Yahoo Finance This Top Basic Materials Stock is a #1 (Strong Buy): Why It Should Be on Your Radar
Whether you're a growth, value, income, or momentum-focused investor, building a successful investment portfolio takes skill, research, and a little bit of luck.
Should You Buy #1 (Strong Buy)-Ranked Kinross Gold (KGC) for Your Portfolio?
Kinross Gold was upgraded to the Zacks Rank #1 list on July 10, 2024. The Zacks Rank is a unique stock-rating model that helps you take advantage of earnings estimate revision trends and provides a way to get into stocks highly sought after by institutional investors.
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.
Four analysts revised their earnings estimate higher in the last 60 days for fiscal 2024, while the Zacks Consensus Estimate has increased $0.03 to $0.52 per share. KGC also boasts an average earnings surprise of 46%.
Earnings are expected to grow 18.2% for the current fiscal year, while revenue is projected to increase 6.1%.
KGC has been moving higher over the past four weeks as well, up 14.5% compared to the S&P 500's gain of 4.4%.
Bottom Line
With a #1 (Strong Buy) ranking, positive trend in earnings estimate revisions, and strong market momentum, Kinross Gold could be just the stock to help your portfolio generate returns that could fund your retirement, your kids' college tuition, or your short- and long-term savings goals.
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