What is Cormark’s Forecast for Lundin Gold FY2024 Earnings?

Lundin Gold Inc. (TSE:LUG) – Equities researchers at Cormark lifted their FY2024 EPS estimates for Lundin Gold in a research note issued to investors on Wednesday, December 11th. Cormark analyst N. Dion now anticipates that the company will post earnings of $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 objective on the stock. The consensus estimate for Lundin Gold’s current full-year earnings is $2.56 per share.

Lundin Gold (TSE:LUG) last issued its 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. The business had revenue of C$440.77 million for the quarter. Lundin Gold had a net margin of 24.30% and a return on equity of 22.88%.

LUG has been the subject of a number of other reports. CIBC increased their target price on Lundin Gold from C$34.00 to C$41.00 in a report on Monday, December 2nd. Raymond James downgraded shares of Lundin Gold from an “outperform” rating to a “market perform” rating and lifted their price target for the company from C$25.00 to C$29.00 in a report on Monday, September 23rd. TD Securities upped their price objective on shares of Lundin Gold from C$27.00 to C$38.00 in a research note on Friday, October 18th. Desjardins upgraded shares of Lundin Gold to a “moderate buy” rating in a research note on Thursday, October 31st. Finally, Canaccord Genuity Group downgraded Lundin Gold from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Six analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Lundin Gold presently has a consensus rating of “Moderate Buy” and an average price target of C$32.55.

Lundin Gold Stock Down 1.7 %

Shares of LUG opened at C$31.38 on Friday. The company has a quick ratio of 1.41, a current ratio of 1.98 and a debt-to-equity ratio of 14.28. The company has a 50-day moving average price of C$32.81 and a two-hundred day moving average price of C$27.10. The stock has a market cap of C$7.53 billion, a price-to-earnings ratio of 24.33 and a beta of 1.23. Lundin Gold has a 12 month low of C$14.23 and a 12 month high of C$35.89.

Lundin Gold Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 20th will be given a dividend of $0.20 per share. The ex-dividend date is Thursday, December 5th. This represents a $0.80 dividend on an annualized basis and a yield of 2.55%. Lundin Gold’s payout ratio is presently 82.95%.

Insider Transactions at Lundin Gold

In other news, Senior Officer Chester See sold 14,900 shares of the business’s stock in a transaction dated 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, Director Ronald F. Hochstein sold 16,200 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of C$29.50, for a total transaction of C$477,891.90. Insiders sold a total of 56,840 shares of company stock worth $1,686,209 in the last quarter. 58.72% of the stock is 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.