5 Best Gold Stocks Under $50

1. Newmont Corporation (NYSE:NEM)

Number of Hedge Fund Holders: 52

Share Price as of July 24: $43.21

Newmont Corporation (NYSE:NEM) is involved in the production and exploration of gold. The company also conducts exploration activities for copper, silver, zinc, and lead. Its operations and assets are spread across the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, and Ghana. Newmont Corporation (NYSE:NEM) is one of the best gold stocks to invest in. 

On July 20, Newmont Corporation (NYSE:NEM) declared a $0.40 per share quarterly dividend, in line with previous. The dividend is payable on September 21, to shareholders of record on September 7. 

According to Insider Monkey’s first quarter database, 52 hedge funds were bullish on Newmont Corporation (NYSE:NEM), compared to 50 funds in the earlier quarter. Jean-Marie Eveillard’s First Eagle Investment Management is the largest stakeholder of the company, with 18.4 million shares worth $903.4 million. 

In its Q2 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:

“Shares of Colorado-based Newmont Corporation (NYSE:NEM), the largest gold miner in the world, experienced weakness in the quarter as falling gold bullion prices and cost inflation hurt miners in general. More idiosyncratically, the company reported slightly disappointing earnings and production results for its most recent quarter due to pandemic-related disruptions, ongoing supply-chain constraints, and labor shortages.

It also warned that operating costs for 2022 were likely to come in at the upper end of previous guidance. We remain constructive on the stock, which offers steady production anchored in good jurisdictions, a good pipeline of organic projects, a strong balance sheet, and proven management.”

Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily enewsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also check out 15 States Most Dependent on the Federal Government and 25 Poorest States in America.