In this piece, we will take a look at the 5 best mining stocks to buy now. If you want to go through our analysis of the mining industry, head on over to the 13 Best Mining Stocks To Buy Now.
5. Albemarle Corporation (NYSE:ALB)
Number of Hedge Fund Holders: 37
Headquartered in Charlotte, North Carolina, Albemarle Corporation (NYSE:ALB) is a specialty chemicals manufacturing company operating through three main divisions: lithium, bromine specialties, and catalysts. Albemarle has established itself as the primary supplier of lithium for electric vehicle batteries, achieving this status by the year 2020.
As of the conclusion of Q3 2023, 37 hedge funds expressed a bullish outlook on Albemarle Corporation (NYSE:ALB), disclosing holdings valued at $274.3 million. The overall sentiment among hedge funds for the stock is optimistic. Philippe Laffont’s Coatue Management stands out as a prominent investor in Albemarle Corporation (NYSE:ALB), holding stakes valued at $100.5 million as of the third quarter.
4. Agnico Eagle Mines Limited (NYSE:AEM)
Number of Hedge Fund Holders: 38
Agnico Eagle Mines Limited (NYSE:AEM), a Canadian gold producer, operates in Canada, Finland, Australia, and Mexico, with additional exploration and development activities in the United States. The company maintains full exposure to elevated gold prices as part of its policy of refraining from forward gold sales. The firm’s shares are rated Strong Buy on average, and analysts have set an upside of $15 for the company based on an average share price target of $50.
Insider Monkey examined the shareholdings of 910 hedge fund portfolios for their holdings in Agnico Eagle Mines Limited (NYSE:AEM) during the September quarter of 2023 and identified 38 funds that had acquired and held the company’s shares. Among these, the most significant shareholder was First Eagle Investment Management, managed by Jean-Marie Eveillard, with an investment valued at $283 million.
3. Newmont Corporation (NYSE:NEM)
Number of Hedge Fund Holders: 49
Headquartered in Greenwood Village, Colorado, Newmont Corporation (NYSE:NEM) stands as one of the largest global gold mining companies, with its establishment dating back to 1921. The corporation possesses and operates gold mines located in diverse regions, including Nevada, Colorado, Ontario, Quebec, Mexico, the Dominican Republic, Australia, Ghana, Argentina, Peru, and Suriname.
In a recent development, Newmont Corporation (NYSE:NEM) disclosed its plans to generate $2 billion in cash through the sale of mines and divestment of projects following the acquisition of Australia’s Newcrest Mining. The completion of the approximately $15 billion deal on November 6 elevates the company’s valuation to around $50 billion, integrating five active mines and two advanced projects into Newmont’s portfolio.
As of their third quarter of 2023 shareholdings, 49 out of the 910 hedge funds analyzed by Insider Monkey had acquired shares of Newmont Corporation (NYSE:NEM). Among these, the most substantial investor is First Eagle Investment Management, led by Jean-Marie Eveillard, holding 18.28 million shares valued at $675.48 million.
2. Freeport-McMoRan Inc. (NYSE:FCX)
Number of Hedge Fund Holders: 73
Situated in the Freeport-McMoRan Center in Phoenix, Arizona, Freeport-McMoRan Inc. (NYSE:FCX), commonly referred to as Freeport, is a prominent American mining company. Recognized as the world’s largest molybdenum producer, it holds a significant position in copper production and operates the largest gold mine globally, the Grasberg mine located in Papua, Indonesia.
In Q3 2023, Freeport-McMoRan Inc. (NYSE:FCX) reported a notable 12.4% increase in net income attributable to common stockholders, reaching $454 million compared to $404 million in the corresponding period the previous year. This growth is attributed to heightened sales volumes and copper production. Revenues for the quarter amounted to $5.82 billion, reflecting a 16.3% increase from the $5 billion reported in the same quarter of 2022. Freeport-McMoRan Inc. (NYSE:FCX)’s consolidated production for Q3 included 1.1 billion pounds of copper, 532,000 ounces of gold, and 20 million pounds of molybdenum.
By the conclusion of the third quarter of 2023, 73 out of the 910 hedge funds analyzed by Insider Monkey had acquired a stake in the company. The most significant hedge fund investor in Freeport-McMoRan Inc. (NYSE:FCX) is Fisher Asset Management, led by Ken Fisher, with ownership of shares valued at $2 billion.
1. Teck Resources Ltd (USA) (NYSE:TECK)
Number of Hedge Fund Holders: 75
Teck Resources Ltd (USA) (NYSE:TCK) is a mining and mineral development company actively involved in the extraction and exploration of diverse minerals, including copper, coal, zinc, and oil. With operations spanning across Canada, Chile, Peru, and the US, the company is structured into five distinct business segments: Steelmaking, Coal, Copper, Zinc, Energy, and Corporate.
On November 13, Teck Resources Ltd (USA) (NYSE:TCK) unveiled its intentions to divest its entire interest in its steelmaking coal business, estimating its value at $9.0 billion. The agreement involves selling a 77% stake to Glencore plc for $6.9 billion in cash and a minority stake to Nippon Steel Corporation. The proceeds from this transaction are aimed at fortifying the company’s balance sheet, returning cash to shareholders, and unlocking value from its copper growth portfolio.
As of Q3 2023, Teck Resources Ltd (USA) (NYSE:TCK) was included in the portfolios of 75 hedge funds, with the total shares valued at $2.7 billion. Soroban Capital Partners, led by Eric Mandelblatt, held the highest number of shares, with ownership of 10.1 million shares valued at $434 million.
Disclosure: None. You can also take a look at 11 Cheapest Stocks With Biggest Upside and 13 Best Growth Stocks To Buy According To George Soros.
