Kinross Gold (NYSE:KGC) Price Target Raised to $22.00 at CIBC

Key Points

• CIBC has raised its price target for Kinross Gold from $21.00 to $22.00, suggesting a potential upside of 35.80% from the current price, and maintains an "outperformer" rating on the stock.
• The company reported earnings of $0.44 per share for the latest quarter, exceeding expectations and showing a 41.7% revenue increase year-over-year.
• Currently, Kinross Gold holds a consensus rating of "Buy" among analysts, with a consensus target price of $18.20.

Kinross Gold (NYSE:KGC - Free Report) TSE: K had its target price raised by CIBC from $21.00 to $22.00 in a research note published on Friday morning,Benzinga reports. The brokerage currently has an outperformer rating on the mining company's stock.

Other equities research analysts have also issued research reports about the company. National Bankshares reaffirmed an "outperform" rating on shares of Kinross Gold in a research report on Tuesday, June 24th. Wall Street Zen upgraded Kinross Gold from a "buy" rating to a "strong-buy" rating in a report on Friday, April 18th. Scotiabank increased their price objective on Kinross Gold from $16.00 to $17.00 and gave the stock a "sector outperform" rating in a report on Thursday, May 8th. Jefferies Financial Group raised Kinross Gold from a "hold" rating to a "buy" rating and increased their price target for the company from $14.00 to $18.00 in a research report on Thursday, June 26th. Finally, BMO Capital Markets initiated coverage on Kinross Gold in a research report on Wednesday, April 16th. They set an "outperform" rating for the company. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, Kinross Gold has an average rating of "Buy" and a consensus price target of $18.50.

Kinross Gold Price Performance

NYSE:KGC traded up $0.76 during mid-day trading on Friday, reaching $18.02. 15,141,124 shares of the company were exchanged, compared to its average volume of 20,961,799. Kinross Gold has a 12 month low of $8.08 and a 12 month high of $18.10. The company has a fifty day moving average of $15.55 and a 200 day moving average of $13.64. The company has a quick ratio of 1.45, a current ratio of 2.84 and a debt-to-equity ratio of 0.16. The stock has a market cap of $21.96 billion, a PE ratio of 14.52, a PEG ratio of 0.55 and a beta of 0.55.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last announced its quarterly earnings data on Wednesday, July 30th. The mining company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.11. The firm had revenue of $1.75 billion during the quarter, compared to analysts' expectations of $1.52 billion. Kinross Gold had a return on equity of 20.04% and a net margin of 25.18%. The company's quarterly revenue was up 41.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.14 EPS. On average, research analysts anticipate that Kinross Gold will post 0.81 EPS for the current fiscal year.

Kinross Gold Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st will be given a $0.03 dividend. The ex-dividend date is Thursday, August 21st. This represents a $0.12 annualized dividend and a dividend yield of 0.7%. Kinross Gold's payout ratio is presently 9.68%.

Institutional Investors Weigh In On Kinross Gold

Hedge funds have recently made changes to their positions in the stock. Banque Cantonale Vaudoise acquired a new position in shares of Kinross Gold in the first quarter worth approximately $55,000. Farther Finance Advisors LLC raised its stake in Kinross Gold by 188.6% during the 1st quarter. Farther Finance Advisors LLC now owns 5,599 shares of the mining company's stock worth $71,000 after buying an additional 3,659 shares during the period. Headlands Technologies LLC acquired a new position in Kinross Gold during the 1st quarter valued at about $77,000. Bruce G. Allen Investments LLC boosted its stake in Kinross Gold by 68.6% during the 1st quarter. Bruce G. Allen Investments LLC now owns 6,295 shares of the mining company's stock valued at $79,000 after purchasing an additional 2,561 shares during the last quarter. Finally, SBI Securities Co. Ltd. boosted its stake in Kinross Gold by 39.3% during the 1st quarter. SBI Securities Co. Ltd. now owns 6,339 shares of the mining company's stock valued at $80,000 after purchasing an additional 1,787 shares during the last quarter. 63.69% of the stock is currently owned by institutional investors and hedge funds.

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.