Could Kinross Gold Corporation Recover After Today’s Gap Down?

 Could Kinross Gold Corporation Recover After Today's Gap Down?

The stock of Kinross Gold Corporation (TSE:K) gapped down by $0.07 today and has $4.89 target or 8.00% below today’s $5.32 share price. The 7 months technical chart setup indicates high risk for the $6.47 billion company. The gap down was reported on Nov, 7 by Barchart.com. If the $4.89 price target is reached, the company will be worth $517.60 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 2.34 million shares traded hands. Kinross Gold Corporation (TSE:K) has risen 21.41% since April 1, 2016 and is uptrending. It has outperformed by 19.46% the S&P500.

Kinross Gold Corporation (TSE:K) Ratings Coverage

Out of 5 analysts covering Kinross Gold Corporation (TSE:K), 3 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 60% are positive. $10 is the highest target while $2.25 is the lowest. The $7.92 average target is 48.87% above today’s ($5.32) stock price. Kinross Gold Corporation has been the topic of 13 analyst reports since September 1, 2015 according to StockzIntelligence Inc. The stock of Kinross Gold Corporation (TSE:K) has “Neutral” rating given on Thursday, February 4 by JP Morgan. The stock of Kinross Gold Corporation (TSE:K) has “Outperform” rating given on Friday, September 23 by RBC Capital Markets. The rating was upgraded by RBC Capital Markets to “Sector Perform” on Tuesday, November 24. The stock of Kinross Gold Corporation (TSE:K) has “Outperform” rating given on Friday, August 26 by RBC Capital Markets. The rating was maintained by Scotia Capital with “Sector Perform” on Thursday, November 3.

More news for Kinross Gold Corporation (TSE:K) were recently published by: Fool.ca, which released: “Barrick Gold Corp. or Kinross Gold Corporation: Which Is the Better Buy Right Now?” on October 18, 2016. Seekingalpha.com‘s article titled: “Kinross Gold beats Q3 earnings estimates, cuts capex” and published on November 02, 2016 is yet another important article.

Kinross Gold Corporation is gold mining company. The company has a market cap of $6.47 billion. The Firm is engaged in gold mining and related activities, including exploration and acquisition of gold-bearing properties, the extraction and processing of gold-containing ore, and reclamation of gold mining properties. It currently has negative earnings. The Company’s divisions include Fort Knox, Round Mountain, Kettle River-Buckhorn, Kupol, Paracatu, Maricunga, Tasiast and Chirano.

K.TO Company Profile

Kinross Gold Corporation is gold mining company. The Firm is engaged in gold mining and related activities, including exploration and acquisition of gold-bearing properties, the extraction and processing of gold-containing ore, and reclamation of gold mining properties. The Company’s divisions include Fort Knox, Round Mountain, Kettle River-Buckhorn, Kupol, Paracatu, Maricunga, Tasiast and Chirano. The Company’s gold production and exploration activities are carried out in Canada, the United States, the Russian Federation, Brazil, Chile, Ghana and Mauritania. The Firm produces gold in the form of dore, which is shipped to refineries for final processing. The Firm also produces and sells silver.

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