Kirkland Lake Gold (NYSE:KL) Upgraded to “Buy” at Zacks Investment Research
Kirkland Lake Gold (NYSE:KL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, January 3rd. The brokerage presently has a $17.00 target price on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 13.86% from the company’s current price.
According to Zacks, “Kirkland Lake Gold Ltd. engages in the provision of mining and mineral exploration. It focuses on gold assets primarily in Macassa Mine Complex, the Taylor Mine located in northeastern Ontario and the Fosterville Gold Mine located in the state of Victoria, Australia. Kirkland Lake Gold Ltd. is headquartered in Toronto, Canada. “
A number of other research firms have also weighed in on KL. Desjardins raised shares of Kirkland Lake Gold from a “hold” rating to a “buy” rating in a research report on Monday, November 27th. National Bank Financial reaffirmed an “outperform market weight” rating on shares of Kirkland Lake Gold in a research report on Thursday, September 21st. Scotiabank raised shares of Kirkland Lake Gold from a “sector perform” rating to an “outperform” rating in a research report on Thursday, November 2nd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating on shares of Kirkland Lake Gold in a research report on Thursday, September 7th. One investment analyst has rated the stock with a sell rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $17.00.
Kirkland Lake Gold (NYSE:KL) last posted its quarterly earnings data on Thursday, November 2nd. The company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.08). Kirkland Lake Gold had a net margin of 14.12% and a return on equity of 10.95%. analysts forecast that Kirkland Lake Gold will post 0.66 EPS for the current year.
A number of hedge funds have recently modified their holdings of the stock. BNP Paribas Arbitrage SA purchased a new stake in Kirkland Lake Gold during the third quarter worth approximately $158,000. SG Americas Securities LLC purchased a new stake in Kirkland Lake Gold during the fourth quarter worth approximately $229,000. Cubist Systematic Strategies LLC purchased a new stake in Kirkland Lake Gold during the third quarter worth approximately $199,000. Schroder Investment Management Group purchased a new stake in Kirkland Lake Gold during the third quarter worth approximately $231,000. Finally, Legal & General Group Plc purchased a new stake in Kirkland Lake Gold during the third quarter worth approximately $360,000. 41.41% of the stock is owned by hedge funds and other institutional investors.
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Kirkland Lake Gold Company Profile
Kirkland Lake Gold Ltd. engages in the exploration and development of gold properties. The company owns and operates five underground gold mines, including the Macassa mine, the Holt mine, and the Taylor mine in Ontario, Canada; and the Fosterville Mine in Victoria and the Cosmo Mine in Northern Territory, Australia, as well as four milling facilities in Canada and Australia.
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