Kinross Gold (TSE:K) Posts Quarterly Earnings Results

Kinross Gold (TSE:K) (NYSE:KGC) posted its earnings results on Wednesday. The company reported C$1.01 earnings per share for the quarter, FiscalAI reports. Kinross Gold had a net margin of 36.03% and a return on equity of 34.63%. The company had revenue of C$3.18 billion for the quarter.

Kinross Gold Stock Performance

Shares of K stock traded down C$0.50 during trading hours on Wednesday, hitting C$32.71. 5,539,837 shares of the company were exchanged, compared to its average volume of 3,774,658. The firm has a fifty day simple moving average of C$35.93 and a 200 day simple moving average of C$41.59. The company has a current ratio of 2.84, a quick ratio of 1.11 and a debt-to-equity ratio of 8.12. Kinross Gold has a 52-week low of C$21.27 and a 52-week high of C$53.57. The stock has a market capitalization of C$39.06 billion, a price-to-earnings ratio of 13.92, a P/E/G ratio of -0.60 and a beta of 1.49.

Analyst Upgrades and Downgrades

K has been the subject of a number of recent research reports. Freedom Capital raised Kinross Gold from a “hold” rating to a “strong-buy” rating in a report on Monday, May 18th. ATB Cormark Capital Markets upgraded Kinross Gold from a “hold” rating to a “moderate buy” rating and set a C$56.00 target price on the stock in a report on Friday, May 1st. BMO Capital Markets lifted their target price on Kinross Gold from C$45.00 to C$55.00 in a research report on Wednesday, April 22nd. Jefferies Financial Group decreased their price target on Kinross Gold from C$41.00 to C$38.00 in a report on Monday, July 6th. Finally, National Bank Financial lowered their price target on Kinross Gold from C$57.50 to C$50.00 and set an “outperform” rating for the company in a research report on Tuesday, July 14th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Kinross Gold presently has a consensus rating of “Buy” and an average target price of C$49.29.

Insider Activity at Kinross Gold

In other Kinross Gold news, insider Lucas Crosby sold 791 shares of the firm’s stock in a transaction on Friday, May 15th. The stock was 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 directly owned 33,988 shares of the company’s stock, valued at C$1,329,610.56. This trade represents a 2.27% decrease in their ownership of the stock. Also, insider Claude J.S. Schimper sold 15,000 shares of the business’s stock in a transaction on Monday, May 25th. The shares were sold at an average price of C$40.33, for a total value of C$604,950.00. Following the completion of the sale, the insider owned 49,060 shares in the company, valued at approximately C$1,978,589.80. The trade was a 23.42% decrease in their ownership of the stock. Over the last quarter, insiders have sold 38,582 shares of company stock worth $1,572,318. Insiders own 0.26% of the company’s stock.

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.