Why Kinross Gold Corporation Shares Are Rising

Kinross Gold Corporation KGC shares are trading higher by 7.45% to $3.54 Monday morning after the company announced a new share buyback program for up to $300 million.

What Else?

Under the new program Kinross will:

• Buy back $300 million in shares over the remainder of 2022.
• In 2023 and 2024, allocate 75% of its excess cash (defined as free cash flow after paying interest and dividends) to share buybacks.

Kinross says the strength of the company's business coupled with its investment grade balance sheet allow it to allocate additional funds to share buybacks while also reinvesting in its business and maintaining a strong credit profile. Kinross is also maintaining its quarterly dividend.

See Also: Why Purple Innovation Shares Are Skyrocketing 50% Higher Monday

According to data from Benzinga Pro, Kinross Gold Corporation has a 52-week high of $7.13 and a 52-week low of $3.00.