction of C$759,826.78. Insiders have sold a total of 56,840 shares of company stock valued at $1,686,209 over the last ninety days. 58.72% of the stock is owned by company insiders.

Lundin Gold Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 20th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date of this dividend is Thursday, December 5th. Lundin Gold’s payout ratio is presently 82.95%.

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.