5 Best Canadian Gold Stocks To Buy Now

2. Barrick Gold Corporation (NYSE:GOLD)

Number of Hedge Fund Holders: 40

Barrick Gold Corporation (NYSE:GOLD) is involved in exploring, developing, producing, and selling gold and copper properties. The company owns interests in several gold mines in Argentina, Canada, Côte d’Ivoire, the Democratic Republic of Congo, the Dominican Republic, Mali, Tanzania, and the United States. Additionally, Barrick Gold Corporation (NYSE:GOLD) has interests in copper mines that are located in Chile, Saudi Arabia, and Zambia, as well as other projects situated in various regions throughout Asia, the Americas, and Africa. The company was established in 1983 and is headquartered in Toronto, Canada. On February 15, Barrick’s board of directors authorized a new program for the repurchase of up to $1.0 billion of the company’s outstanding common shares over the next 12 months at prevailing market prices.

On February 23, National Bank analyst Mike Parkin reiterated a Sector Perform rating on Barrick Gold Corporation (NYSE:GOLD) and lowered the firm’s price target on the shares to C$28 from C$29. 

According to Insider Monkey’s fourth quarter database, 40 hedge funds were long Barrick Gold Corporation (NYSE:GOLD), compared to 35 funds in the prior quarter. Ken Griffin’s Citadel Investment Group is a prominent stakeholder of the company, with 4.5 million shares worth $80 million. 

Old West Management made the following comment about Barrick Gold Corporation (NYSE:GOLD) in its Q4 2022 investor letter:

“Barrick Gold Corporation (NYSE:GOLD) is the second largest gold miner in the world, with operations in the U.S., Canada, Africa, South America and more. Barrick is also a major copper producer. Former Goldman Sachs executive John Thornton took control of the company in 2012 and quickly realized he wanted someone with a mining background to run the company. Mark Bristow, at that time CEO of Randgold, was considered one of the best gold mining executives in the world. Thornton wanted Bristow so badly Barrick bought Randgold in 2018. Bristow, who is South African, had extensive experience operating mines throughout Africa, and in fact would fly his own single engine plane to visit mines. He has his PhD in Geology, and he has flourished running Barrick the past five years.

Barrick is estimated to have $1.6 billion of net income this year on $11.5 billion of revenue. Net Income has been growing 15% per year. The stock trades at $19.00 per share which is 16 times forward earnings, and the stock has a 3.15% dividend yield. Barrick has a fortress balance sheet with $5.7 billion in cash and $5 billion of long term debt, which is only one time EBITDA.”