Lundin Gold Inc. Expected to Earn FY2024 Earnings of $2.08 Per Share (TSE:LUG)

Lundin Gold Inc. (TSE:LUG) has recently seen an adjustment to its earnings projections for the fiscal year 2024 according to a research report released by investment analysts at Cormark. On October 10th, Cormark analyst N. Dion revised the earnings per share (EPS) estimate for the company from a previous prediction of $1.96 to a new forecast of $2.08. Alongside this upgrade, Cormark has placed a "Hold" rating on the stock and established a price target of $32.00 for Lundin Gold shares. The consensus estimate among analysts for Lundin Gold's earnings for the full year stands at $2.56 per share.

Other analysts have also weighed in on Lundin Gold's stock performance. For instance, Raymond James changed their rating from "outperform" to "market perform" while lifting their price target from C$25.00 to C$29.00 in a report dated September 23rd. Additionally, CIBC raised their price objective on Lundin Gold from C$28.00 to C$34.00, handing the stock an “outperform” rating on September 11th. The Royal Bank of Canada also raised its price goal from C$25.00 to C$27.00 on September 10th. Furthermore, TD Securities increased their price target from C$24.00 to C$27.00, continuing their “buy” rating from a report on July 30th. Lastly, National Bankshares raised their price target from C$30.75 to C$32.00 with an “outperform” rating on August 14th. Overall, three analysts recommend holding the stock, four recommend buying, and one has issued a strong buy rating. Based on MarketBeat data, the stock carries an average rating of "Moderate Buy" with a consensus price target of C$28.33.

Lundin Gold Trading Overview

As of Friday, Lundin Gold's shares were trading slightly lower at C$32.67. Over the past year, the stock has seen a low of C$14.23 and a high of C$33.34. The company's market capitalization is C$7.84 billion, with a price-to-earnings (P/E) ratio of 25.33 and a beta of 1.23, indicating volatility relative to the market. Lundin Gold maintains a debt-to-equity ratio of 14.28, with a current ratio of 1.98 and a quick ratio of 1.41. The stock's 50-day moving average stands at C$27.60, while the 200-day moving average is C$22.80.

Recent Earnings Performance

Lundin Gold's latest quarterly earnings report was released on August 8th. The company reported earnings of C$0.55 per share for the quarter, which was below the consensus estimate of C$0.62 by C$0.07. The company displayed a return on equity of 22.88%, alongside a net margin of 24.30% with revenues totaling C$412.43 million during the quarter.

Insider Transactions and Dividends

In recent corporate news, Senior Officer Sheila Margaret Colman sold 16,000 shares of Lundin Gold stock on September 12th at an average price of C$28.74, totaling approximately C$459,913.60. In another transaction, Senior Officer Terrence Smith sold 25,740 shares on September 20th at an average price of C$29.52, amounting to roughly C$759,826.78. Combined, these transactions reflect a total insider sale of 72,840 shares valued at C$2,146,122 in the last quarter, highlighting significant insider activity. Corporate insiders currently own about 58.72% of the company's shares.

Additionally, Lundin Gold declared a quarterly dividend, which was paid on September 25th. Shareholders who were on record by the payment date received a dividend of $0.551, a notable increase from the previous quarter's dividend of $0.10. This creates an annualized dividend of $2.20, resulting in a yield of 6.75%. The ex-dividend date for this payment was September 10th, and the current dividend payout ratio is at 82.95%.

About Lundin Gold

Lundin Gold Inc. operates as a prominent mining company based in Canada. The firm has interests across 28 metallic mineral concessions and three construction material concessions, covering approximately 64,454 hectares in Southeast Ecuador. Its flagship project is the Fruta del Norte gold project, where it holds a 100% interest in seven concessions, spanning about 5,566 hectares near Loja, Ecuador.

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