5 Gold Stocks to Buy Amid Russian Attack on Ukraine

4. Kinross Gold Corporation (NYSE:KGC)

Number of Hedge Fund Holders: 31

Kinross Gold Corporation (NYSE:KGC) is a mining company that operates gold properties in the United States, Brazil, Ghana, Mauritania, and Russia. In Q4 2021, the firm posted an EPS of $0.08, which was above consensus estimates by $0.02. Gold production for 2021 stood at 2.1 million GEOs (gold equivalent ounces), and the company increased its gold reserves by 2.7 million ounces in the year.

On February 23, Kinross Gold Corporation (NYSE:KGC) announced that its operations in Russia remain unaffected by sanctions imposed by the US, and the firm will continue its operations in the country given its diversified procurement structure. Kinross Gold Corporation (NYSE:KGC) has a full year of supply of resources on hand in Russia, from where it is expected to produce 13% of its global production output in 2022.

Kinross Gold Corporation (NYSE:KGC) recently announced the acquisition of Great Bear Resources, in a deal worth roughly $1.45 billion. Kinross Gold Corporation (NYSE:KGC) will take over Great Bear Resources’ flagship Dixie project located in the Red Lake mining district in Ontario, Canada. The Dixie site is considered one of the most exciting discoveries of gold deposits in recent years around the globe, and has the potential to become a top-tier deposit that could enhance Kinross Gold Corporation’s (NYSE:KGC) long-term production figures.

On February 23, analyst Carey MacRury of research firm Canaccord maintained a ‘Buy’ rating on Kinross Gold Corporation (NYSE:KGC) shares, whilst lowering the price target to C$10.50 from C$11.50. MacRury noted that the updated guidance reaffirms the company’s growth trajectory, although at higher costs than he initially considered.

Investors were seen loading up on Kinross Gold Corporation (NYSE:KGC) stock at the close of the fourth quarter, with 31 hedge funds bullish on the company, as compared to 27 hedge funds in Q3 2021. Renaissance Technologies of Jim Simons was the top shareholder of Kinross Gold Corporation (NYSE:KGC), holding a stake worth $145 million and comprising of almost 25 million shares.