Kinross Gold (TSE:K) Posts Quarterly Earnings Results

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

Kinross Gold Stock Down 1.5%

K opened at C$32.71 on Thursday. The business has a 50 day moving average price of C$35.79 and a 200 day moving average price of C$41.52. Kinross Gold has a twelve month low of C$21.27 and a twelve month high of C$53.57. The company has a debt-to-equity ratio of 8.12, a quick ratio of 1.11 and a current ratio of 2.84. The firm has a market cap of C$39.06 billion, a P/E ratio of 13.92, a price-to-earnings-growth ratio of -0.60 and a beta of 1.49.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on K. ATB Cormark Capital Markets raised shares of Kinross Gold from a “hold” rating to a “moderate buy” rating and set a C$56.00 price objective on the stock in a research report on Friday, May 1st. Jefferies Financial Group decreased their target price on shares of Kinross Gold from C$41.00 to C$38.00 in a research report on Monday, July 6th. BMO Capital Markets increased their price target on shares of Kinross Gold from C$45.00 to C$55.00 in a research note 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, National Bank Financial reduced their price objective on shares of Kinross Gold from C$57.50 to C$50.00 and set an “outperform” rating for the company in a research note on Tuesday, July 14th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Kinross Gold has an average rating of “Buy” and an average target price of C$49.29.

Insiders Place Their Bets

In other news, insider Stephen Kerrigan sold 791 shares of Kinross Gold stock in a transaction that occurred 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 transaction, the insider owned 84,936 shares of the company’s stock, valued at C$3,322,696.32. This trade represents a 0.92% decrease in their ownership of the stock. Also, insider Lucas Crosby sold 791 shares of the business’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of C$39.12, for a total transaction of C$30,943.92. Following the completion of the sale, the insider owned 33,988 shares of the company’s stock, valued at C$1,329,610.56. The trade was a 2.27% decrease in their ownership of the stock. Insiders sold 38,582 shares of company stock valued at $1,572,318 over the last 90 days. 0.26% of the stock is currently owned by company insiders.

Kinross Gold Company Profile

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.