Cormark Upgrades Lundin Gold's Rating to Buy

Lundin Gold (TSE:LUG) has recently received an upgrade from stock analysts at Cormark. In a research report published on Friday, Cormark raised its rating for the company from 'market perform' to 'buy'. As part of this upgrade, Cormark also increased their price target for Lundin Gold's stock from C$35.00 to C$38.00. This new price target suggests a potential upside of 11.90% based on the current trading price of the stock.

Recently, other research analysts have also weighed in on Lundin Gold. For instance, Raymond James recently downgraded shares of Lundin Gold from 'outperform' to 'market perform', while adjusting their price target for the stock from C$25.00 to C$29.00. Additionally, Scotiabank reduced their target from C$31.50 to C$30.00. Jefferies Financial Group, on the other hand, lowered Lundin Gold from a 'buy' to a 'hold' rating, with a price objective decrease from C$37.00 to C$36.00. On a more positive note, TD Securities raised their target price for Lundin Gold from C$27.00 to C$38.00 and the Royal Bank of Canada also increased their target from C$27.00 to C$31.00. In total, five analysts have given Lundin Gold a hold rating, four have issued a buy rating, and one has declared a strong buy rating. According to MarketBeat.com, the stock has a current average rating of 'Moderate Buy' and a consensus price target of approximately C$33.15.

Lundin Gold's Stock Performance

During midday trading on Friday, shares of Lundin Gold saw an increase of C$1.09, reaching a price of C$33.96. A total of 270,185 shares were traded, which is slightly lower than the average volume of 283,616 shares. The company has a debt-to-equity ratio of 14.28, indicating moderate debt levels relative to equity. Its quick ratio is at 1.41, and its current ratio stands at 1.98, showing solid liquidity. Over the past year, Lundin Gold's shares have fluctuated between a low of C$14.23 and a high of C$35.89. The market capitalization of Lundin Gold is C$8.15 billion, with a price-to-earnings (PE) ratio of 26.33 and a beta of 1.23, indicating higher volatility compared to the market.

Recent Earnings Report

Lundin Gold released its quarterly earnings data on November 7th, where the company reported earnings per share (EPS) of C$0.76, surpassing the consensus estimate of C$0.60 by C$0.16. The firm achieved a return on equity of 22.88% and maintained a net margin of 24.30%. In terms of revenue, Lundin Gold reported C$440.77 million for the quarter. Analysts are forecasting that Lundin Gold will achieve earnings of approximately 2.56 per share for the current fiscal year.

Insider Trading Activity

In other news regarding Lundin Gold, on January 7th, Director Pablo Mir sold 11,535 shares of the company. The shares were sold at an average price of C$30.78, resulting in a total transaction value of C$355,001.16. It is notable that corporate insiders own about 58.72% of the company's stock.

About Lundin Gold

Lundin Gold Inc. operates as a mining company primarily focused in Canada. The company holds interests in 28 metallic mineral concessions and three construction material concessions that cover approximately 64,454 hectares in Southeast Ecuador. Significant among these is the Fruta del Norte gold project, where Lundin Gold holds a 100% interest across seven concessions totaling roughly 5,566 hectares near the city of Loja in Ecuador.

Lundin, Gold, Cormark