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

Lundin Gold Inc. (TSE:LUG) received an upward adjustment from investment analysts at Cormark regarding their fiscal year 2024 earnings per share (EPS) estimates. In a report released on October 10, 2024, analyst N. Dion raised the expected earnings to $2.08 per share, an increase from a previous estimate of $1.96. Cormark has maintained a "Hold" rating for Lundin Gold with a price target set at C$32.00. The consensus expectation for Lundin Gold's overall earnings for the current fiscal year stands at $2.56 per share.

Analyst Ratings and Price Targets

Several other equity research analysts have also provided their evaluations on Lundin Gold. Notably, Raymond James downgraded Lundin Gold from an “outperform” designation to a “market perform” rating, while adjusting their price target from C$25.00 to C$29.00 as of September 23rd. CIBC also increased their price target for the stock from C$28.00 to C$34.00 in a report dated September 11th, maintaining an “outperform” rating. Additionally, Royal Bank of Canada raised its target price from C$25.00 to C$27.00 and affirmed its hold rating on September 10th. TD Securities inched up their target from C$24.00 to C$27.00 with a “buy” rating on July 30th. Lastly, National Bankshares also lifted their target from C$30.75 to C$32.00, giving it an “outperform” rating on August 14th. Currently, the stock has been rated with three hold ratings, four buy ratings, and one strong buy rating. According to MarketBeat, the average recommendation on the stock is a “Moderate Buy,” with a consensus price target of C$28.33.

Lundin Gold's Current Stock Performance

As of Friday, shares of TSE:LUG opened at C$32.67. Over the past year, Lundin Gold's 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. In terms of financial health, Lundin Gold has a debt-to-equity ratio of 14.28, a current ratio of 1.98, and a quick ratio of 1.41. The fifty-day moving average price for the stock is C$27.60 while the 200-day moving average is C$22.80.

Earnings Report and Insider Activity

Lundin Gold last reported its quarterly earnings on August 8th, revealing earnings of C$0.55 per share, which fell short of the consensus estimate of C$0.62 by C$0.07. The company's return on equity was reported at 22.88%, with a net margin of 24.30% and revenue of C$412.43 million for the quarter. In addition to earnings, there have been significant insider transactions. Senior Officer Sheila Margaret Colman sold 16,000 shares on September 12th at an average price of C$28.74, totaling C$459,913.60. Another Senior Officer, Terrence Smith, sold 25,740 shares on September 20th at an average price of C$29.52, amounting to C$759,826.78. In total, insiders have sold 72,840 shares valued at around $2,146,122 in the last quarter, holding 58.72% ownership of the company's shares.

Dividend Announcement

On September 25th, Lundin Gold declared a quarterly dividend of C$0.551, rising from the previous C$0.10. Shareholders on record as of September 25th received this dividend, indicating an annualized dividend of $2.20 and a yield of 6.75%. The ex-dividend date for this announcement was September 10th, and the current dividend payout ratio is 82.95%.

About Lundin Gold Inc.

Lundin Gold Inc. is a mining company based in Canada. The company holds interests across 28 metallic mineral concessions and three construction material concessions, covering approximately 64,454 hectares in Southeast Ecuador. It primarily owns 100% of the Fruta del Norte gold project, which consists of seven concessions located near Loja, Ecuador, across approximately 5,566 hectares.

Lundin, Earnings, Stock