Lundin Gold (TSE:LUG) Stock Crosses Above 50 Day Moving Average - Here's Why

Key Points

• Lundin Gold shares crossed above their 50-day moving average, reaching C$92.39 before closing at C$91.15, compared with the C$89.06 moving average.
• Analysts remain broadly positive, with a consensus “Buy” rating and an average price target of C$101.33, despite recent target reductions from several firms.
• The company reported C$1.19 in quarterly EPS and C$678.7 million in revenue, while increasing its quarterly dividend to C$1.0934 per share, equivalent to a 4.8% annualized yield.

Lundin Gold Inc. (TSE:LUG - Get Free Report)'s stock price passed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of C$89.06 and traded as high as C$92.39. Lundin Gold shares last traded at C$91.15, with a volume of 409,187 shares trading hands.

Wall Street Analyst Weigh In

LUG has been the subject of several analyst reports. Desjardins cut their price target on shares of Lundin Gold from C$105.00 to C$100.00 and set a "buy" rating for the company in a report on Monday, July 27th. Canadian Imperial Bank of Commerce dropped their target price on Lundin Gold from C$137.00 to C$131.00 in a research report on Monday, August 10th. Finally, Jefferies Financial Group cut their target price on Lundin Gold from C$90.00 to C$88.00 in a research note on Monday, July 6th. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of C$101.33.

Lundin Gold Stock Performance

The company has a market capitalization of C$22.04 billion, a PE ratio of 23.68 and a beta of 1.64. The firm's 50-day simple moving average is C$89.06 and its 200 day simple moving average is C$93.75.

Lundin Gold (TSE:LUG - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported C$1.19 earnings per share (EPS) for the quarter. The business had revenue of C$678.70 million during the quarter. Lundin Gold had a net margin of 46.31% and a return on equity of 81.63%. As a group, equities analysts anticipate that Lundin Gold Inc. will post 2.5603448 earnings per share for the current year.

Lundin Gold Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 25th will be given a dividend of $1.0934 per share. This represents a $4.37 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date is Thursday, September 10th. This is a positive change from Lundin Gold's previous quarterly dividend of $0.91. Lundin Gold's payout ratio is 102.60%.

Lundin Gold Company Profile

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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