Kinross Gold Corporation (NYSE:KGC) is among the top gainers of the stock market today, skyrocketing 3.16% or (0.14 points) to $4.51 from its previous close of $4.37. Does this growth mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 8122213 contracts so far this session. KGC shares had a relatively better volume day versus average trading capacity of 13.87 million shares, but with a 1.25 billion float and a 2.82% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for KGC stock indicates that the average analyst price target is $5.8 per share. This means the stock has a potential increase of 28.6% from where the KGC share price has been trading recently which is between $4.27 and $4.39. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $4.75. Flipping the other side of the coin, an analyst who is fully bullish set a price target as high as $6.83.
Looking at the current readings for Kinross Gold Corporation, the two-week RSI stands at 53.39. This figure suggests that KGC stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current KGC readings is similarly very revealing as it has a stochastic reading of 80.39% at this stage. This figure means that KGC share price today is being oversold.
Technical chart claims that Kinross Gold Corporation (KGC) would settle between $4.42/share to $4.46/share level. However, if the stock price goes below the $4.3 mark, then the market for Kinross Gold Corporation becomes much weaker. If that happens, the stock price might even plunge as low as $4.22 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 0.08. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Barclays lowered their recommendation on shares of KGC from Overweight to Equal Weight in their opinion released on October 15. JP Morgan analysts have lowered their rating of Kinross Gold Corporation (NYSE:KGC) stock from Neutral to Underweight in a separate flash note issued to investors on May 30. Analysts at Credit Suisse lowered the stock to a Underperform call from its previous Neutral recommendation, in a research note that dated back to December 19.
KGC equity has an average rating of 2.73, with the figure leaning towards a bullish end. 16 analysts who tracked the company were contacted by Reuters. Amongst them, 9 rated the stock as a hold while the remaining 7 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 7 analysts rated Kinross Gold Corporation (NYSE:KGC) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, KGC stock price is currently trading at 11.32X forward 12-month Consensus EPS estimates, and its P/E ratio is 32 while for the average stock in the same group, the multiple is 50.6. Kinross Gold Corporation current P/B ratio of 1.1 means it is trading at a discount against its industry’s 1.9.
Kinross Gold Corporation (KGC)’s current-quarter revenues are projected to climb by nearly 23.3% to hit $969530, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over 7.7% from $3.21 billion to a noteworthy $3.46 billion. At the other end of the current quarter income statement, Kinross Gold Corporation is expected to see its adjusted earnings surge by roughly 1000% to hit $0.11 per share. For the fiscal year, KGC’s earnings are projected to climb by roughly 210% to hit $0.31 per share.