5 Best Canadian Gold Stocks To Buy Now

In this article, we discuss 5 best Canadian gold stocks to buy now. If you want to see more stocks in this selection, check out 10 Best Canadian Gold Stocks To Buy Now. 

5. Wheaton Precious Metals Corp. (NYSE:WPM)

Number of Hedge Fund Holders: 28

Wheaton Precious Metals Corp. (NYSE:WPM) trades precious metals in South America, Europe, and Canada. It sells several types of precious metals, such as gold, silver, cobalt, and palladium. The company was established in 2004 and has its headquarters in Vancouver, Canada. On March 9, Wheaton Precious Metals Corp. (NYSE:WPM) declared a $0.15 per share quarterly dividend, in line with previous. The dividend is payable on April 6, to shareholders of record on March 24. It is one of the best gold stocks to monitor. 

On March 13, National Bank analyst John Sclodnick maintained an Outperform rating on the shares but lowered the firm’s price target on the shares to C$65 from C$68. 

According to Insider Monkey’s fourth quarter database, 28 hedge funds were bullish on Wheaton Precious Metals Corp. (NYSE:WPM), compared to 25 funds in the prior quarter. Orbis Investment Management is a prominent stakeholder of the company, with 2.16 million shares worth $84.7 million. 

4. Alamos Gold Inc. (NYSE:AGI)

Number of Hedge Fund Holders: 28

Alamos Gold Inc. (NYSE:AGI) focuses on obtaining, investigating, developing, and extracting precious metals in Mexico and Canada, with a primary focus on exploring for gold and silver deposits. Its headquarters are located in Toronto, Canada. On February 28, Alamos Gold Inc. (NYSE:AGI) announced that it plans to purchase Manitou Gold through a court-approved arrangement, which will increase its regional land holdings surrounding the Island Gold Deposit in Ontario to 55,277 hectares, more than triple its current size. It is one of the best Canadian gold stocks to buy now. 

On March 2, Alamos Gold Inc. (NYSE:AGI) declared a quarterly dividend of $0.025 per share, in line with previous. The dividend is payable on March 30, to shareholders of record on March 16. 

National Bank analyst Mark Parkin on February 24 raised the firm’s price target on Alamos Gold Inc. (NYSE:AGI) to C$18.25 from C$18 and kept an Outperform rating on the shares.

According to Insider Monkey’s fourth quarter database, 28 hedge funds were long Alamos Gold Inc. (NYSE:AGI), compared to 21 funds in the prior quarter. Eric Sprott’s Sprott Asset Management is a significant position holder in the company, with 5 million shares worth $51.2 million. 

Palm Valley Capital made the following comment about Alamos Gold Inc. (NYSE:AGI) in its Q4 2022 investor letter:

“For the full calendar year, the Fund’s top performers were Coterra Energy (ticker: CTRA), Amdocs, and Alamos Gold Inc. (NYSE:AGI). Coterra’s stock rose sharply along with energy prices at the beginning of 2022. Amdocs delivered record operating results during the year and demonstrated the strength of its market position serving the world’s leading communication service providers. All the Fund’s precious metals holdings, led by Alamos, contributed positively to performance in 2022, with a 1% collective contribution from gold and silver equities. We think this was a good outcome relative to gold and silver prices that ended the year essentially flat, after a summer swoon. Additionally, precious metals miners were down, on average, in 2022.”

3. Yamana Gold Inc. (NYSE:AUY)

Number of Hedge Fund Holders: 33

Yamana Gold Inc. (NYSE:AUY) is a precious metal producer that has assets in various stages of production, including gold and silver production, development-stage properties, exploration properties, and land positions throughout Canada, Brazil, Chile, and Argentina. The company was founded in 2003 and has its headquarters located in Toronto, Canada. 

On January 18, Yamana Gold Inc. (NYSE:AUY) announced that its full-year 2022 production increased by 1.1% year-over-year, reaching 894,820 ounces, exceeding the estimated production of around 870,000 ounces. However, the company’s fourth-quarter production declined by 2.3% to 235,072 ounces. 

National Bank analyst Mike Parkin on January 13 raised the firm’s price target on Yamana Gold Inc. (NYSE:AUY) to C$8.05 from C$7.10 and kept a Tender rating on the shares.

According to Insider Monkey’s Q4 data, 33 hedge funds were long Yamana Gold Inc. (NYSE:AUY), compared to 31 funds in the preceding quarter. John Overdeck and David Siegel’s Two Sigma Advisors is the biggest stakeholder of the company, with 12.80 million shares worth $71 million. 

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.”

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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