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Friday, September 22, 2023

The Forecast Just Changed on Kinross Gold Corporation (NYSE:KGC)

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Kinross Gold Corporation (KGC) shares are trading at lower $7.35 and the avg recommendation for the stock is Moderate Buy.

To add more color to this target, the company’s high over the last year is $10.31 and the low is $2.72. Over the last 52 weeks, KGC is up 61.54% while the S&P 500 is up 18.49%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

In the last quarter, KGC reported a profit of $487.1 million. Kinross Gold Corporation also saw revenues increase to $1.13 billion. In addition, KGC has free cash flow of $658.7 million as of 09-2020. The company’s EBITDA came in at $598.2 million which compares well with its peers.

KGC booked profit margins of 26.90%, its Return on Equity (ROE) is 19.60%, and its Return on Assets is 11.00%. All told, it is clear that, KGC needs to be on your watchlist.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. KGC has a short ratio of 1.08 and outstanding shares of 1.26B.

Company Outlook

KGC has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 13.06 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at 0.85. Kinross Gold Corporation KGC also noted assets of $10.01 billion at the end of the last quarter. Investors should also keep an eye on sector updates as KGC has historically followed its peers on positive news.

All told, Kinross Gold Corporation KGC has strung together solid data and demonstrated underlying fundamentals. At its current valuation, KGC represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

Kinross Gold Corporation KGC is now commanding a market cap of 9.38B and a float of 1.25B. KGC is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of KGC stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in KGC, either long or short, and we have not been compensated for this article.

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