Canaccord Genuity analyst Carey MacRury maintained a Buy rating on Kirkland Lake Gold (KL) on October 15 and set a price target of C$80.00. The company’s shares closed last Monday at $45.86.
According to TipRanks.com, MacRury is a top 100 analyst with an average return of 25.7% and a 74.8% success rate. MacRury covers the Basic Materials sector, focusing on stocks such as Wheaton Precious Metals, Golden Star Resources, and Osisko Gold Royalties.
Currently, the analyst consensus on Kirkland Lake Gold is a Strong Buy with an average price target of $61.79, representing a 32.6% upside. In a report issued on October 8, Merrill Lynch also maintained a Buy rating on the stock with a $62.50 price target.
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Based on Kirkland Lake Gold’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $581 million and net profit of $150 million. In comparison, last year the company earned revenue of $281 million and had a net profit of $104 million.
Based on the recent corporate insider activity of 15 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of KL in relation to earlier this year.
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Kirkland Lake Gold Ltd. engages in the mining, development, and exploration of gold properties. The firms projects include Holt Mine, Macassa Mine, and Taylor Mine. The company was founded on July 10, 2015 and is headquartered in Toronto, Canada.
