Kinross Gold (KGC) Gets a Hold Rating from Credit Suisse

By Jason Carr

In a report issued on July 22, Fahad Tariq from Credit Suisse maintained a Hold rating on Kinross Gold (KGCResearch Report), with a price target of $8.50. The company’s shares closed last Tuesday at $8.78, close to its 52-week high of $8.99.

According to TipRanks.com, Tariq is a 5-star analyst with an average return of 31.4% and a 78.1% success rate. Tariq covers the Basic Materials sector, focusing on stocks such as Wheaton Precious Metals, Kirkland Lake Gold, and Newmont Mining.

Currently, the analyst consensus on Kinross Gold is a Moderate Buy with an average price target of $9.32, representing a 9.0% upside. In a report issued on July 16, BMO Capital also maintained a Hold rating on the stock with a $9.75 price target.

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Based on Kinross Gold’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $880 million and net profit of $123 million. In comparison, last year the company earned revenue of $786 million and had a net profit of $64.7 million.

Based on the recent corporate insider activity of 130 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of KGC in relation to earlier this year.

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Kinross Gold Corp. is an exploration company. It engages in the production, acquisition, exploration and development of gold bearing properties in Canada, United States, the Russian Federation, Brazil, Ecuador, Chile, Ghana and Mauritania. The products are gold and silver produced in the form of dore. The company operates through the following business segments: Fort Knox, Round Mountain, Kettle River-Buckhorn, Kupol, Paracatu, Crixas, La Coipa, Maricunga, Tasiast and Chirano. The company was founded by Robert MacKay Buchan on May 31, 1993 and is headquartered in Toronto, Canada.