Brokers Issue Forecasts for Labrador Iron Ore Royalty Co.’s Q2 2023 Earnings (TSE:LIF)

Labrador Iron Ore Royalty Co. (TSE:LIF – Get Rating) – Equity researchers at Raymond James have raised their second-quarter 2023 EPS estimates for Labrador Iron Ore Royalty in a research report published on Monday, January 30. Raymond James analyst B. Macarthur now expects the company to report earnings per share of $0.95 for the quarter, up from a previous forecast of $0.84. The consensus estimate for Labrador Iron Ore Royalty’s current full-year earnings is $3.29 per share. Raymond James also provided estimates for Labrador Iron Ore Royalty’s earnings of $0.88 per share for Q3 2023, $0.75 per share for Q4 2023 and $3.73 per share for fiscal 2023.

Labrador Iron Ore Royalty (TSE:LIF – Get Rating) last posted its earnings results on Thursday, November 3rd. The company reported earnings per share (EPS) of $1.24 for the quarter, beating analyst consensus estimates of $0.85 by $0.39. The company had revenue of $64.06 million for the quarter.

Separately, on Thursday, October 13, Scotiabank raised its price target on Labrador Iron Ore Royalty from C$32.00 to C$33.00 in a research note. Five analysts have given the stock a hold rating. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of CAD$34.10. Price History for Labrador Iron Ore Fees

Shares of Labrador Iron Ore Royalty stock opened at CA$39.34 on Wednesday. Labrador Iron Ore Royalty has a yearly low of $25.24 and a yearly high of $51.00. The stock’s 50-day moving average is $35.51 and the 200-day moving average is $31.41. The company has a market capitalization of CA$2.52 billion and a price-to-earnings ratio of 8.42.

Labrador Iron Ore Royalty Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 26th. Stockholders of record on Friday, December 30 received a dividend of $0.70. The ex-dividend date was Thursday December 29th. That equates to an annualized dividend of $2.80 and a yield of 7.12%. Labrador Iron Ore Royalty’s dividend payout ratio is currently 76.02%.

About the Labrador Iron Ore Royalty

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Labrador Iron Ore Royalty Corporation, through its subsidiary Hollinger-Hanna Limited, owns a 15.10% equity interest in the Iron Ore Company of Canada (IOC), which produces and processes iron ore in Labrador City, Newfoundland and Labrador. The Company’s principal products include normal and low-silica products, fluxes, direct reduction pellets and iron ore concentrate, and seaborne iron ore pellets.