Lundin Gold (TSE:LUG) Shares Pass Above Fifty Day Moving Average - Here's Why

Key Points

• Lundin Gold shares rose above their 50-day moving average, reaching C$83.30 before last trading at C$81.60 on substantial volume.
• Analyst sentiment remains positive, with a consensus “Buy” rating and average price target of C$102.17; ATB Cormark upgraded the stock to “outperform” with a C$130 target, while Jefferies and Desjardins lowered their targets.
• The company reported C$1.57 in quarterly EPS on C$788.83 million in revenue and pays a quarterly dividend equivalent to a 4.5% annual yield, though its payout ratio is high at 84.62%.

Shares of Lundin Gold Inc. (TSE:LUG - Get Free Report) passed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of C$79.97 and traded as high as C$83.30. Lundin Gold shares last traded at C$81.60, with a volume of 1,054,090 shares trading hands.

Analysts Set New Price Targets

Several equities analysts recently issued reports on LUG shares. ATB Cormark Capital Markets raised Lundin Gold from a "sector perform" rating to an "outperform" rating and set a C$130.00 target price on the stock in a research note on Friday, May 8th. Jefferies Financial Group dropped their target price on Lundin Gold from C$90.00 to C$88.00 in a research report on Monday, July 6th. Finally, Desjardins cut their price target on shares of Lundin Gold from C$105.00 to C$100.00 and set a "buy" rating on the stock in a research note on Monday, July 27th. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of C$102.17.

Lundin Gold Stock Performance

The company's 50-day simple moving average is C$79.97 and its 200 day simple moving average is C$97.28. The company has a market cap of C$19.73 billion, a PE ratio of 21.64 and a beta of 1.64.

Lundin Gold (TSE:LUG - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported C$1.57 earnings per share for the quarter. The business had revenue of C$788.83 million for the quarter. Lundin Gold had a return on equity of 68.29% and a net margin of 45.73%. Analysts forecast that Lundin Gold Inc. will post 2.5603448 EPS for the current year.

Lundin Gold Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 25th. Investors of record on Thursday, June 25th were paid a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Wednesday, June 10th. Lundin Gold's payout ratio is presently 84.62%.

About Lundin Gold

Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador. Fruta del Norte is among the highest-grade operating gold mines in the world. The Company's board and management team have extensive expertise and are dedicated to operating Fruta del Norte responsibly. The Company operates with transparency and in accordance with international best practices. Lundin Gold is committed to delivering value to its shareholders through operational excellence and growth, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact.

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