5 Best Canadian Gold Stocks To Buy Now

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1. Agnico Eagle Mines Limited (NYSE:AEM)

Number of Hedge Fund Holders: 41

Agnico Eagle Mines Limited (NYSE:AEM) engages in the exploration, development, and production of mineral properties in Canada, Mexico, and Finland. The company primarily produces and sells gold deposits, and explores for silver, zinc, and copper deposits as well. Agnico Eagle Mines Limited (NYSE:AEM) was incorporated in 1953 and is headquartered in Toronto, Canada. It is one of the best gold stocks to invest in. 

On March 2, Canaccord maintained a Buy recommendation on Agnico Eagle Mines Limited (NYSE:AEM) but lowered the firm’s price target on the shares to C$84 from C$90.

According to Insider Monkey’s Q4 data, 41 hedge funds were bullish on Agnico Eagle Mines Limited (NYSE:AEM), compared to 39 funds in the prior quarter. Jean-Marie Eveillard’s First Eagle Investment Management is the largest stakeholder of the company, with approximately 6 million shares worth $311 million. 

Old West Management made the following comment about Agnico Eagle Mines Limited (NYSE:AEM) in its Q4 2022 investor letter:

“Agnico Eagle Mines Limited (NYSE:AEM) is the third largest gold miner in the world with mines in Canada, Australia, Finland, and Mexico. Although we have long respected the company, we became shareholders when they acquired our portfolio holding, Kirkland Lake Gold. Agnico chairman Sean Boyd is one of the most respected executives in the mining industry. He was appointed CEO in 1998 and was recently appointed Executive Chairman. Boyd is a large shareholder and perfectly fits our owner/manager role. This year the company is projected to make nearly $1 billion in net income on $5.8 billion in revenue with $758 million of free cash flow. Net income has been growing 15% per year for several years. Agnico has a fortress balance sheet with $1.3 billion of long term debt, which is only 2 times EBITDA, and $820 million cash in the bank. The stock trades at $55 per share, which is 26 times earnings with a 2.9% dividend yield.”

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