5 Best Low-Priced Stocks To Buy Now

2. Barrick Gold Corporation (NYSE:GOLD)

Number of Hedge Fund Holders: 40

Barrick Gold Corporation (NYSE:GOLD) is one of the notable gold stocks investors have been buying amid the market turmoil that started in 2022. Recently Barrick Gold Corporation (NYSE:GOLD) declared a quarterly dividend of $0.10 per share. However, it was a decrease of about 33% from the previous dividend. Barrick Gold Corporation (NYSE:GOLD)’s board also approved a new program for the repurchase of up to $1.0 billion of the company shares over the next 12 months.

At the end of the fourth quarter of 2022, 40 hedge funds tracked by Insider Monkey reported owning stakes in Barrick Gold Corporation (NYSE:GOLD). The net worth of these stakes was $721 million.

Old West Management made the following comment about Barrick Gold Corporation (NYSE:GOLD) in its Q4 2022 investor letter:

“Barrick Gold Corporation (NYSE:GOLD) is the second largest gold miner in the world, with operations in the U.S., Canada, Africa, South America and more. Barrick is also a major copper producer. Former Goldman Sachs executive John Thornton took control of the company in 2012 and quickly realized he wanted someone with a mining background to run the company. Mark Bristow, at that time CEO of Randgold, was considered one of the best gold mining executives in the world. Thornton wanted Bristow so badly Barrick bought Randgold in 2018. Bristow who is South African, had extensive experience operating mines throughout Africa, and in fact would fly his own single engine plane to visit mines. He has his PhD in Geology, and he has flourished running Barrick the past five years.

Barrick is estimated to have $1.6 billion of net income this year on $11.5 billion of revenue. Net Income has been growing 15% per year. The stock trades at $19.00 per share which is 16 times forward earnings, and the stock has a 3.15% dividend yield. Barrick has a fortress balance sheet with $5.7 billion in cash and $5 billion of long term debt, which is only one time EBITDA”