Kirkland Lake Gold (KL) Rating Increased to Outperform at Scotiabank

Kirkland Lake Gold (NYSE:KL) was upgraded by research analysts at Scotiabank from a “sector perform” rating to an “outperform” rating in a report issued on Tuesday, April 2nd, The Fly reports.

KL has been the subject of several other reports. ValuEngine downgraded Kirkland Lake Gold from a “buy” rating to a “hold” rating in a report on Monday, April 1st. BMO Capital Markets reiterated an “average” rating and issued a $50.00 price target on shares of Kirkland Lake Gold in a report on Monday, February 25th. CIBC reiterated an “average” rating and issued a $53.00 price target on shares of Kirkland Lake Gold in a report on Friday, February 22nd. Roth Capital boosted their price target on Kirkland Lake Gold from $31.00 to $41.00 and gave the company a “buy” rating in a report on Friday, February 22nd. Finally, GMP Securities downgraded Kirkland Lake Gold from a “buy” rating to a “hold” rating in a report on Friday, February 22nd. Eight research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $43.50.

Shares of NYSE:KL traded up $0.70 during trading on Tuesday, hitting $32.30. 907,979 shares of the stock were exchanged, compared to its average volume of 1,284,214. Kirkland Lake Gold has a 12-month low of $16.60 and a 12-month high of $36.74. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.07 and a quick ratio of 1.86. The firm has a market capitalization of $6.80 billion, a price-to-earnings ratio of 23.75 and a beta of -0.38.

Kirkland Lake Gold (NYSE:KL) last posted its earnings results on Thursday, February 21st. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. Kirkland Lake Gold had a return on equity of 23.51% and a net margin of 30.32%. The firm had revenue of $280.32 million for the quarter, compared to analyst estimates of $282.18 million. On average, equities analysts anticipate that Kirkland Lake Gold will post 1.99 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in the company. Bank of Montreal Can increased its holdings in Kirkland Lake Gold by 31.7% in the 1st quarter. Bank of Montreal Can now owns 3,183,803 shares of the company’s stock valued at $96,820,000 after purchasing an additional 766,461 shares in the last quarter. Beutel Goodman & Co Ltd. acquired a new stake in Kirkland Lake Gold in the 1st quarter valued at $117,000. BNP Paribas Arbitrage SA increased its holdings in Kirkland Lake Gold by 42.7% in the 1st quarter. BNP Paribas Arbitrage SA now owns 17,482 shares of the company’s stock valued at $532,000 after purchasing an additional 5,232 shares in the last quarter. Scout Investments Inc. acquired a new stake in Kirkland Lake Gold in the 1st quarter valued at $25,092,000. Finally, Virtu Financial LLC acquired a new stake in Kirkland Lake Gold in the 1st quarter valued at $443,000. Institutional investors and hedge funds own 45.90% of the company’s stock.

About Kirkland Lake Gold

Kirkland Lake Gold Ltd. engages in the acquisition, exploration, development, and operation of gold properties. It owns and operates four underground gold mines, including the Macassa, Holt, and Taylor mines located in northeastern Ontario, Canada; and the Fosterville Mine located in Victoria, Australia, as well as three milling facilities in Canada and Australia.

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Analyst Recommendations for Kirkland Lake Gold (NYSE:KL)

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