Kinross Gold (NYSE:KGC) Price Target Raised to $29.50 at Canaccord Genuity Group

Key Points

• Canaccord Genuity Group raised its price target for Kinross Gold from $28.00 to $29.50, suggesting a potential upside of 57.12% from the company's previous close.
• Kinross Gold reported a quarterly earnings per share (EPS) of $0.44, exceeding analysts' expectations, with revenue growing by 41.7% year-over-year to $1.75 billion.
• The company has garnered a consensus rating of "Buy" from analysts, with two hold ratings, six buy ratings, and three strong buy ratings.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K had its target price hoisted by investment analysts at Canaccord Genuity Group from $28.00 to $29.50 in a report released on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the mining company's stock. Canaccord Genuity Group's price target would suggest a potential upside of 57.12% from the company's previous close.

Other analysts have also issued research reports about the stock. CIBC increased their price objective on shares of Kinross Gold from $21.00 to $22.00 and gave the stock an "outperformer" rating in a research note on Friday, August 1st. Scotiabank increased their price objective on shares of Kinross Gold from $16.00 to $17.00 and gave the stock a "sector outperform" rating in a research note on Thursday, May 8th. BMO Capital Markets began coverage on shares of Kinross Gold in a research note on Wednesday, April 16th. They issued an "outperform" rating on the stock. Jefferies Financial Group upgraded shares of Kinross Gold from a "hold" rating to a "buy" rating and increased their price objective for the stock from $14.00 to $18.00 in a research note on Thursday, June 26th. Finally, Raymond James Financial upgraded shares of Kinross Gold to a "hold" rating and set a $15.00 price objective on the stock in a research note on Monday, June 30th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $20.07.

Kinross Gold Stock Performance

Kinross Gold stock traded up $0.07 during mid-day trading on Thursday, reaching $18.78. 18,330,261 shares of the company traded hands, compared to its average volume of 21,052,752. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.84 and a quick ratio of 1.45. Kinross Gold has a fifty-two week low of $8.13 and a fifty-two week high of $19.05. The company has a market capitalization of $22.88 billion, a price-to-earnings ratio of 15.14, a price-to-earnings-growth ratio of 0.60 and a beta of 0.55. The firm's fifty day moving average is $15.78 and its two-hundred day moving average is $13.76.

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

Institutional Trading of Kinross Gold

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. LPL Financial LLC grew its position in shares of Kinross Gold by 81.5% in the fourth quarter. LPL Financial LLC now owns 383,758 shares of the mining company's stock valued at $3,557,000 after purchasing an additional 172,266 shares during the period. Orion Portfolio Solutions LLC grew its position in shares of Kinross Gold by 106.8% in the fourth quarter. Orion Portfolio Solutions LLC now owns 31,789 shares of the mining company's stock valued at $295,000 after purchasing an additional 16,418 shares during the period. Geode Capital Management LLC grew its position in shares of Kinross Gold by 34.1% in the fourth quarter. Geode Capital Management LLC now owns 7,682,835 shares of the mining company's stock valued at $74,128,000 after purchasing an additional 1,952,552 shares during the period. Massachusetts Financial Services Co. MA acquired a new stake in shares of Kinross Gold in the fourth quarter valued at about $118,000. Finally, Wells Fargo & Company MN grew its position in shares of Kinross Gold by 5.9% in the fourth quarter. Wells Fargo & Company MN now owns 529,328 shares of the mining company's stock valued at $4,907,000 after purchasing an additional 29,677 shares during the period. Institutional investors and hedge funds own 63.69% of the company's stock.

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.

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