Kinross Gold (NYSE:KGC) Shares Gap Up – What’s Next?

Kinross Gold Co. (NYSE:KGC) (TSE:K)’s share price gapped up before the market opened on Friday . The stock had previously closed at $14.48, but opened at $14.84. Kinross Gold shares last traded at $14.71, with a volume of 1,937,216 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on KGC. Raymond James increased their price target on Kinross Gold from $12.00 to $15.00 and gave the stock a “market perform” rating in a report on Friday, April 4th. National Bank Financial upgraded Kinross Gold to a “strong-buy” rating in a report on Friday, March 21st. BMO Capital Markets assumed coverage on Kinross Gold in a report on Wednesday, April 16th. They issued an “outperform” rating on the stock. Wall Street Zen upgraded Kinross Gold from a “buy” rating to a “strong-buy” rating in a report on Friday, April 18th. Finally, Stifel Canada upgraded Kinross Gold to a “strong-buy” rating in a report on Wednesday, March 19th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Kinross Gold currently has an average rating of “Buy” and a consensus price target of $14.50.

Kinross Gold Trading Up 1.6%

The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.83 and a current ratio of 2.01. The firm has a 50 day simple moving average of $13.72 and a two-hundred day simple moving average of $11.58. The firm has a market capitalization of $18.11 billion, a P/E ratio of 19.11, a PEG ratio of 0.68 and a beta of 0.64.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its quarterly earnings data on Tuesday, May 6th. The mining company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.08. Kinross Gold had a return on equity of 12.65% and a net margin of 18.43%. The business had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.43 billion. During the same period last year, the business earned $0.10 EPS. The business’s revenue was up 38.5% on a year-over-year basis. Equities research analysts forecast that Kinross Gold Co. will post 0.81 earnings per share for the current year.

Kinross Gold Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders of record on Thursday, May 29th will be paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.82%. The ex-dividend date of this dividend is Thursday, May 29th. Kinross Gold’s dividend payout ratio (DPR) is presently 12.24%.

Hedge Funds Weigh In On Kinross Gold

Large investors have recently bought and sold shares of the stock. Norges Bank bought a new position in Kinross Gold during the 4th quarter valued at $280,697,000. Renaissance Technologies LLC raised its stake in shares of Kinross Gold by 10.9% during the 4th quarter. Renaissance Technologies LLC now owns 32,862,230 shares of the mining company’s stock worth $304,633,000 after purchasing an additional 3,224,455 shares during the period. Mediolanum International Funds Ltd bought a new stake in shares of Kinross Gold during the 4th quarter worth $2,506,000. Truist Financial Corp raised its stake in shares of Kinross Gold by 48.2% during the 4th quarter. Truist Financial Corp now owns 302,057 shares of the mining company’s stock worth $2,800,000 after purchasing an additional 98,196 shares during the period. Finally, DJE Kapital AG bought a new stake in shares of Kinross Gold during the 4th quarter worth $3,723,000. 63.69% of the stock is currently owned by institutional investors.

About Kinross Gold

Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties principally in the United States, Brazil, Chile, Canada, and Mauritania. The company operates the Fort Knox mine and the Manh Choh project in Alaska, as well as the Round Mountain and the Bald Mountain mines in Nevada, the United States; the Paracatu mine in Brazil; the La Coipa and the Lobo-Marte project in Chile; the Tasiast mine in Mauritania; and the Great Bear project in Canada.