Cormark Has Optimistic Outlook of Kinross Gold Q3 Earnings

Kinross Gold Co. (TSE:K) (NYSE:KGC) – Investment analysts at Cormark increased their Q3 2024 earnings estimates for shares of Kinross Gold in a research note issued to investors on Wednesday, October 23rd. Cormark analyst R. Gray now anticipates that the company will post earnings per share of $0.25 for the quarter, up from their previous forecast of $0.22. The consensus estimate for Kinross Gold’s current full-year earnings is $1.01 per share.

Kinross Gold (TSE:K) (NYSE:KGC) last released its quarterly earnings data on Wednesday, July 31st. The company reported C$0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$0.18 by C$0.01. The company had revenue of C$1.67 billion for the quarter, compared to analyst estimates of C$1.39 billion. Kinross Gold had a return on equity of 7.81% and a net margin of 10.91%.

Several other analysts have also issued reports on the company. Canaccord Genuity Group cut their target price on Kinross Gold from C$17.00 to C$16.50 and set a “buy” rating for the company in a research note on Friday, September 13th. Stifel Nicolaus increased their target price on shares of Kinross Gold from C$14.50 to C$18.00 in a report on Monday, October 21st. Eight Capital boosted their price target on shares of Kinross Gold from C$15.00 to C$16.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Finally, National Bankshares raised their price objective on Kinross Gold from C$19.00 to C$20.00 and gave the company an “outperform” rating in a research note on Wednesday. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Kinross Gold currently has a consensus rating of “Buy” and a consensus target price of C$16.70.

Kinross Gold Price Performance

Kinross Gold stock opened at C$14.62 on Friday. The business has a 50-day simple moving average of C$12.90 and a 200 day simple moving average of C$11.47. Kinross Gold has a 52 week low of C$6.46 and a 52 week high of C$14.95. The stock has a market cap of C$17.98 billion, a price-to-earnings ratio of 27.07, a PEG ratio of -0.60 and a beta of 1.24. The company has a quick ratio of 1.11, a current ratio of 1.27 and a debt-to-equity ratio of 31.89.

Insiders Place Their Bets

In related news, Senior Officer David C. Shaver sold 4,663 shares of Kinross Gold stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of C$13.17, for a total transaction of C$61,411.71. In other Kinross Gold news, Senior Officer Laurence Davies sold 12,000 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of C$13.05, for a total value of C$156,600.00. Also, Senior Officer David C. Shaver sold 4,663 shares of the business’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of C$13.17, for a total value of C$61,411.71. Over the last ninety days, insiders have sold 21,163 shares of company stock worth $273,407. Company insiders own 0.26% of the company’s stock.

Kinross Gold Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Thursday, August 22nd were issued a dividend of $0.041 per share. This is a boost from Kinross Gold’s previous quarterly dividend of $0.03. This represents a $0.16 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date of this dividend was Thursday, August 22nd. Kinross Gold’s dividend payout ratio is currently 29.63%.

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.