Brokers Issue Forecasts for Kinross Gold FY2024 Earnings

Kinross Gold Co. (NYSE:KGC) (TSE:K) – Equities researchers at National Bank Financial lifted their FY2024 EPS estimates for Kinross Gold in a note issued to investors on Tuesday, October 22nd. National Bank Financial analyst M. Parkin now expects that the mining company will post earnings per share of $0.78 for the year, up from their previous forecast of $0.65. The consensus estimate for Kinross Gold’s current full-year earnings is $0.63 per share. National Bank Financial also issued estimates for Kinross Gold’s FY2025 earnings at $1.14 EPS.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its quarterly earnings results on Wednesday, July 31st. The mining company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.01. Kinross Gold had a net margin of 10.91% and a return on equity of 9.32%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same period last year, the company posted $0.14 EPS. Kinross Gold’s quarterly revenue was up 11.6% compared to the same quarter last year.

Other research analysts also recently issued reports about the company. StockNews.com downgraded Kinross Gold from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, September 25th. CIBC increased their target price on shares of Kinross Gold from $8.15 to $12.00 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. Scotiabank boosted their price target on shares of Kinross Gold from $9.50 to $11.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 19th. Finally, Jefferies Financial Group increased their price objective on shares of Kinross Gold from $9.00 to $10.00 and gave the company a “hold” rating in a report on Friday, October 4th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $9.50.

Kinross Gold Price Performance

Shares of Kinross Gold stock opened at $10.53 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.27 and a quick ratio of 0.52. The business has a 50 day simple moving average of $9.51 and a two-hundred day simple moving average of $8.44. The stock has a market capitalization of $12.94 billion, a P/E ratio of 25.68, a PEG ratio of 0.58 and a beta of 1.24. Kinross Gold has a 12 month low of $4.75 and a 12 month high of $10.82.

Hedge Funds Weigh In On Kinross Gold

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Kinross Gold by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 45,429,935 shares of the mining company’s stock valued at $278,486,000 after purchasing an additional 497,531 shares during the last quarter. Quantbot Technologies LP acquired a new position in Kinross Gold in the first quarter valued at about $1,095,000. Gabelli Funds LLC lifted its position in Kinross Gold by 3.9% in the second quarter. Gabelli Funds LLC now owns 5,194,500 shares of the mining company’s stock valued at $43,218,000 after buying an additional 194,700 shares during the last quarter. Jupiter Asset Management Ltd. purchased a new position in Kinross Gold during the first quarter worth about $3,199,000. Finally, Artemis Investment Management LLP acquired a new stake in shares of Kinross Gold during the first quarter valued at about $9,732,000. 63.69% of the stock is owned by hedge funds and other institutional investors.

Kinross Gold Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Thursday, August 22nd were given a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 1.14%. The ex-dividend date was Thursday, August 22nd. Kinross Gold’s payout ratio is currently 29.27%.

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.