The stock of Kinross Gold Corporation (NYSE:KGC) is now priced at $8.88 and the shares are -0.01 points down or -0.11% lower compared to its previous closing price of $8.89. The stock had 13.749 million contracts set over the past session. KGC shares’ daily volume is compared to its average trading volume at 17.66 million shares. However, it has a float of 1250 million and although its performance was 4.47% over the week, it’s one to watch. Analysts have given the KGC stock a yearly average price target of $10.55 per share. It means the stock’s upside potential is 18.81% with the KGC share price recently placing at $8.85 to $9.095. However, some brokerage firms have priced the stock below the average, including one that has called $7.
The shorts are running away from the Kinross Gold Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the KGC shares have declined. Short interest in the stock represents just 1.28% of its float, but the volume has dropped by 0.
In the last trading session, Kinross Gold Corporation (NYSE:KGC) raised by $0.38 over the week and lost -$0.4 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $10.2. The stock recorded its established 52-week high on 08/05/20.
Since 03/16/20, the stock has traded to a low of $2.72 at 226.47%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.03. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Kinross Gold Corporation’s two-week RSI is 54.02. This suggests that the stock is neutral at the moment and that KGC shares’ price movement remains stable. The stochastic readings are equally revealing at 32.18% meaning the KGC share price is currently in neutral territory.
The technical chart shows that the KGC stock will likely settle at between $9.03 and $9.19 per share. However, if the stock dips below $8.79, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $8.7.
Currently, the stock is trading in the green of MACD, with a reading of 0.03. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at BofA Securities raised their recommendation for KGC from Neutral to Buy in August 05 review while maintain their target price of $11.25. RBC Capital Mkts analysts upgraded their recommendation of the stock from Sector Perform to Outperform while keeping its target price at $7 to $7.50 in a flash note released to investors on June 16. Scotiabank seeing the improvements upgraded the stock from Sector Perform to Sector Outperform on April 16.
The average rating for the KGC equity is 2.25 and is currently gathering a bullish momentum. Of 16 analysts tracking Kinross Gold Corporation polled by Reuters, 5 rated KGC as a hold. The remaining 11 analysts were split evenly. However, the split wasn’t equal as a majority (11) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the KGC stock price is 11.04X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 12.5 below the group’s average of 23.9. Kinross Gold Corporation has its P/E ratio at 2, which means that the stock is currently trading at a discount relative to the 2.9 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Kinross Gold Corporation (NYSE:KGC) will decrease by about -15.41%, which will see them reach $1180 million. The company’s full-year revenues are, however, expected to increase by about 16.86%, up from $3500 million to $4090 million. KGC’s expected adjusted earnings should surge almost 112.5% to end up at $0.17 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 88.24% to record $0.64/share.