5 Best Commodity Stocks To Invest In

2. Newmont Corporation (NYSE:NEM)

Number of Hedge Fund Holders: 56     

Newmont Corporation (NYSE:NEW) is one of the most prominent commodity stocks to invest in. The firm posted earnings for the second quarter of 2022 on July 25, reporting earnings per share of $0.46, missing market estimates by $0.15. The revenue over the period was $3 billion, flat when compared to the revenue over the same period last year but beating analyst expectations by $20 million. The firm said it expected gold production of 6 million ounces in the 2022 fiscal year. 

On September 16, Barclays analyst Matthew Murphy maintained an Equal Weight rating on Newmont Corporation (NYSE:NEW) stock and lowered the price target to $57 from $58, noting the firm had delayed the construction decision timeline for the Yanacocha Sulfides project. 

Among the hedge funds being tracked by Insider Monkey, Florida-based investment firm GQG Partners is a leading shareholder in Newmont Corporation (NYSE:NEW), with 34.8 million shares worth more than $2 billion.  

In its Q2 2022 investor letter, First Eagle Investments, an asset management firm, highlighted a few stocks and Newmont Corporation (NYSE:NEW) was one of them. Here is what the fund said:

“Shares of Colorado-based Newmont Corporation (NYSE:NEW), the largest gold miner in the world, experienced weakness in the quarter as falling gold bullion prices and cost inflation hurt miners in general. More idiosyncratically, the company reported slightly disappointing earnings and production results for its most recent quarter due to pandemic-related disruptions, ongoing supply-chain constraints, and labor shortages.

It also warned that operating costs for 2022 were likely to come in at the upper end of previous guidance. We remain constructive on the stock, which offers steady production anchored in good jurisdictions, a good pipeline of organic projects, a strong balance sheet, and proven management.”