11 Best Gold Mining Companies to Invest in Right Now

3. Barrick Gold Corporation (NYSE:GOLD)    

Number of Hedge Fund Holders: 42

Barrick Gold Corporation (NYSE:GOLD) is a global mining company that is involved in the exploration, development, production, and sale of gold and copper. The company’s operations and initiatives include eighteen nations and four continents.

Citi published an update on Barrick Gold Corporation (NYSE:GOLD) back in December, lowering the price target for the stock to $17 from $23. Citi revised its model to reflect the company’s guidance and changed commodity pricing forecasts. Despite an optimistic forecast for gold, with estimates of prices approaching $3,000 per ounce by the end of 2024, Citi has maintained a Neutral rating on Barrick Gold Corporation (NYSE:GOLD).

On February 6, Barrick Gold Corporation (NYSE:GOLD) announced a massive increase in its copper and gold reserves. With a 23% increase in gold mineral reserves and a 224% increase in copper reserves, the business emphasized the effective conversion of resources into reserves at its Reko Diq and Lumwana projects.

Sound Shore Management stated the following regarding Barrick Gold Corporation (NYSE:GOLD) in its Q3 2024 investor letter:

“For example, global gold and copper miner Barrick Gold Corporation (NYSE:GOLD) rose after posting earnings that topped forecasts driven by improved cost performance as well as higher metals prices. We initiated our investment earlier this year when the stock was trading at below normal price to earnings and price to book valuations. The depressed valuation was largely due to long-term issues driven by poor acquisitions and shorter-term inflationary pressures that had been a drag on profitability. Following Barrick’s 2019 merger with Randgold, the latter’s senior management team took the reins and have since streamlined and optimized the company’s once sprawling asset base. Today, Barrick is set to improve operations and drive organic growth which, along with a better price environment, we believe should improve returns on capital. Bolstered by a nearly debt-free balance sheet and strong free cash flows, the company is well positioned to increase dividends, share buybacks and improve its valuation.”