5 Best Copper Stocks to Buy Now

1. Newmont Corporation (NYSE:NEM)

Number of Hedge Fund Holders: 56

Newmont Corporation (NYSE:NEM) is a Colorado-based mining company that focuses on gold, copper, silver, zinc, and lead. 

As of November 3, Newmont Corporation (NYSE:NEM)’s most attractive prospect is its handsome dividend yield of 5.27%. The company has been increasing its dividend for the last two years and has a payout ratio of 94.56%. The latest dividend was paid out on September 22 to the shareholders of record on August 9.

On September 6, UBS analyst Cleve Rueckert upgraded Newmont Corporation (NYSE:NEM) shares to Buy from Neutral. The analyst believes that the company should be able to pay its annual $2.20 dividend, which is within its commitment to return 40 to 60% of excess cash flow to shareholders.

According to the Insider Monkey database, hedge funds showed a positive sentiment towards Newmont Corporation (NYSE:NEM) in Q2 2022 with 56 hedge funds having a stake in the company, up from 53 in the previous quarter. GQG Partners was the most significant shareholder in the company in Q2 with over 34.78 million shares, worth over $2.076 billion.

Here is what First Eagle Investments had 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.”

You can also take a look at 15 Best Gambling Stocks To Buy and 10 Best Stocks For Dividends.

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