In this article, we will take a look at the 5 Best Gold Stocks For Inflation. For a quick overview of the current market trends regarding gold, click on the 11 Best Gold Stocks For Inflation.
5. Franco-Nevada Corporation (NYSE:FNV)
Number of Hedge Fund Investors: 27
Dividend Percentage as of February 2: 1.37%
Franco-Nevada Corporation (NYSE:FNV), headquartered in Toronto, Ontario, Canada, is a gold-focused royalty and streaming company boasting a diversified portfolio of cash-flow-producing assets. As of February 2, the stock offered a dividend yield of 1.34%.
On December 4, BMO Capital adjusted the price target for Franco-Nevada Corporation (NYSE:FNV) to C$200 from C$214 while maintaining an Outperform rating on the shares.
According to Insider Monkey’s database, hedge fund sentiment towards Franco-Nevada Corporation (NYSE:FNV) was positive. In the third quarter of 2023, 27 funds had investments in the stock, compared to 23 funds in the previous quarter. Holding nearly 2.26 million shares valued at over $301.556 million, First Eagle Investment Management emerged as the largest stakeholder in the company.
4. Kinross Gold Corporation (NYSE:KGC)
Number of Hedge Fund Investors: 29
Dividend Percentage as of February 2: 2.22%
Kinross Gold Corporation (NYSE: KGC) is a Canadian mining company specializing in gold and silver, founded in 1993 and headquartered in Toronto, Ontario, Canada. Currently, Kinross operates six active gold mines. The company has showcased robust financial performance in recent quarters, consistently exceeding analyst earnings per share estimates.
According to Insider Monkey’s Q3 2023 database, 29 out of 910 hedge funds had investments in Kinross Gold Corporation (NYSE: KGC). Jim Simons’ Renaissance Technologies emerged as the largest shareholder, holding shares valued at $128 million.
3. Barrick Gold Corp (NYSE:GOLD)
Number of Hedge Fund Investors: 36
Dividend Percentage as of February 2: 2.64%
Barrick Gold Corporation (NYSE:GOLD), headquartered in Toronto, Ontario, Canada, is a prominent mining company specializing in gold and copper production. With operations spanning across 16 sites in 13 countries, the company maintains a global presence.
In the third quarter of 2023, Barrick Gold Corporation (NYSE:GOLD) reported net earnings of $368 million, accompanied by an increase in gold production to 32.4 tons, compared to 31.5 tons in Q3 2022. Additionally, the company completed the acquisition of 7 million warrants to acquire additional shares in Hercules Silver Corp. (TSXV:BIG) on November 10, 2023, for approximately $4.76 million.
Insider Monkey’s database reflected positive hedge fund sentiment towards Barrick Gold Corporation (NYSE:GOLD)’s stock. In the third quarter of 2023, the number of hedge funds bullish on the stock increased to 36, up from 32 in the previous quarter. Ken Griffin’s Citadel Investment Group was among the top stakeholders in the company.
2. Agnico Eagle Mines Ltd (NYSE:AEM)
Number of Hedge Fund Investors: 38
Dividend Percentage as of February 2: 3.37%
Agnico Eagle Mines Limited (NYSE:AEM), a Canadian gold producer, operates mines in Canada, Finland, Australia, and Mexico, with additional exploration and development activities in the United States. The company maintains full exposure to elevated gold prices by refraining from forward gold sales. Analysts have rated the firm’s shares as Strong Buy on average, with an average share price target of $50, indicating an upside potential of $15.
Insider Monkey analyzed the shareholdings of 910 hedge fund portfolios during the September quarter of 2023 and identified 38 funds that acquired and held shares of Agnico Eagle Mines Limited (NYSE:AEM). The largest shareholder among these was First Eagle Investment Management, managed by Jean-Marie Eveillard, with an investment valued at $283 million.
1. Newmont Corporation (NYSE:NEM)
Number of Hedge Fund Investors: 49
Dividend Percentage as of February 2: 4.80%
Headquartered in Greenwood Village, Colorado, Newmont Corporation (NYSE:NEM) ranks among the largest global gold mining companies, tracing its roots back to 1921. The corporation owns and operates gold mines situated in various regions, including Nevada, Colorado, Ontario, Quebec, Mexico, the Dominican Republic, Australia, Ghana, Argentina, Peru, and Suriname.
Recently, Newmont Corporation (NYSE:NEM) unveiled plans to generate $2 billion in cash through the sale of mines and divestment of projects subsequent to its acquisition of Australia’s Newcrest Mining. The completion of this approximately $15 billion deal on November 6 elevated the company’s valuation to around $50 billion, incorporating five active mines and two advanced projects into Newmont’s portfolio.
As of the third quarter of 2023, Insider Monkey’s analysis of shareholdings revealed that 49 out of 910 hedge funds had acquired shares of Newmont Corporation (NYSE:NEM). Among these investors, First Eagle Investment Management, under the leadership of Jean-Marie Eveillard, emerged as the most substantial shareholder, holding 18.28 million shares valued at $675.48 million.
Disclosure: None. You can also take a look at 11 Cheap Hot Stocks To Buy Now and 11 Best Green Stocks To Invest In 2023.
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