Here's Why Kinross Gold (KGC) is a Strong Momentum Stock
Taking full advantage of the stock market and investing with confidence are common goals for new and old investors alike.
Many investors also have a go-to methodology that helps guide their buy and sell decisions. One way to find winning stocks based on your preferred way of investing is to use the Zacks Style Scores, which are indicators that rate stocks based on three widely-followed investing types: value, growth, and momentum.
Is This 1 Momentum Stock a Screaming Buy Right Now?
Momentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.
Kinross Gold (KGC)
Based in Ontario, Canada, Kinross Gold Corporation is involved in the exploration and operation of gold mines. It ranks among the top 10 gold mining companies in the world, with a 2023 production of around 2.1 million gold equivalent ounces. The company's operations are primarily located in - the Americas (roughly 71% of 2023 production). It holds major assets in Canada and the United States. It is mainly involved in the exploration and operation of gold mines. Kinross also produces and sells silver.
KGC is a Zacks Rank #3 (Hold) stock, with a Momentum Style Score of A and VGM Score of A. Shares are down 4.5% over the past one week and up 3.3% over the past four weeks. KGC has gained 86.8% in the last one-year period as well. Looking at trading volume, an average of 13,878,534 shares exchanged hands over the last 20 trading days.
Momentum investors don't just pay attention to price changes; positive earnings play a crucial role, too. Five analysts revised their earnings estimate upwards in the last 60 days for fiscal 2024. The Zacks Consensus Estimate has increased $0.02 to $0.59 per share. KGC boasts an average earnings surprise of 29.2%.
Investors should take the time to consider KGC for their portfolios due to its solid Zacks Ranks, notable earnings metrics, and impressive Momentum and VGM Style Scores.
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Kinross Gold Corporation (KGC) : Free Stock Analysis Report