12 Most Promising Gold Stocks According to Hedge Funds

1. Newmont Corporation (NYSE:NEM) 

Number of Hedge Fund Investors: 63

Newmont Corporation (NYSE:NEM),  founded in 1916 and headquartered in Denver, Colorado, is the largest gold mining company in the world, with operations in multiple countries, including the Americas, Oceania, and Africa.

Newmont Corporation (NYSE:NEM) is actively reshaping its portfolio and organizational structure to drive future growth and enhance shareholder value. Following its 2023 acquisition of Newcrest Mining, Newmont Corporation (NYSE:NEM) has embarked on a strategic divestiture program aimed at shedding non-core assets and optimizing its portfolio. As of December 6, notable divestitures include the sale of the Eleonore gold mine in Quebec, the Musselwhite gold mine in Ontario, and the Cripple Creek and Victor gold mine in Colorado, which have collectively brought in over $3.9 billion in gross proceeds. The proceeds from these divestitures will be strategically reinvested to bolster Newmont Corporation’s (NYSE:NEM) core operations and financial health. The company has authorized a $3 billion stock buyback program through October 2026 and has made significant progress in reducing its debt, retiring approximately $500 million in 2024 and aiming to reach a targeted debt balance of $8 billion.

On the operational front, Newmont Corporation (NYSE:NEM) is also streamlining its corporate structure to improve efficiency and effectiveness. On December 9, Bloomberg reported that the company has laid off at least 10 senior managers and plans to merge several business units into three. This restructuring aims to streamline reporting and decision-making processes, reducing overhead costs and enhancing operational agility.

While we acknowledge the potential of Newmont Corporation (NYSE:NEM) to grow, our conviction lies in the belief that 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 NEM but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock.

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