Cormark Has Bullish Estimate for Lundin Gold FY2024 Earnings

Lundin Gold Inc. (TSE:LUG) – Equities researchers at Cormark increased their FY2024 earnings estimates for Lundin Gold in a research report issued to clients and investors on Wednesday, December 11th. Cormark analyst N. Dion now expects that the company will post earnings per share of $2.37 for the year, up from their previous estimate of $2.35. Cormark currently has a “Hold” rating and a $32.00 target price 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, beating the consensus estimate of C$0.60 by C$0.16. Lundin Gold had a net margin of 24.30% and a return on equity of 22.88%. The firm had revenue of C$440.77 million for the quarter.

Several other brokerages also recently commented on LUG. Jefferies Financial Group downgraded Lundin Gold from a “buy” rating to a “hold” rating and reduced their target price for the stock from C$37.00 to C$36.00 in a report on Wednesday. Desjardins upgraded shares of Lundin Gold to a “moderate buy” rating in a research note on Thursday, October 31st. BMO Capital Markets lowered shares of Lundin Gold from an “outperform” rating to a “market perform” rating in a research report on Tuesday. TD Securities increased their price objective on shares of Lundin Gold from C$27.00 to C$38.00 in a research note on Friday, October 18th. Finally, Raymond James lowered Lundin Gold from an “outperform” rating to a “market perform” rating and raised their target price for the stock from C$25.00 to C$29.00 in a research report on Monday, September 23rd. Six analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of C$30.63.

Lundin Gold Stock Down 3.2 %

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

Insiders Place Their Bets

In other Lundin Gold news, Director Ronald F. Hochstein sold 16,200 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of C$29.50, for a total transaction of C$477,891.90. Also, Senior Officer Chester See sold 14,900 shares of Lundin Gold stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of C$30.10, for a total transaction of C$448,490.00. Insiders sold 56,840 shares of company stock valued at $1,686,209 in the last three months. Corporate insiders own 58.72% of the company’s stock.

Lundin Gold Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 20th 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 dividend on an annualized basis and a yield of 2.51%. Lundin Gold’s dividend 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.