ATB Cormark Capital Markets Upgrades Kinross Gold (TSE:K) to "Outperform"

Key Points

• ATB Cormark upgraded Kinross Gold to “Outperform” from “Sector Perform” and raised its price target to C$45 from C$41, implying approximately 39% upside from the previous close.
• Analyst sentiment remains positive, with Kinross holding a consensus “Buy” rating and an average target price of C$47.36, despite some analysts recently reducing their targets.
• Kinross shares fell 2.3% to C$32.34 in Friday trading. The company recently reported quarterly EPS of C$1.01 and revenue of C$3.18 billion, while insiders sold 38,582 shares worth approximately $1.57 million during the last quarter.

Kinross Gold (TSE:K - Get Free Report) NYSE: KGC was upgraded by research analysts at ATB Cormark Capital Markets from a "sector perform" rating to an "outperform" rating in a note issued to investors on Friday,BayStreet.CA reports. The brokerage presently has a C$45.00 price objective on the stock, up from their previous price objective of C$41.00. ATB Cormark Capital Markets' price target would indicate a potential upside of 39.15% from the stock's previous close.

Several other equities analysts have also issued reports on K. Jefferies Financial Group decreased their target price on Kinross Gold from C$41.00 to C$38.00 in a research note on Monday, July 6th. BMO Capital Markets boosted their price target on shares of Kinross Gold from C$45.00 to C$55.00 in a research note on Wednesday, April 22nd. National Bank Financial cut 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. Finally, Freedom Capital raised shares of Kinross Gold from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 18th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of C$47.36.

Kinross Gold Trading Down 2.3%

Kinross Gold stock traded down C$0.75 during trading on Friday, hitting C$32.34. The company had a trading volume of 1,258,675 shares, compared to its average volume of 3,756,725. The stock has a market cap of C$38.62 billion, a price-to-earnings ratio of 13.76, a price-to-earnings-growth ratio of -0.60 and a beta of 1.49. 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 1-year low of C$21.87 and a 1-year high of C$53.57. The company's 50 day simple moving average is C$35.67 and its 200-day simple moving average is C$41.44.

Kinross Gold (TSE:K - Get Free Report) NYSE: KGC last released its quarterly earnings results on Wednesday, July 29th. The company reported C$1.01 EPS for the quarter. Kinross Gold had a return on equity of 34.63% and a net margin of 36.03%.The company had revenue of C$3.18 billion for the quarter. As a group, analysts expect that Kinross Gold will post 1.0071259 EPS for the current fiscal year.

Insider Activity

In related news, insider Lucas Crosby sold 791 shares of the company's 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 transaction of C$30,943.92. Following the sale, the insider directly owned 33,988 shares in the company, valued at approximately C$1,329,610.56. This represents a 2.27% decrease in their ownership of the stock. Also, insider Stephen Kerrigan sold 791 shares of the firm's 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 transaction of C$30,943.92. Following the completion of the sale, the insider directly owned 84,936 shares in the company, valued at approximately C$3,322,696.32. This trade represents a 0.92% decrease in their position. In the last quarter, insiders sold 38,582 shares of company stock worth $1,572,318. 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.

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