Raymond James Equities Analysts Increase Earnings Estimates for Kinross Gold Co. (NYSE:KGC)

Kinross Gold Co. (NYSE:KGC) (TSE:K) – Raymond James increased their Q2 2024 earnings per share estimates for shares of Kinross Gold in a report issued on Tuesday, April 23rd. Raymond James analyst F. Hamed now forecasts that the mining company will post earnings of $0.12 per share for the quarter, up from their previous forecast of $0.04. The consensus estimate for Kinross Gold’s current full-year earnings is $0.37 per share. Raymond James also issued estimates for Kinross Gold’s Q3 2024 earnings at $0.12 EPS, Q4 2024 earnings at $0.14 EPS and FY2024 earnings at $0.44 EPS.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its quarterly earnings results on Thursday, February 15th. The mining company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.02. The firm had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Kinross Gold had a return on equity of 8.85% and a net margin of 9.82%. The firm’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.09 EPS.

Other equities research analysts have also issued research reports about the company. Jefferies Financial Group lifted their price objective on Kinross Gold from $5.00 to $6.00 and gave the company a “hold” rating in a report on Monday, April 22nd. TheStreet lowered Kinross Gold from a “b” rating to a “c+” rating in a report on Friday, February 16th. StockNews.com raised Kinross Gold from a “hold” rating to a “buy” rating in a report on Tuesday, April 2nd. CIBC lifted their price objective on Kinross Gold from $7.00 to $8.15 and gave the company an “outperform” rating in a report on Wednesday, February 7th. Finally, National Bank Financial reaffirmed an “outperform overweight” rating on shares of Kinross Gold in a report on Monday, April 8th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Kinross Gold currently has a consensus rating of “Moderate Buy” and an average price target of $6.44.

Kinross Gold Price Performance

Shares of KGC opened at $6.75 on Friday. Kinross Gold has a twelve month low of $4.32 and a twelve month high of $6.87. The stock’s 50 day moving average is $5.83 and its two-hundred day moving average is $5.65. The firm has a market capitalization of $8.28 billion, a PE ratio of 19.84, a P/E/G ratio of 2.22 and a beta of 1.15. The company has a current ratio of 2.63, a quick ratio of 0.95 and a debt-to-equity ratio of 0.36.

Kinross Gold Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 6th were paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 1.78%. The ex-dividend date was Tuesday, March 5th. Kinross Gold’s dividend payout ratio (DPR) is 35.29%.

Institutional Investors Weigh In On Kinross Gold

Several institutional investors have recently modified their holdings of the company. Polunin Capital Partners Ltd raised its position in shares of Kinross Gold by 12.3% during the 1st quarter. Polunin Capital Partners Ltd now owns 6,620,126 shares of the mining company’s stock worth $40,581,000 after purchasing an additional 727,398 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Kinross Gold by 37.1% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 786,277 shares of the mining company’s stock worth $4,828,000 after purchasing an additional 212,578 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of Kinross Gold by 1,458.7% during the 1st quarter. Assenagon Asset Management S.A. now owns 406,491 shares of the mining company’s stock worth $2,496,000 after purchasing an additional 380,412 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its position in shares of Kinross Gold by 5.9% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 418,944 shares of the mining company’s stock worth $2,568,000 after purchasing an additional 23,192 shares during the last quarter. Finally, PFG Investments LLC raised its position in shares of Kinross Gold by 13.6% during the 1st quarter. PFG Investments LLC now owns 20,454 shares of the mining company’s stock worth $125,000 after purchasing an additional 2,454 shares during the last quarter. Hedge funds and other institutional investors own 63.69% of the company’s stock.

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.