Long Position on KL @ $36.75 on 2/26/2020 (Momentum)

Kirkland Lake Gold Ltd. (KL) engages in the exploration and development of gold properties.

The company owns and operates four underground gold mines, including the Macassa mine, the Holt mine, and the Taylor mine in Ontario, Canada; and the Fosterville Mine in Victoria, Australia, as well as three milling facilities in Canada and Australia.

The company was formerly known as Newmarket Gold Inc. and changed its name to Kirkland Lake Gold Ltd. in December 2016.

Shares are heading higher in an upward trading channel. The lower boundary of the channel coincides with the stock's 50-day moving average. Higher share prices are expected.

On February 20th, Kirkland Lake Gold reported 4th Quarter December 2019 earnings of $0.88 per share on revenue of $412.4 million. The consensus earnings estimate was $0.89 per share on revenue of $414.5 million.  Revenue grew 47.1% on a year-over-year basis. Shares are presently trading a support level. 

Entry Point: $36.75

Trading Range: $29.15 to 51.08$

Stop Loss: $34.90

Target Price: $40.45

Updates

4/22/2020 12:30:57 PM

KL closed at $39.30

Position closed on 4/22/2020 at price of $39.30 with a 6.94% gain in 56 days.

Back to Portfolio