Research Analysts Set Expectations for Lundin Gold Inc.’s Q2 2024 Earnings (TSE:LUG)

Lundin Gold Inc. (TSE:LUG) – Investment analysts at Raymond James raised their Q2 2024 earnings per share estimates for shares of Lundin Gold in a research report issued to clients and investors on Tuesday, April 23rd. Raymond James analyst C. Stanley now forecasts that the company will post earnings per share of $0.38 for the quarter, up from their prior forecast of $0.34. The consensus estimate for Lundin Gold’s current full-year earnings is $1.36 per share.

Lundin Gold (TSE:LUG) last announced its earnings results on Thursday, February 22nd. The company reported C$0.19 earnings per share for the quarter, missing the consensus estimate of C$0.21 by C($0.02). Lundin Gold had a net margin of 19.88% and a return on equity of 19.85%. The company had revenue of C$259.63 million during the quarter.

Several other research analysts also recently weighed in on the company. Canaccord Genuity Group lifted their target price on Lundin Gold from C$22.75 to C$23.25 in a research note on Tuesday. Jefferies Financial Group raised their price target on Lundin Gold from C$19.00 to C$23.00 and gave the company a “buy” rating in a report on Monday, April 22nd. Cormark raised their price target on Lundin Gold from C$22.00 to C$23.00 in a report on Friday, April 19th. Veritas Investment Research raised their price target on Lundin Gold from C$20.90 to C$28.00 in a report on Friday, April 12th. Finally, Scotiabank raised their price target on Lundin Gold from C$20.00 to C$21.00 and gave the company a “sector perform” rating in a report on Thursday, March 28th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of C$22.25.

Lundin Gold Trading Up 0.2 %

Shares of LUG stock opened at C$19.39 on Thursday. The business’s 50 day moving average is C$17.86 and its two-hundred day moving average is C$16.69. Lundin Gold has a twelve month low of C$14.23 and a twelve month high of C$20.36. The company has a market capitalization of C$4.62 billion, a P/E ratio of 19.01 and a beta of 1.10. The company has a current ratio of 2.86, a quick ratio of 1.41 and a debt-to-equity ratio of 31.98.

Insider Buying and Selling

In related news, Director Ronald F. Hochstein sold 100,000 shares of Lundin Gold stock in a transaction on Monday, March 4th. The stock was sold at an average price of C$16.73, for a total transaction of C$1,673,330.00. 59.46% of the stock is currently owned by insiders.

Lundin Gold Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Investors of record on Friday, March 8th were issued a dividend of $0.269 per share. The ex-dividend date was Thursday, March 7th. This represents a $1.08 annualized dividend and a yield of 5.55%. Lundin Gold’s dividend payout ratio is presently 52.94%.

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.