5 Best Copper Stocks To Buy For 2023

3. Newmont Corporation (NYSE:NEM)

Number of Hedge Fund Holders: 50

Newmont Corporation (NYSE:NEM) primarily deals with gold production and exploration. Additionally, the company explores for copper, silver, zinc, and lead. Newmont has assets and operations in various countries, including the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, and Ghana. The company was established in 1916 and has its headquarters located in Denver, Colorado. On February 23, Newmont Corporation (NYSE:NEM) declared a quarterly dividend of $0.40 per share. The dividend is payable on March 23, to shareholders of record on March 9. 

On March 14, ​​Carey MacRury, an analyst at Canaccord, upgraded Newmont Corporation (NYSE:NEM) from Hold to Buy and raised the price target on the shares to $55 from $53. This upgrade is based on the valuation of the company after considering its Q4 results, updated guidance, and reserve and resources. The analyst views the Q4 results and updated guidance as being “in line to slightly positive” and noted that Newmont Corporation (NYSE:NEM) has reset its dividend framework, as anticipated.

According to Insider Monkey’s fourth quarter database, 50 hedge funds were long Newmont Corporation (NYSE:NEM), compared to 53 funds in the last quarter. Paul Marshall and Ian Wace’s Marshall Wace LLP is a significant position holder in the company, with 4.65 million shares worth $220 million. 

Here is what First Eagle Investments Global Fund has to say about Newmont Corporation (NYSE:NEM) in its Q2 2022 investor letter:

“Shares of Colorado-based Newmont, 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.”