In this article, we discuss the 5 best Canadian gold stocks to buy right now. If you want to read our detailed analysis of these stocks, go directly to the 10 Best Canadian Gold Stocks To Buy Right Now.
5. Franco-Nevada Corporation (NYSE:FNV)
Number of Hedge Fund Holders: 23
Franco-Nevada Corporation (NYSE:FNV) is a Canadian gold-focused royalty and streaming company with a branched out portfolio of cash-flow producing assets.
Earlier on October 21, Canaccord analyst Carey MacRury upgraded Franco-Nevada Corporation (NYSE:FNV) to Buy from Hold ahead of the start of earnings season for precious metal producers, citing the implied return to his unchanged $158.61 price target.
At the end of the second quarter of 2021, 23 hedge funds in the database of Insider Monkey held stakes worth $959 million in Franco-Nevada Corporation (NYSE:FNV), up from 20 in the preceding quarter worth $933 million.
Of the 873 elite funds tracked by Insider Monkey, Murray Stahl’s Horizon Asset Management is among the leading shareholders of Franco-Nevada Corporation (NYSE:FNV), with 923,734 shares worth more than $134 million.
4. Wheaton Precious Metals Corp. (NYSE:WPM)
Number of Hedge Fund Holders: 26
Wheaton Precious Metals Corp. (NYSE:WPM) is a multinational precious metals streaming company based in Vancouver, Canada. The company set a record revenue of $923 million, earnings of $460 million, and operating cash flow of $650 million for the first nine months of 2021.
On September 24, KeyBanc analyst Adam Josephson initiated coverage of Wheaton Precious Metals Corp. (NYSE:WPM) with an Overweight rating and $47 price target on its shares.
As of the end of the second quarter, 26 hedge funds tracked by Insider Monkey reported owning stakes in Wheaton Precious Metals Corp. (NYSE:WPM). The total worth of these stakes is $471 million.
Among the hedge funds being tracked by Insider Monkey, New York-based investment firm First Eagle Investment Management is a leading shareholder in Wheaton Precious Metals Corp. (NYSE:WPM), with 16.5 million shares worth approximately $729.6 million.
3. Kinross Gold Corporation (NYSE:KGC)
Number of Hedge Fund Holders: 28
Kinross Gold Corporation (NYSE:KGC) is a Canadian company that is involved in gold mining and related activities, including exploration and acquisition of gold-bearing properties, as well as the extraction and processing of gold ores.
On October 12, Credit Suisse analyst Fahad Tariq reiterated an Outperform rating on the shares of Kinross Gold Corporation (NYSE:KGC).
Kinross Gold Corporation (NYSE:KGC) issued its quarterly earnings report for the third quarter on November 10, declaring an EPS of $0.07, surpassing the forecast estimates by $0.02. The company’s revenue for the quarter stood at $862.50 million.
According to our database, 28 of the 873 elite hedge funds held stakes in Kinross Gold Corporation (NYSE:KGC) in the second quarter of 2021, worth about $360 million. This is compared to 27 hedge funds that held stakes in the company in the previous quarter, worth $444 million. Eric Sprott of Sprott Asset Management is one of the leading shareholders of the company.
2. Agnico Eagle Mines Limited (NYSE:AEM)
Number of Hedge Fund Holders: 29
With gold reserves stand at 24.1 million ounces, Agnico Eagle Mines Limited (NYSE:AEM) is one of the best Canadian gold stocks to buy right now. Operating as a gold producer, the company has operations in Canada, Finland and Mexico, as well as exploration projects in the United States.
On October 6, RBC Capital analyst Josh Wolfson upgraded Agnico Eagle Mines Limited (NYSE:AEM) to Outperform from Sector Perform with a price target of $63 on its shares.
As of the second quarter of 2021, 29 hedge funds held stakes in Agnico Eagle Mines Limited (NYSE:AEM) worth $235 million, up from 28 funds in the preceding quarter that held stakes in the company worth approximately $247 million.
According to the Q3 earnings report, Agnico Eagle Mines Limited (NYSE:AEM) had an EPS of $0.60, in-line with the market estimates. The company also posted revenues of $974.07 million.
Among the hedge funds being tracked by Insider Monkey, New York-based investment firm First Eagle Investment Management is a leading shareholder in Agnico Eagle Mines Limited (NYSE:AEM) with 5.24 million shares worth more than $272 million at the end of September quarter.
1. Barrick Gold Corporation (NYSE:GOLD)
Number of Hedge Fund Holders: 47
With over 16 operating sites in 13 countries, Barrick Gold Corporation (NYSE:GOLD) is one of the best Canadian gold stocks to buy right now. Based in Toronto, the company engages in gold mining and mineral exploration activities.
On September 24, KeyBanc analyst Adam Josephson initiated coverage of Barrick Gold Corporation (NYSE:GOLD) with a Sector Weight rating on its shares.
Of the 873 elite funds tracked by Insider Monkey, 47 were long Barrick Gold Corporation (NYSE:GOLD) at the end of June, compared to 49 in the first quarter of 2021. New York-based First Eagle Investment Management is one of the leading stakeholders of the company at the end of the June quarter.
In the Q2 2021 Investor Letter, Ariel Investments highlighted a few stocks and Barrick Gold Corp (NYSE:GOLD) is one of them. Here is what the fund said:
“We re-initiated a position in Barrick Gold Corp. (GOLD) in the quarter. Its shares fell -5.56% from our initiation to the end of the quarter as the price of gold trended lower. Gold exceeded $2,000 per ounce in 2020 but has since declined to approximately $1,812 per ounce. Barrick’s shares have often traded at elevated PE multiples. However, at the current reduced stock price, it is trading at a PE multiple of only 16 times next year’s earnings, an attractive opportunity in our opinion, given our expectation of higher inflation and gold’s historic role as an inflationary hedge.”
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