Centerra Gold Inc. (NYSE:CGAU) Expected to Post FY2023 Earnings of $0.33 Per Share

Centerra Gold Inc. (NYSE:CGAU – Get Rating) – Cormark dropped their FY2023 EPS estimates for Centerra Gold in a report released on Tuesday, May 16th. Cormark analyst R. Gray now forecasts that the company will earn $0.33 per share for the year, down from their prior forecast of $0.45. The consensus estimate for Centerra Gold’s current full-year earnings is $0.53 per share. Cormark also issued estimates for Centerra Gold’s FY2024 earnings at $0.81 EPS.

A number of other research analysts also recently commented on CGAU. TD Securities cut their target price on shares of Centerra Gold from C$10.00 to C$8.50 in a research report on Tuesday. National Bank Financial cut their price objective on shares of Centerra Gold from C$13.00 to C$12.50 in a research report on Thursday. TheStreet downgraded shares of Centerra Gold from a “c” rating to a “d+” rating in a research report on Friday, March 3rd. CIBC cut their price objective on shares of Centerra Gold from C$12.00 to C$11.00 in a research report on Tuesday. Finally, Raymond James lifted their target price on shares of Centerra Gold from C$10.50 to C$11.00 in a research note on Monday, February 27th.

Centerra Gold Stock Performance

NYSE CGAU opened at $5.27 on Thursday. The company has a market capitalization of $1.15 billion, a price-to-earnings ratio of -4.83 and a beta of 0.83. The company’s 50-day simple moving average is $6.66 and its two-hundred day simple moving average is $6.01. Centerra Gold has a one year low of $3.77 and a one year high of $8.59.

Centerra Gold (NYSE:CGAU – Get Rating) last released its earnings results on Monday, May 15th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.16). Centerra Gold had a negative return on equity of 6.24% and a negative net margin of 30.72%. The firm had revenue of $226.53 million during the quarter. During the same period in the previous year, the business earned $0.19 EPS.

Centerra Gold Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 12th. Investors of record on Monday, May 29th will be paid a dividend of $0.052 per share. The ex-dividend date of this dividend is Thursday, May 25th. This represents a $0.21 dividend on an annualized basis and a dividend yield of 3.95%. Centerra Gold’s payout ratio is -19.27%.

Hedge Funds Weigh In On Centerra Gold

Several hedge funds have recently added to or reduced their stakes in CGAU. Great West Life Assurance Co. Can grew its position in Centerra Gold by 31.5% in the 3rd quarter. Great West Life Assurance Co. Can now owns 17,862 shares of the company’s stock valued at $78,000 after buying an additional 4,281 shares during the last quarter. Bessemer Group Inc. boosted its position in shares of Centerra Gold by 1.8% during the 4th quarter. Bessemer Group Inc. now owns 317,180 shares of the company’s stock worth $1,642,000 after purchasing an additional 5,723 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Centerra Gold by 0.5% during the 4th quarter. Franklin Resources Inc. now owns 1,158,476 shares of the company’s stock worth $5,998,000 after purchasing an additional 6,006 shares in the last quarter. UBS Group AG boosted its position in shares of Centerra Gold by 27.4% during the 1st quarter. UBS Group AG now owns 27,993 shares of the company’s stock worth $181,000 after purchasing an additional 6,021 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Centerra Gold by 11.0% during the 1st quarter. Bank of New York Mellon Corp now owns 69,201 shares of the company’s stock worth $448,000 after purchasing an additional 6,856 shares in the last quarter. 51.63% of the stock is currently owned by hedge funds and other institutional investors.

About Centerra Gold

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Centerra Gold, Inc engages in the operation, development, exploration and acquisition of gold and copper properties. It operates through the following segments: Kumtor, Mount Milligan, and Öksüt. The company was founded on November 7, 2002 and is headquartered in Toronto, Canada.