10 Cheap Canadian Stocks to Buy According to Analysts

7. Barrick Gold Corporation (NYSE:GOLD)

Forward P/E Ratio: 11.99

Earnings Growth This Year: 17.45%

Analyst Upside Potential: 23.61%

Barrick Gold Corporation (NYSE:GOLD) is a Canadian gold and copper mining company that operates several mines in Argentina, Chile, and Canada. It mainly produces gold and copper but also silver sometimes. On February 24, John Wolfson of RBC Capital maintained a Buy rating on the stock with a price target of $20.

In its fiscal fourth quarter of 2024, Barrick Gold Corporation (NYSE:GOLD) reported increasing its gold production by 15% subsequently. This increase was driven by Nevada operations, which played a crucial role in increased throughput and production. Management is expanding its operations. The company recently filed technical reports for two of its projects namely the Lumwana copper mine expansion and the Reko Diq project. These mines will add to the production of the company, the Lumwana copper mine expansion alone is estimated to cost around $2 billion, with the first production anticipated in 2028. Moreover, Barrick Gold Corporation (NYSE:GOLD) also added new gold and copper reserves, including 12.7 million ounces of gold and 13 million tons of copper. It is one of the cheap Canadian stocks to buy according to analysts.

Ariel Focus Fund stated the following regarding Barrick Gold Corporation (NYSE:GOLD) in its Q4 2024 investor letter:

“Lastly, gold mining company, Barrick Gold Corporation (NYSE:GOLD) fell following an investor day where management reduced five-year guidance for gold production and raised cost estimates. Meanwhile, a dispute with the African government of Mali and associated negative headlines created an overhang on shares. Despite ongoing uncertainty, management remains laser focused on upgrading its mining operations and broadly improving efficiencies amid today’s rising prices for precious metals. The company also continues to prioritize capital returns to shareholders via dividends and share repurchases. At current valuation levels, we believe the risk/reward is priced in.”