5 Best Mining Stocks To Buy Now

1. Newmont Corporation (NYSE:NEM)

Number of Hedge Fund Holders: 56

Wall Street analysts are bullish on Newmont Corporation (NYSE:NEM). On September 12, Goldman Sachs analyst Emily Chieng took coverage of Newmont Corporation (NYSE:NEM) with a Buy rating and a $53 price target. This September, Barclays analyst Matthew Murphy revised his price target on Newmont Corporation (NYSE:NEM) to $57 from $58 and reiterated an Equal Weight rating on the shares.

As of October 10, Newmont Corporation (NYSE:NEM) is offering a forward dividend yield of 5.16% and has free cash flows of $2.38 billion. The company has a trailing twelve-month operating margin of 12.75% and is ranked high among the best mining stocks to buy now.

At the end of Q2 2022, 56 hedge funds were long Newmont Corporation (NYSE:NEM) and held stakes worth $2.91 billion in the company. As of June 30, GQG Partners is the most prominent shareholder in Newmont Corporation (NYSE:NEM) and has stakes worth $2 billion in the company.

Here is what First Eagle Investments had to say about Newmont Corporation (NYSE:NEM) in its second-quarter 2022 investor letter:

“Shares of Colorado-based Newmont, 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.”

You can also take a look at 11 Best Dividend Stocks Under $50 and 11 Best American Dividend Stocks To Buy.

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