Kinross Gold (TSE:K) Upgraded to “Outperform” at ATB Cormark Capital Markets

Kinross Gold (TSE:K) (NYSE:KGC) was upgraded by equities researchers at ATB Cormark Capital Markets from a “sector perform” rating to an “outperform” rating in a report released on Friday,BayStreet.CA reports. The brokerage currently has a C$45.00 price target on the stock, up from their prior price target of C$41.00. ATB Cormark Capital Markets’ price objective points to a potential upside of 39.15% from the stock’s current price.

Several other brokerages have also commented on K. National Bank Financial dropped their price target on shares of Kinross Gold from C$57.50 to C$50.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 14th. BMO Capital Markets boosted their price objective on shares of Kinross Gold from C$45.00 to C$55.00 in a research report on Wednesday, April 22nd. Freedom Capital upgraded shares of Kinross Gold from a “hold” rating to a “strong-buy” rating in a report on Monday, May 18th. Finally, Jefferies Financial Group dropped their target price on shares of Kinross Gold from C$41.00 to C$38.00 in a research report on Monday, July 6th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of C$47.36.

Kinross Gold Stock Down 2.3%

Kinross Gold stock traded down C$0.75 during midday trading on Friday, reaching C$32.34. The company’s stock had a trading volume of 1,258,675 shares, compared to its average volume of 3,756,725. The company has a market cap of C$38.62 billion, a P/E ratio of 13.76, a P/E/G ratio of -0.60 and a beta of 1.49. The company has a quick ratio of 1.11, a current ratio of 2.84 and a debt-to-equity ratio of 8.12. The business has a 50-day simple moving average of C$35.67 and a 200-day simple moving average of C$41.44. Kinross Gold has a fifty-two week low of C$21.87 and a fifty-two week high of C$53.57.

Kinross Gold (TSE:K) (NYSE:KGC) last released its quarterly earnings data on Wednesday, July 29th. The company reported C$1.01 earnings per share (EPS) for the quarter. Kinross Gold had a return on equity of 34.63% and a net margin of 36.03%.The business had revenue of C$3.18 billion during the quarter. On average, research analysts expect that Kinross Gold will post 1.0071259 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Stephen Kerrigan sold 791 shares of the company’s stock in a transaction on Friday, May 15th. The shares were sold at an average price of C$39.12, for a total value of C$30,943.92. Following the completion of the sale, the insider owned 84,936 shares in the company, valued at C$3,322,696.32. This represents a 0.92% decrease in their position. Also, insider Claude J.S. Schimper sold 15,000 shares of the company’s stock in a transaction on Monday, May 25th. The shares were sold at an average price of C$40.33, for a total transaction of C$604,950.00. Following the completion of the sale, the insider owned 49,060 shares of the company’s stock, valued at approximately C$1,978,589.80. This trade represents a 23.42% decrease in their position. Insiders have sold 38,582 shares of company stock valued at $1,572,318 in the last ninety days. 0.26% of the stock is currently owned by company insiders.

About Kinross Gold

Kinross Gold is a Canada-based senior gold producer, producing roughly 2.4 million gold equivalent ounces in 2020. The company had 30 million ounces of proven and probable gold reserves and 59 million ounces of silver reserves at the end of 2020. It operates mines and focuses its greenfield and brownfield exploration in the Americas, West Africa, and Russia. The company has historically used acquisitions to fuel expansion into new regions and production growth.