In this article, we discuss the 5 most profitable gold stocks to invest in. To review our detailed industry analysis, go directly to the 13 Most Profitable Gold Stocks To Invest In.
5. Wheaton Precious Metals Corp (NYSE:WPM)
Number of Hedge Fund Holders: 28
Latest TTM Net Income: 537.64 million
Wheaton Precious Metals Corp. (NYSE:WPM) is a Canadian multinational company primarily focused on precious metals streaming. The company holds a significant position in the production and sale of precious metals, particularly silver, with over 26 million ounces produced and more than 29 million ounces sold. These metals are typically acquired as by-products from the primary operations of other mining companies. In February 2024, the firm’s shares faced downward pressure as TD Securities downgraded them to Hold from Buy and reduced the share price target to $51 from $58, despite an optimistic sales growth forecast.
As of the latest data, 28 hedge funds tracked by Insider Monkey held stakes in Wheaton Precious Metals Corp. (NYSE:WPM).
4. Gold Fields Limited (NYSE:GFI)
Number of Hedge Fund Holders: 19
Latest TTM Net Income: 706.38 million
Gold Fields Limited (NYSE:GFI) is a gold mining company that focuses on the production of gold and the operation of mines. The company’s operating mines are situated in Australia, Ghana, Peru, and South Africa.
As of the end of the fourth quarter of 2024, 19 hedge funds tracked by Insider Monkey had stakes in Gold Fields Limited (NYSE:GFI). The biggest stake in Gold Fields Limited (NYSE:GFI) is owned by William B. Gray’s Orbis Investment Management which owns a $52.75 million stake in Gold Fields Limited (NYSE:GFI).
3. Barrick Gold Corp (NYSE:GOLD)
Number of Hedge Fund Holders: 43
Latest TTM Net Income: 1.27 billion
Barrick Gold Corporation (NYSE:GOLD), headquartered in Toronto, Ontario, Canada, is a leading mining company primarily focused on gold and copper production. With operations spanning 16 sites across 13 countries, the company maintains a strong global presence.
On February 14, Barrick Gold Corporation (NYSE:GOLD) announced a quarterly dividend of $0.10 per share, consistent with previous payouts. The dividend was paid on March 15 to shareholders of record as of February 29. Additionally, the company introduced a new $1 billion share repurchase program, which will be executed over the next 12 months. This program enables Barrick to repurchase its common shares at prevailing market prices.
As of the end of the fourth quarter of last year, Insider Monkey’s research indicated that 43 out of the 933 hedge funds covered were shareholders of Barrick Gold Corporation (NYSE:GOLD).
2. Freeport-McMoRan Inc. (NYSE:FCX)
Number of Hedge Fund Holders: 83
Latest TTM Net Income: 1.83 billion
Located in the Freeport-McMoRan Center in Phoenix, Arizona, Freeport-McMoRan Inc. (NYSE:FCX), commonly known as Freeport, is a prominent American mining company. Renowned as the world’s largest molybdenum producer, it also holds a significant position in copper production and operates the largest gold mine globally, the Grasberg mine located in Papua, Indonesia.
On January 24, Freeport-McMoRan Inc. (NYSE:FCX) surpassed expectations in Q4 adjusted earnings, benefiting from increased copper demand and higher gold prices.
According to Insider Monkey’s fourth-quarter database, 83 hedge funds were bullish on Freeport-McMoRan Inc. (NYSE:FCX), compared to 73 funds in the previous quarter.
1. Agnico Eagle Mines Limited (NYSE:AEM)
Number of Hedge Fund Holders: 43
Latest TTM Net Income: 1.94 billion
Agnico Eagle Mines Limited (NYSE:AEM), a prominent player in the Canadian gold industry, operates mining operations across Canada, Finland, Australia, and Mexico, while also engaging in exploration and development activities in the United States. The company pursues a strategy of maintaining full exposure to increasing gold prices by refraining from forward gold sales.
On February 16, Agnico Eagle Mines Limited (NYSE:AEM) announced a quarterly dividend of $0.40 per share, consistent with previous payouts. The dividend was scheduled to be paid on March 15 to shareholders of record as of March 1.
During the fourth quarter of 2023, 43 hedge funds profiled by Insider Monkey had invested in the gold mining company. Agnico Eagle Mines Limited (NYSE:AEM)’s largest shareholder is Jean-Marie Eveillard’s First Eagle Investment Management, which owns 6.21 million shares valued at $340.98 billion.
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