5 Best Gold Stocks To Buy For Recession

1. Newmont Corporation (NYSE:NEM)

Number of Hedge Fund Holders: 53 

Newmont Corporation (NYSE:NEM) engages in the production and exploration of gold. On November 1, Newmont Corp posted earnings for the third quarter of 2022, reporting earnings per share of $0.27, missing market estimates by $0.07. The revenue over the period was $2.63 billion, down 9.3% compared to the revenue over the same period last year and missing market estimates by $250 million.

On November 4, Barclays analyst Matthew Murphy maintained an Equal Weight rating on Newmont Corporation (NYSE:NEM) stock and lowered the price target to $55 from $57.

Among the hedge funds being tracked by Insider Monkey, New York-based firm First Eagle Investment Management is a leading shareholder in Newmont Corporation (NYSE:NEM) with 17.9 million shares worth more than $750.5 million. 

In its Q3 2022 investor letter, First Eagle Investment Management, an asset management firm, highlighted a few stocks and Newmont Corporation (NYSE:NEM) was one of them. Here is what the fund said:

“The largest gold miner in the world, Newmont Corporation (NYSE:NEM) shares lost ground in what was a volatile and ultimately down quarter for the price of gold. The Colorado-based company has continued to execute well in what has been a challenging environment. The company recently reaffirmed its full-year 2021 production guidance but indicated that it was likely to come in at the mid to low point of the range provided as a result of disruptions from Covid-19 as well as severe weather events. It also noted that inflation pressures were likely to push its costs higher in 2021. None of this changes our opinion of the stock, which has historically offered steady production anchored in good jurisdictions, a good pipeline of organic projects, a strong balance sheet and proven management.”

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