5 Best Gold Stocks To Buy For Recession

3. Barrick Gold Corporation (NYSE:GOLD)

Number of Hedge Fund Holders: 35  

Barrick Gold Corporation (NYSE:GOLD) engages in the exploration, mine development, production, and sale of gold and copper properties. On November 3, Barrick Gold posted earnings for the third quarter of 2022, reporting earnings per share of $0.13, beating market estimates by $0.02. The revenue over the period was $2.53 billion, down 10.3% compared to the revenue over the same period last year and beating market estimates by $60 million.

On November 29, National Bank analyst Mike Parkin maintained a Sector Perform rating on Barrick Gold Corporation (NYSE:GOLD) stock and raised the price target to C$25 from C$24.

At the end of the third quarter of 2022, 35 hedge funds in the database of Insider Monkey held stakes worth $777.7 million in Barrick Gold Corporation (NYSE:GOLD), compared to 40 in the preceding quarter worth $1.1 billion. 

In its Q1 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Barrick Gold Corporation (NYSE:GOLD) was one of them. Here is what the fund said:

“Also within the structural bucket, we have selectively added to our commodity exposure with the purchase of Barrick Gold (NYSE:GOLD). Canadian mining company Barrick Gold is a play on operating improvements. The company has aggressively delivered its balance sheet and reduced CAPEX spending to a lower level more permanently, directing its healthy free cash flow to dividends and buybacks.”