Bull Of The Day: Kirkland Lake Gold (KL)

By Zacks Investment ResearchStock MarketsMar 20, 2020 06:54AM ET

www.investing.com/analysis/bull-of-the-day-kirkland-lake-gold-kl-200517654

Bull Of The Day: Kirkland Lake Gold (KL)

By Zacks Investment Research | Mar 20, 2020 06:54AM ET

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Kirkland Lake Gold Ltd (KL) is doing the impossible during the coronavirus crisis. This Zacks Rank #1 (Strong Buy) just doubled its dividend.

Kirkland Lake Gold is a Canadian gold producer with operations in Canada and Australia. It has three prominent mines: Macassa Mine and Detour Lake Mine in Northern Ontario and the Fosterville Mine in Victoria, Australia.

It produced 974,615 ounces in 2019 with the 2020 target production of 1,470,000 to 1,540,000 ounces.

Big Share Buyback Announced

On Mar 18, while the US stock markets were melting down in a panic sell-off, Kirkland announced it had bought 10.1 million shares of its 20 million share buyback plan for $350 million.

"When you consider our high-quality assets and industry-leading operating and financial performance, as well as the outlook for a very strong 2020, our current share price represents an excellent buying opportunity," said Tony Makuch, President and CEO of Kirkland.

Shares have fallen 38% year-to-date.

They are cheap on a P/E basis with a forward P/E of just 5.9.

Doubled the Dividend

At the same time, the company also announced it was raising its dividend by 100% to $0.125 from $0.06 a quarter.

That gives the dividend a current yield of 1.7%.

It was the 12th quarterly dividend since the policy was announced in March 2017.

"Our decision to double the dividend at this time reflects both the strength of our balance sheet and the ability of our three cornerstone assets, Fosterville, Macassa and Detour Lake, to generate significant amounts of free cash flow, particularly in the current strong gold price environment," Makuch added.

Analysts Bullish on 2020

The company's not the only one who is bullish.

Analysts expect sales to rise 80.5% in 2020 to $2.49 billion from $1.38 billion in 2019.

2 analysts also raised 2020 earnings estimates in the last 2 months, which pushed up the Zacks Consensus to $4.05 from $3.34.

That's a year-over-year gain of 47.8%, as the company only made $2.74 in 2019.

With gold prices hot, and for those investors looking for a miner that has strong cash flow, Kirkland is one to keep on the short list.

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Kirkland Lake Gold Ltd. (KL): Free Stock Analysis Report

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Bull Of The Day: Kirkland Lake Gold (KL)

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