8 Best Stocks Under $10 To Invest In Now

06. Kinross Gold Corporation (NYSE:KGC)

Number of Hedge Fund Holders: 37

Share Price as of September 27: $9.53 

Kinross Gold Corporation (NYSE:KGC) is a gold mining company with operations in the United States, Brazil, Chile, Canada, and Mauritania. The firm is involved in acquiring, exploring, and developing gold properties and is engaged in extracting and processing gold and silver. Founded in 1993 and headquartered in Toronto, Canada, Kinross Gold Corporation (NYSE:KGC) operates several key projects, including the Fort Knox mine in Alaska, the Paracatu mine in Brazil, and the Tasiast mine in Mauritania.

In Q2 2024, Kinross Gold Corporation (NYSE:KGC) reported strong financial results that highlight the company’s solid operational performance and strategic initiatives. The company’s operating margins grew by over 20% compared to the previous quarter, driven by higher production and lower costs at its primary mines. As a result, free cash flow more than doubled to $346 million in Q2, totaling nearly $500 million for the first half of 2024. Additionally, Kinross produced 535,000 ounces of gold in the second quarter, with an average cost of sales just over $1,000 per ounce, demonstrating efficient production capabilities.

One of Kinross Gold Corporation (NYSE:KGC) standout assets, the Tasiast mine, had an exceptional quarter, generating the highest margin in the company’s portfolio, which significantly contributed to cash flow. The Paracatu mine also continued its consistent performance, with robust throughput and recoveries. In total, Kinross is on track to achieve its 2024 production guidance of 2.1 million ounces, backed by its effective cost management and strategic investments in development projects.

Moreover, the company is making significant progress in advancing its development projects. At the Round Mountain mine, development activities and expansion projects are progressing as planned, and the Phase X open pit development is expected to support production growth in 2025. Similarly, Kinross Gold Corporation (NYSE:KGC) achieved a milestone with its first gold pour at the Manh Choh project in Alaska, which is expected to deliver strong production at attractive costs for several years.

The company’s financial strength is also notable, with adjusted earnings of $0.14 per share and a substantial cash flow position. Hedge fund sentiment towards Kinross Gold Corporation (NYSE:KGC) has also improved, with 37 hedge funds holding the stock as of Q2 2024, compared to 31 in the previous quarter, reflecting increased confidence in its growth potential. With a focus on expanding production, optimizing costs, and delivering strong cash flow, Kinross Gold Corporation (NYSE:KGC) remains an attractive investment under $10.