10 Best Debt-Free Penny Stocks to Buy Now

2. B2Gold Corp. (NYSE:BTG)

Market Cap as of September 13: $4.05 Billion

Enterprise Value: $3.62 Billion

Hedge Funds Holding Stakes as of Q2 2024: 22

B2Gold is a basic materials company that engages in the exploration and development of mines across the globe. The company primarily mines gold; therefore, it is well positioned to profit as gold prices edge higher on finding support above the $2,200 an ounce level.

The company maintains gold mining operations in Mali, Namibia, and the Philippines, and the Goose project is under construction in Canada. The company suffered a major setback in the year’s first half, with production dropping 27% due to reduced mining activity at the Fekola mine.

Consequently, total gold production in the second quarter of 2024 was 212,508 ounces below expectations due to hitches at the Fekola mine. Nevertheless, the company is on course to produce between 800,000 and 870,000 ounces of gold before the end of the year.

BTG hopes to recover the lost output at Fekola in the first six months of 2025. Additionally, the firm looks forward to a considerable rise in gold output from the Fekola Complex in 2025. This potential increase is due to the handling of ore with a higher grade from the Fekola and Cardinal pits, along with the support from the Fekola Regional.

From a valuation perspective, B2Gold Corp trades at a discount with a price-to-earnings multiple of 6, lower than the industry’s average and 39% below its five-year median. In addition, it remains one of the best debt-free penny stocks to buy now, given a low debt level of $40.31 million. Additionally, the stock rewards income-focused investors with a 5.84% dividend yield.

In Q2 2024, hedge fund interest in B2Gold Corp. (NYSE:BTG) increased, with the number of funds holding stakes rising from 19 to 22, according to Insider Monkey’s database. The total value of these stakes is approximately $132.61 million. Notably, Jim Simons’s Renaissance Technologies emerged as the largest stakeholder.