01. B2Gold Corp. (NYSE:BTG)
Number of Hedge Fund Holders: 22
Leading our list of the ten best Canadian penny stocks to buy now is B2Gold Corp. (NYSE:BTG). B2Gold Corp. (NYSE:BTG) is a Vancouver-based exploration company that focuses on the acquisition and development of mineral properties. With operations spanning multiple sites, including the Fekola Mine in Mali, Otjikoto Mine in Namibia, and Masbate Mine in the Philippines, B2Gold Corp. (NYSE:BTG) has established itself as a significant player in the gold mining sector. Despite some operational challenges, such as the temporary production setback at Fekola due to equipment issues, the company remains well-positioned for growth, supported by its strong track record of successful exploration and mine development.
In the second quarter of 2024, B2Gold Corp. (NYSE:BTG) reported revenues of $492.57 million, a 4.61% year-over-year increase, which exceeded market expectations. Although the company faced a slight miss on earnings per share (EPS), posting $0.06 instead of the expected $0.07, the strong revenue performance highlights the robust demand for gold and B2Gold Corp. (NYSE:BTG) ability to capitalize on this trend. The company’s financial position remains solid, with $467 million in cash and cash equivalents and access to a $700 million revolving credit facility, ensuring sufficient liquidity to fund ongoing operations and future growth initiatives.
Looking ahead, B2Gold Corp. (NYSE:BTG) growth potential is further supported by its ongoing projects, such as the expansion of the Fekola Mine and the development of the Goose Mine in Canada. The company is also exploring additional opportunities through its aggressive drilling programs, which could unlock further reserves and extend the life of its mines. With a strong foundation, a focus on operational efficiency, and a commitment to growth, B2Gold Corp. (NYSE:BTG) is well-positioned to deliver long-term value to shareholders, making it a compelling pick among Canadian penny stocks.
In the second quarter of 2024, the number of hedge funds with stakes in B2Gold Corp. (NYSE:BTG) increased to 22 from 19 in the previous quarter, according to Insider Monkey’s database. The combined value of these stakes is approximately $132.61 million. Jim Simons’s Renaissance Technologies emerged as the largest stakeholder among these hedge funds during this period.
BTG stands at number one on our list of ten best Candian penny stocks to buy now. However, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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