Raymond James Weighs in on Kinross Gold Co.’s Q2 2024 Earnings (NYSE:KGC)

Kinross Gold Co. (NYSE:KGC) (TSE:K) – Raymond James raised their Q2 2024 earnings per share estimates for shares of Kinross Gold in a note issued to investors on Tuesday, April 23rd. Raymond James analyst F. Hamed now forecasts that the mining company will earn $0.12 per share for the quarter, up from their previous estimate of $0.04. The consensus estimate for Kinross Gold’s current full-year earnings is $0.40 per share. Raymond James also issued estimates for Kinross Gold’s Q3 2024 earnings at $0.12 EPS, Q4 2024 earnings at $0.14 EPS and FY2024 earnings at $0.44 EPS.

A number of other equities research analysts have also recently weighed in on KGC. StockNews.com upgraded Kinross Gold from a “hold” rating to a “buy” rating in a research note on Tuesday, April 2nd. National Bank Financial restated an “outperform overweight” rating on shares of Kinross Gold in a research note on Monday, April 8th. Jefferies Financial Group increased their price target on Kinross Gold from $5.00 to $6.00 and gave the company a “hold” rating in a research note on Monday, April 22nd. TheStreet cut Kinross Gold from a “b” rating to a “c+” rating in a research note on Friday, February 16th. Finally, CIBC increased their price target on Kinross Gold from $7.00 to $8.15 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $6.44.

Kinross Gold Price Performance

KGC opened at $6.74 on Friday. Kinross Gold has a 12-month low of $4.32 and a 12-month high of $6.87. The company has a current ratio of 2.63, a quick ratio of 0.95 and a debt-to-equity ratio of 0.36. The business’s fifty day simple moving average is $5.83 and its 200-day simple moving average is $5.65. The company has a market capitalization of $8.28 billion, a price-to-earnings ratio of 19.82, a PEG ratio of 2.09 and a beta of 1.15.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings data on Thursday, February 15th. The mining company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.09 by $0.02. The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.04 billion. Kinross Gold had a return on equity of 8.85% and a net margin of 9.82%. Kinross Gold’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.09 EPS.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of KGC. Norges Bank purchased a new position in shares of Kinross Gold in the fourth quarter worth about $265,327,000. Boston Partners grew its holdings in Kinross Gold by 96.1% during the third quarter. Boston Partners now owns 11,736,328 shares of the mining company’s stock worth $53,518,000 after acquiring an additional 5,752,397 shares during the period. CIBC Asset Management Inc grew its holdings in Kinross Gold by 183.9% during the fourth quarter. CIBC Asset Management Inc now owns 4,445,008 shares of the mining company’s stock worth $26,990,000 after acquiring an additional 2,879,269 shares during the period. Triasima Portfolio Management inc. grew its holdings in Kinross Gold by 110.4% during the fourth quarter. Triasima Portfolio Management inc. now owns 4,885,850 shares of the mining company’s stock worth $29,627,000 after acquiring an additional 2,563,850 shares during the period. Finally, The Manufacturers Life Insurance Company grew its holdings in Kinross Gold by 53.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 5,939,895 shares of the mining company’s stock worth $36,010,000 after acquiring an additional 2,076,920 shares during the period. 63.69% of the stock is currently owned by hedge funds and other institutional investors.

Kinross Gold Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 6th were paid a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 1.78%. The ex-dividend date was Tuesday, March 5th. Kinross Gold’s payout ratio is 35.29%.

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.