In this article, we will take a look at the 5 best gold mining stocks to buy now. To see more such companies, go directly to 15 Best Gold Mining Stocks To Buy Now.
5. Wheaton Precious Metals Corp. (NYSE:WPM)
Number of Hedge Fund Holders: 29
Canada-based Wheaton Precious Metals Corp. (NYSE:WPM) is one of the best gold mining companies to invest in according to hedge funds. Out of the 943 hedge funds in Insider Monkey’s database, 29 hedge funds had stakes in Wheaton Precious Metals Corp. (NYSE:WPM). The biggest hedge fund stakeholder of Wheaton Precious Metals Corp. (NYSE:WPM) at the end of March was Jean-Marie Eveillard’s First Eagle Investment Management which owns a $978 million stake in the company.
In May RBC Capital downgraded Wheaton Precious Metals Corp. (NYSE:WPM) stock to Sector Perform from Outperform with a $45 price target, down from $50. RBC said Wheaton Precious Metals Corp. (NYSE:WPM) now trades at the upper end of its normal valuation.
4. Franco-Nevada Corporation (NYSE:FNV)
Number of Hedge Fund Holders: 31
Franco-Nevada Corporation (NYSE:FNV) shares have gained about 7% over the past one year through July 11. A total of 31 hedge funds tracked by Insider Monkey reported having stakes in Franco-Nevada Corporation (NYSE:FNV). The biggest hedge fund stakeholder of Franco-Nevada Corporation (NYSE:FNV) during this period was First Eagle Investment Management of Jean-Marie Eveillard which owns a $309 million stake in the company.
In May Franco-Nevada Corporation (NYSE:FNV) posted its Q1 results. Q1 GAAP EPS in the quarter came in at $0.81 missing estimates by $0.08. Revenue in the quarter fell 18.4% year over year to $276.3 million, surpassing estimates by $27.34 million.
3. Barrick Gold Corporation (NYSE:GOLD)
Number of Hedge Fund Holders: 41
Barrick Gold Corporation (NYSE:GOLD) is one of the most notable names in the gold mining industry. Barrick Gold Corporation (NYSE:GOLD)’s CEO Mark Bristow said in an interview with Financial Times back in May that the company plans to seek takeover targets as he expects gold and copper to rally.
Recently it was reported that Barrick Gold (NYSE:GOLD) is looking to expand and extend the life time of the Lumwana copper mine in Zambia and explore for more copper deposits in Congo.
Out of the 943 hedge funds tracked by Insider Monkey, 41 hedge funds had stakes in Barrick Gold Corporation (NYSE:GOLD). The biggest stakeholder of Barrick Gold Corporation (NYSE:GOLD) during this period was First Eagle Investment Management of Jean-Marie Eveillard which owns a $786 million stake in the company.
2. Agnico Eagle Mines Limited (NYSE:AEM)
Number of Hedge Fund Holders: 42
Agnico Eagle Mines Limited (NYSE:AEM) ranks 2nd in our list of the best gold mining stocks to buy now. The Canadian company’s shares have gained about 10% over the past one year. Agnico Eagle Mines Limited (NYSE:AEM) was one of the top picks of Credit Suisse Canada’s analyst Fahad Tariq in the precious metals category.
As of the end of the first quarter of 2023, 42 hedge funds tracked by Insider Monkey had stakes in Agnico Eagle Mines Limited (NYSE:AEM). The biggest stakeholder of Agnico Eagle Mines Limited (NYSE:AEM) during this period was First Eagle Investment Management of Jean-Marie Eveillard which owns a $318 million stake in the company.
1. Newmont Corporation (NYSE:NEM)
Number of Hedge Fund Holders: 52
Colorado-based gold mining company Newmont Corporation (NYSE:NEM) ranks 1st in our list of the best gold mining stocks to buy now. As of the end of the first quarter of 2023, 52 hedge funds in Insider Monkey’s database had stakes in Newmont Corporation (NYSE:NEM). The biggest hedge fund stakeholder of the company was Jean-Marie Eveillard’s First Eagle Investment Management which owns a $903 million stake in the company.
Recently, Barclays analyst Matthew Murphy upgraded Newmont (NYSE:NEM) stock to Overweight from Equal Weight.
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