10 Cheap Hot Stocks to Buy Right Now

5. Gold Fields Ltd. (NYSE:GFI)

Forward P/E Ratio as of April 16: 11.93

Gain Over the Past 1 Month: 19.47%

Number of Hedge Fund Holders: 24

Gold Fields Ltd. (NYSE:GFI) operates as a gold producer with reserves and resources in Australia, South Africa, Ghana, Peru, Chile, and Canada. It also explores for copper and silver deposits. It has a diverse portfolio of gold-producing assets, but the most prominent is the Salares Norte project in Chile.

Salares Norte delivered a strong Q4 2024 in line with the guidance, despite facing some challenges in its ramp-up phase, which contributed to lower overall production in H1 2024. The CEO, Michael Fraser, noted that the plant is expected to reach steady-state monthly production by Q4 2025, transitioning into full-year nameplate production in 2026. 

The long-term grade forecast for the project is around 10% to 11%. Detailed insights into future spending levels are still to come, with a final investment decision expected in Q1 2026. But the successful ramp-up and better-than-expected recoveries position Salares Norte as a crucial asset for Gold Fields Ltd. (NYSE:GFI) to maintain a significant production level into the mid-2030s. On March 3, Josh Wolfson from RBC Capital maintained a Buy rating on the stock with a price target of $22.