In this piece, we will take a look at the 5 best gold mining stocks to buy according to analysts. If you want to go through our overview of the latest trends in the world of gold and minerals, then you can take a look at the 12 Best Gold Mining Companies to Invest In According to Analysts.
5. Agnico Eagle Mines Ltd (NYSE:AEM)
Average Analyst Share Price Upside: 38.45%
Average Analyst Share Price Target: $66.18
Agnico Eagle Mines Limited (NYSE:AEM), a major player in the Canadian gold industry, manages mining operations across Canada, Finland, Australia, and Mexico, while also conducting exploration and development endeavors in the United States. The company adopts a strategy of retaining complete exposure to rising gold prices by abstaining from forward gold sales. Analysts have overwhelmingly endorsed the company’s shares, with an average Strong Buy rating.
43 hedge funds profiled by Insider Monkey during Q4 2023 had invested in the gold mining company. Agnico Eagle Mines Limited (NYSE:AEM)’s biggest shareholder is Jean-Marie Eveillard’s First Eagle Investment Management as it owns 6.21 million shares that are worth $340.98 billion.
4. Barrick Gold Corp (NYSE:GOLD)
Average Analyst Share Price Upside: 39.39%
Average Analyst Share Price Target: $20.42
Barrick Gold Corporation (NYSE:GOLD), headquartered in Toronto, Ontario, Canada, stands as a leading mining company focused on gold and copper production, boasting operations across 16 sites spanning 13 countries, thus maintaining a robust global presence.
During the 2023 earnings season, Barrick Gold Corporation (NYSE:GOLD) experienced favorable results, buoyed by the sustained strength of gold prices, which exceeded US$1,900 amid expectations of an interest rate cut. The company reported a noteworthy performance, producing gold at an average cost of $1,334 per ounce while realizing a gold price of $1,948 per ounce, marking a significant 13% increase during the quarter. These high gold prices contributed to a 200% surge in its net earnings per share, reaching $0.72. Additionally, the company witnessed a substantial 50% uptick in free cash flow, totaling $646 million, providing the company with flexibility to maintain its quarterly dividend payout of $0.10 per share.
By the end of last year’s fourth quarter, 43 out of the 933 hedge funds covered by Insider Monkey’s research were Barrick Gold Corporation (NYSE:GOLD) shareholders.
3. Newmont Corporation (NYSE:NEM)
Average Analyst Share Price Upside: 41.70%
Average Analyst Share Price Target: $47.37
Newmont Corporation (NYSE:NEM), headquartered in Greenwood Village, Colorado, stands as one of the largest global gold mining companies with a rich history dating back to 1921. The corporation’s operations span across various regions, including Nevada, Colorado, Ontario, Quebec, Mexico, the Dominican Republic, Australia, Ghana, Argentina, Peru, and Suriname.
In a recent strategic move, Newmont Corporation (NYSE:NEM) announced plans to generate $2 billion in cash through the sale of mines and divestment of projects following its acquisition of Australia’s Newcrest Mining. The completion of this approximately $15 billion deal on November 6 significantly bolstered the company’s valuation to around $50 billion. This acquisition integrated five active mines and two advanced projects into Newmont’s robust portfolio, positioning the company for further growth and expansion in the global gold mining industry.
As of the fourth quarter of 2023, Insider Monkey’s analysis of shareholdings revealed that 53 out of 933 hedge funds had acquired shares of Newmont Corporation (NYSE:NEM)
2. Pan American Silver Corp (NYSE:PAAS)
Average Analyst Share Price Upside: 62.42%
Average Analyst Share Price Target: $21.31
Formerly known as Pan American Minerals Corp, Pan American Silver Corp. (NYSE:PAAS) is a diversified metals mining company involved in the exploration, development, extraction, processing, refining, and reclamation of silver, gold, zinc, lead, and copper mines. Its operations span across Canada, Mexico, Peru, Argentina, and Bolivia.
On December 11, BMO Capital resumed coverage of Pan American Silver Corp. (NYSE:PAAS) with an Outperform rating and a $25 price target. The firm highlighted several positive aspects of the company, including its successful acquisitions and robust mine operations, ultimately deeming it “well-valued.”
According to Insider Monkey’s Q4 2023 database, 22 out of 933 hedge funds had investments in Pan American Silver Corp. (NYSE:PAAS).
1. B2Gold Corp (NYSE:BTG)
Average Analyst Share Price Upside: 69.44%
Average Analyst Share Price Target: $4.27
B2Gold Corp. (NYSE:BTG) is a Canadian company specializing in the exploration and development of gold resources. With operations spanning multiple countries, including Colombia, Mali, Namibia, the Philippines, Uzbekistan, Finland, and Canada, the company engages in exploration, development, and production activities.
A total of 14 hedge funds tracked by Insider Monkey reported having stakes in B2Gold Corp (NYSE:BTG). One of the biggest hedge fund stakeholders of B2Gold Corp (NYSE:BTG) was John Overdeck and David Siegel’s Two Sigma Advisors which owns a $24.69 million stake in B2Gold Corp (NYSE:BTG).
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