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

Key Points

• ATB Cormark Capital Markets upgraded Kinross Gold from "sector perform" to outperform and set a C$56 price target, implying about a 39.48% upside from the prior close.
• Multiple brokers (BMO, RBC, Stifel, National Bank) have recently raised ratings or targets, leaving consensus as a Moderate Buy with an average price target of C$52.42.
• Kinross reported quarterly EPS of C$0.99 on C$3.35B revenue and a 33.95% net margin; shares traded at C$40.15 (12‑month range C$18.53–C$53.57), and an insider recently sold shares.

Kinross Gold (TSE:K - Get Free Report) NYSE: KGC was upgraded by equities research analysts at ATB Cormark Capital Markets from a "sector perform" rating to an "outperform" rating in a report issued on Friday,BayStreet.CA reports. The brokerage presently has a C$56.00 price target on the stock. ATB Cormark Capital Markets' target price suggests a potential upside of 39.48% from the company's previous close.

Several other research analysts have also recently weighed in on the stock. BMO Capital Markets upped their price target on shares of Kinross Gold from C$45.00 to C$55.00 in a report on Wednesday, April 22nd. National Bank Financial reduced their target price on Kinross Gold from C$60.00 to C$57.50 and set an "outperform" rating on the stock in a research note on Friday, April 17th. Royal Bank Of Canada raised Kinross Gold from a "hold" rating to a "moderate buy" rating in a research note on Thursday, March 12th. Finally, Stifel Nicolaus raised their price objective on Kinross Gold from C$45.00 to C$65.00 and gave the company a "buy" rating in a research note on Tuesday, February 10th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Kinross Gold presently has an average rating of "Moderate Buy" and an average price target of C$52.42.

Kinross Gold Price Performance

Shares of Kinross Gold stock traded down C$1.00 during trading on Friday, hitting C$40.15. The stock had a trading volume of 1,189,816 shares, compared to its average volume of 4,068,436. The firm has a market cap of C$48.08 billion, a price-to-earnings ratio of 20.59, a P/E/G ratio of -0.60 and a beta of 1.48. Kinross Gold has a 12 month low of C$18.53 and a 12 month high of C$53.57. The business's 50-day moving average is C$44.09 and its 200 day moving average is C$41.47. The company has a current ratio of 2.35, a quick ratio of 1.11 and a debt-to-equity ratio of 9.08.

Kinross Gold (TSE:K - Get Free Report) NYSE: KGC last released its quarterly earnings results on Wednesday, April 29th. The company reported C$0.99 earnings per share for the quarter. The firm had revenue of C$3.35 billion for the quarter. Kinross Gold had a net margin of 33.95% and a return on equity of 30.66%. As a group, sell-side analysts anticipate that Kinross Gold will post 1.0071259 earnings per share for the current year.

Insider Buying and Selling at Kinross Gold

In other news, insider Afjal Hashim sold 16,980 shares of the stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of C$37.20, for a total transaction of C$631,656.00. Following the completion of the sale, the insider directly owned 28,306 shares in the company, valued at approximately C$1,052,983.20. This represents a 37.50% decrease in their ownership of the stock. Corporate insiders own 0.26% of the company's stock.

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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