7 Best Cheap Stocks To Buy Today Under $10

2. Kinross Gold (NYSE:KGC)  

Number of Hedge Fund Investors: 37  

Forward P/E Ratio as of October 1: 15.41  

Kinross Gold (NYSE:KGC) is a Canadian-based gold mining company with operations in the Americas, West Africa, and Russia. The company prioritizes high-quality and low-cost gold development projects. Kinross Gold (NYSE:KGC) has a promising pipeline of gold projects that includes the Great Bear project in Ontario, the Manh Choh project in Alaska, and the Lobo-Marte project in Chile, driving its future growth and expansion.

In Q2, Kinross Gold (NYSE:KGC) reported a 4% decrease in gold production to 535,300 ounces, primarily due to declines at Tasiast, Paracatu, and La Coipa. However, the company’s US operations, including Fort Knox and Round Mountain, showed a production increase. Despite the overall production decline, Kinross Gold’s (NYSE:KGC) revenue rose 10% year-over-year to $1.43 billion, driven by higher gold prices. While all-in-sustaining costs (AISC) increased 7% to $1,387 per ounce, the higher gold price offset the cost increase, resulting in a 40% increase in AISC margins to $955 per ounce.

Kinross Gold’s (NYSE:KGC) focus on low-cost and high-quality gold production has enabled it to generate consistent cash flow. With a realized gold price of $2,342 an ounce, the company’s annual operating cash flow potential is over $2 billion. Furthermore, with gold prices trading above $2,500 an ounce, the company’s annual free cash flow visibility is over $1.5 billion to $2 billion. This robust free cash flow generation will enable Kinross Gold (NYSE:KGC) to invest in growth initiatives and potentially increase its dividend payout.

As of the second quarter, the company’s stock is held by 37 hedge funds, with a total stake valued at $629.88 million.