Kinross Gold (KGC) Stock Retreating on Lower Gold Prices
NEW YORK (TheStreet) -- Shares of Kinross Gold (KGC) - Get Report are down 5.32% to $5.07 on Wednesday morning, as gold prices hit a two-month low while the dollar hits a four-month high.
"Because gold prices have risen so quickly between February and June, I suppose it is taking a breather at the moment," Vyanne Lai, an economist at National Australia Bank, told Reuters.
Lai said the bank expects the global environment to be "relatively supportive" of gold in the near future.
Gold for August delivery is down 1.07% to $1,318.10 per ounce on the COMEX this afternoon.
Toronto-based Kinross Gold is a gold mining company operating in the U.S., Chile, Brazil and other countries.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate KINROSS GOLD CORP as a Hold with a ratings score of C-. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, as a counter to these strengths, we find that we feel that the company's cash flow from its operations has been weak overall.
You can view the full analysis from the report here: KGC
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