5 Best Canadian Gold Stocks to Buy Right Now

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

Number of Hedge Fund Holders: 27

Wheaton Precious Metals Corp. (NYSE:WPM) is one of the world’s largest precious metals royalty and streaming companies headquartered in Vancouver, Canada. 

Wheaton Precious Metals Corp. (NYSE:WPM) is one of the companies that is free from inflationary pressures due to being a royalty company boasting a solid balance sheet. As of the June quarter, the company had cash and cash equivalents of  $448.63 million and total liquidity of $2.45 billion, including its revolving credit facility of $2 billion, recently extended to July 2027. Currently, it has no debt outstanding under its credit facility. In addition, Wheaton Precious Metals Corp. (NYSE:WPM) also owns long-term equity investments of around $60.8 million. The company is highly diversified and involved in seven gold, silver, and platinum projects.

On September 12, Goldman Sachs analyst Emily Chieng initiated Wheaton Precious Metals Corp. (NYSE:WPM)’s coverage with a Buy rating and a C$53 price target. According to the analyst, the company offers the most excellent exposure to precious metals compared to its peers. She added that Wheaton Precious Metals Corp. (NYSE:WPM)’s recent stream acquisitions will drive a more substantial free cash flow generation.