Kinross Gold Corporation closed Thursday’s trading session at $9.35 and by lunch time this gold exploration company saw almost a $1 increase in price per share and trading volume up significantly. Average trading volume for KGC is 16,399,512 and at 1:30 ET the stock has already eclipsed its average with trading volume at 18,403,472.
There are three reasons why Kinross has so much attention from Wall Street
- Kinross Gold’s board of directors approved a quarterly dividend of $0.03 per share, the dividend becomes payable on Oct. 22. The quarterly dividend of $0.03 per share would amount to an annualized dividend of $0.12 per share and represents an annual yield of approximately 1.3%.J. Paul Rollinson, Kinross Gold’s CEO, said “With our investment grade balance sheet, strong free cash flow, significant margins and substantial cash position, we are pleased to return capital to our shareholders in the form of a dividend.”
- Hedge fund’s interest in a particular stock are normally, a particularly good indicator of possible big moves that lie ahead. Insider Monkey states in a September 16th article, “heading into the third quarter of 2020, a total of 30 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 7% from the previous quarter. On the other hand, there were a total of 18 hedge funds with a bullish position in KGC a year ago.”
- They have announced a three-year production growth with the major reason being the higher production at Kupol and Bald Mountain. The outperformance at Paracatu plays a significant part as well, due to the improved throughput. Also, Kinross is achieving more ounces at Paracatu from the reprocessing of tailings and the higher-grade yields via the accelerated mining of the western area.
The consensus that we can gather by the attention of Wall Street, specifically the hedge funds, coupled with incredible volume spikes and technical breakouts is that Kinross may be on an upward trajectory for the foreseeable future. Traders keep this is on your watchlist and enjoy the ride!