Kirkland Lake Gold (NYSE:KL) Issues Earnings Results

Kirkland Lake Gold (NYSE:KL) announced its quarterly earnings results on Thursday. The company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.05, Fidelity Earnings reports. The firm had revenue of $580.98 million during the quarter, compared to analysts’ expectations of $566.08 million. Kirkland Lake Gold had a net margin of 36.22% and a return on equity of 29.43%.

KL stock traded up $3.86 during mid-day trading on Friday, hitting $54.60. The stock had a trading volume of 3,518,002 shares, compared to its average volume of 2,231,327. Kirkland Lake Gold has a 52 week low of $18.02 and a 52 week high of $54.74. The firm has a market capitalization of $15.14 billion, a P/E ratio of 18.57, a P/E/G ratio of 5.42 and a beta of 0.84. The firm has a fifty day simple moving average of $42.78 and a 200 day simple moving average of $38.55.

The company also recently announced a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Tuesday, June 30th were issued a $0.125 dividend. This is a positive change from Kirkland Lake Gold’s previous quarterly dividend of $0.06. This represents a $0.50 annualized dividend and a yield of 0.92%. The ex-dividend date of this dividend was Monday, June 29th. Kirkland Lake Gold’s dividend payout ratio (DPR) is currently 18.25%.

Hedge funds have recently added to or reduced their stakes in the business. Van ECK Associates Corp boosted its position in Kirkland Lake Gold by 42.5% during the 1st quarter. Van ECK Associates Corp now owns 21,121,296 shares of the company’s stock worth $623,072,000 after buying an additional 6,295,862 shares during the period. CIBC Asset Management Inc boosted its position in Kirkland Lake Gold by 165.1% during the 2nd quarter. CIBC Asset Management Inc now owns 3,935,876 shares of the company’s stock worth $161,558,000 after buying an additional 2,451,165 shares during the period. Norges Bank acquired a new stake in Kirkland Lake Gold during the 4th quarter worth approximately $115,208,000. Invesco Ltd. boosted its position in Kirkland Lake Gold by 124.1% during the 1st quarter. Invesco Ltd. now owns 2,851,602 shares of the company’s stock worth $84,407,000 after buying an additional 1,579,083 shares during the period. Finally, First Eagle Investment Management LLC acquired a new stake in Kirkland Lake Gold during the 1st quarter worth approximately $39,521,000. 51.04% of the stock is currently owned by hedge funds and other institutional investors.

Several equities analysts have recently weighed in on the stock. TD Securities increased their price objective on shares of Kirkland Lake Gold from $76.00 to $84.00 and gave the company a “buy” rating in a research report on Friday. CIBC increased their price objective on shares of Kirkland Lake Gold from $75.00 to $81.00 and gave the company an “outperform” rating in a research report on Friday. Royal Bank of Canada reissued a “buy” rating and issued a $45.00 price objective on shares of Kirkland Lake Gold in a research report on Sunday, May 17th. Roth Capital raised shares of Kirkland Lake Gold from a “neutral” rating to a “buy” rating in a research report on Thursday, June 11th. Finally, National Bank Financial lowered shares of Kirkland Lake Gold from an “outperform spec under weight” rating to a “sector perform spec overwgt” rating in a research report on Thursday, July 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $56.10.

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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Earnings History for Kirkland Lake Gold (NYSE:KL)

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