5 Gold Stocks to Buy Amid Russian Attack on Ukraine

1. Freeport-McMoRan Inc. (NYSE:FCX)

Number of Hedge Fund Holders: 66

Freeport-McMoRan Inc. (NYSE:FCX) is a US-based mining giant that explores gold, copper, molybdenum, silver, and other metals, as well as oil and gas. It has operations in the US, Mexico, Chile, Peru, Indonesia, and Iraq. In the fourth quarter, Freeport-McMoRan Inc. (NYSE:FCX) posted an EPS of $0.96, which came in above consensus estimates by $0.02. Quarterly revenue was $6.16 billion, signaling an increase of 37.1% from Q4 2020.

In February, Clarksons Platou analyst Fredrik Stene initiated coverage of Freeport-McMoRan Inc. (NYSE:FCX) with a ‘Buy’ rating and price target of $45. The company saw its gold production volume grow 59% in 2021 as compared to 2020, while copper volumes increased 19% in 2021 as compared to the previous year. Moving forward, Freeport-McMoRan Inc. (NYSE:FCX) expects gold volumes to grow 16% this year, with consolidated gold sales expected at 1.6 million ounces.

In its Q4 conference call, Freeport-McMoRan Inc. (NYSE:FCX) said that electrification holds the key to climate change, and as electric vehicles use up to four times more copper than traditional vehicles, this will usher in a new era of copper demand. The company is bullish on the long-term copper outlook and holds that it has the assets required to sustain its operations over time. As of February 28, Freeport-McMoRan Inc. (NYSE:FCX) saw its share price jump 30.09% in the last 12 months, and 16.93% in the last month, currently trading at $46.95 on the New York Stock Exchange.

In Q4 2021, 66 hedge funds reported bullish bets on Freeport-McMoRan Inc. (NYSE:FCX), with combined stakes worth $3.77 billion. With 48.9 million shares worth more than $2 billion, Fisher Asset Management is the top shareholder of Freeport-McMoRan Inc. (NYSE:FCX) in the fourth quarter.

You can also take a look at 10 Best Magic Formula Stocks To Buy Now and 10 Best Stocks To Buy and Hold For 5 Years.

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