National Bank Financial Comments on Kinross Gold Co.’s Q2 2024 Earnings (NYSE:KGC)

Kinross Gold Co. (NYSE:KGC) (TSE:K) – Equities researchers at National Bank Financial issued their Q2 2024 earnings estimates for shares of Kinross Gold in a report issued on Tuesday, July 16th. National Bank Financial analyst M. Parkin forecasts that the mining company will earn $0.14 per share for the quarter. National Bank Financial has a “Outperform Overweight” rating on the stock. The consensus estimate for Kinross Gold’s current full-year earnings is $0.55 per share. National Bank Financial also issued estimates for Kinross Gold’s FY2024 earnings at $0.68 EPS.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its earnings results on Tuesday, May 7th. The mining company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.06 by $0.04. Kinross Gold had a return on equity of 9.34% and a net margin of 9.86%. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same quarter in the prior year, the company posted $0.07 earnings per share. Kinross Gold’s revenue for the quarter was up 16.4% compared to the same quarter last year.

A number of other research analysts have also issued reports on the stock. CIBC boosted their price target on shares of Kinross Gold from $8.15 to $12.00 and gave the stock an “outperformer” rating in a research note on Wednesday, July 10th. BMO Capital Markets upped their price target on shares of Kinross Gold from $10.00 to $11.50 and gave the company an “outperform” rating in a report on Tuesday, May 21st. Cormark upgraded Kinross Gold from a “hold” rating to a “moderate buy” rating in a research report on Thursday, May 9th. Jefferies Financial Group raised their price objective on Kinross Gold from $7.00 to $9.00 and gave the stock a “hold” rating in a report on Friday, July 12th. Finally, StockNews.com upgraded Kinross Gold from a “hold” rating to a “buy” rating in a report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.57.

Kinross Gold Stock Down 2.8 %

Shares of NYSE:KGC opened at $9.06 on Thursday. The stock has a market cap of $11.14 billion, a P/E ratio of 25.17, a P/E/G ratio of 0.57 and a beta of 1.19. Kinross Gold has a 1-year low of $4.32 and a 1-year high of $9.41. The firm has a fifty day moving average price of $8.04 and a 200 day moving average price of $6.57. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.15 and a quick ratio of 0.45.

Kinross Gold Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Investors of record on Thursday, May 30th were given a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 1.32%. The ex-dividend date was Thursday, May 30th. Kinross Gold’s dividend payout ratio is currently 33.33%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Norges Bank bought a new position in Kinross Gold in the fourth quarter worth about $265,327,000. Van ECK Associates Corp lifted its holdings in shares of Kinross Gold by 9.5% in the 1st quarter. Van ECK Associates Corp now owns 150,960,083 shares of the mining company’s stock worth $925,392,000 after purchasing an additional 13,099,791 shares during the last quarter. Boston Partners boosted its position in Kinross Gold by 44.0% during the 4th quarter. Boston Partners now owns 16,898,452 shares of the mining company’s stock valued at $102,236,000 after purchasing an additional 5,162,124 shares during the period. Artemis Investment Management LLP grew its stake in Kinross Gold by 321.5% during the 2nd quarter. Artemis Investment Management LLP now owns 6,695,496 shares of the mining company’s stock worth $55,707,000 after buying an additional 5,107,120 shares during the last quarter. Finally, First Eagle Investment Management LLC acquired a new stake in Kinross Gold in the first quarter worth $23,907,000. 63.69% of the stock is currently owned by institutional investors.

Kinross Gold Company Profile

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.