In this article, we will take a look at the 5 most promising new gold stocks according to analysts. To see more such companies, go directly to 12 Most Promising Gold Stocks According to Analysts.
5. Kinross Gold Corporation (NYSE:KGC)
Number of Hedge Fund Holders: 24
Average Price Target by Analysts: $5.30
Shares of Canadian-based gold and silver mining firm Kinross Gold Corporation (NYSE:KGC) have lost about 30% over the past year. Kinross Gold Corporation (NYSE:KGC)’s average price target set by analysts presents a decent upside potential from current levels. It is also one of the notable low-cost dividend stocks to buy. Earlier in February, Kinross Gold Corporation (NYSE:KGC) announced a quarterly dividend of $0.03 per share, in-line with the previous dividend. Forward dividend yield at the time came in at 3.05%.
The dividend is payable on March 23 for shareholders of record as of March 8.
Earlier this month, Kinross Gold Corporation (NYSE:KGC) posted fourth quarter results that beat analyst estimates. Adjusted EPS in the quarter was $0.09, beating estimates by $0.02. Revenue in the quarter totaled $1.08 billion, beating estimates by $30 million. The revenue figure shows a YoY growth of about 75.6%.
4. Wheaton Precious Metals Corp. (NYSE:WPM)
Number of Hedge Fund Holders: 28
Average Price Target by Analysts: $53.28
Another Canadian company in our list, Wheaton Precious Metals Corp. (NYSE:WPM) is one of the notable gold stocks in the market. In November, the company posted its third quarter results. Adjusted EPS in the quarter came in at $0.21. Revenue in the period fell about 19% on a YoY basis to total $218.83 million. Wheaton Precious Metals Corp. (NYSE:WPM) produced more than 73,500 oz of gold.
Wheaton Precious Metals Corp. (NYSE:WPM) is also a dividend payer. In November, Wheaton Precious Metals Corp. (NYSE:WPM) announced a $0.15 per share quarterly dividend, in-line with the previous dividend. Forward dividend yield at the time came in at 1.91%.
As of the end of the fourth quarter of 2022, 28 hedge funds reported owning stakes in Wheaton Precious Metals Corp. (NYSE:WPM), up from 25 hedge funds in the previous quarter, according to Insider Monkey’s proprietary database of elite hedge funds. The biggest stakeholder of Wheaton Precious Metals Corp. (NYSE:WPM) at the end of 2022 was Jean-Marie Eveillard’s First Eagle Investment Management which had a stake worth over $790 million in the company.
3. Barrick Gold Corporation (NYSE:GOLD)
Number of Hedge Fund Holders: 40
Average Price Target by Analysts: $21.99
Barrick Gold Corporation (NYSE:GOLD) is a Canadian company that mines for gold and copper. Barrick Gold Corporation (NYSE:GOLD) ranks 3rd in our list of the most promising gold stocks according to analysts. Earlier this month, Barrick Gold Corporation (NYSE:GOLD) posted mixed fourth-quarter results. Barrick Gold Corporation (NYSE:GOLD) posted a loss of $735 million, while it was profitable in the comparable quarter last year. Adjusted EPS in the quarter came in at $0.13, beating estimates by $0.01. Revenue in the period fell 16.3% on a YoY basis to reach $2.77 billion, missing estimates by $20 million.
Barrick Gold Corporation (NYSE:GOLD)’s board also authorized a new share buyback program of up to $1.0 billion of the company’s outstanding common shares over the next 12 months.
As of the end of the fourth quarter of 2022, 40 hedge funds had stakes in Barrick Gold Corporation (NYSE:GOLD), according to Insider Monkey’s database of 943 hedge funds’ holdings.
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”
2. Agnico Eagle Mines Limited (NYSE:AEM)
Number of Hedge Fund Holders: 41
Average Price Target by Analysts: $64.61
Agnico Eagle Mines Limited (NYSE:AEM) is a Canadian gold mining company. Agnico Eagle Mines Limited (NYSE:AEM) is under pressure after the company warned about rising costs in 2023. However, analysts believe Agnico Eagle Mines Limited (NYSE:AEM) is offering an attractive entry point. Its average price target set by analysts also presents a strong upside from current levels. For FY 2023 Agnico Eagle Mines Limited (NYSE:AEM) sees payable gold production to come in between 3.24 million to 3.44 million oz, compared to 3.28 million oz in 2022.
For the fourth quarter of 2022, Agnico Eagle Mines Limited (NYSE:AEM)’s adjusted EPS came in at $0.41, meeting estimates. Revenue in the quarter jumped about 45% on a YoY basis to reach $1.38 billion. However, the revenue metric missed estimates by $40 million.
As of the end of the last quarter of 2022, 41 hedge funds had stakes in Agnico Eagle Mines Limited (NYSE:AEM), compared to 39 hedge funds in the previous quarter.
Old West Management made the following comment about Agnico Eagle Mines Limited (NYSE:AEM) in its Q4 2022 investor letter:
“Agnico Eagle Mines Limited (NYSE:AEM) is the third largest gold miner in the world with mines in Canada, Australia, Finland, and Mexico. Although we have long respected the company, we became shareholders when they acquired our portfolio holding, Kirkland Lake Gold. Agnico chairman Sean Boyd is one of the most respected executives in the mining industry. He was appointed CEO in 1998 and was recently appointed Executive Chairman. Boyd is a large shareholder and perfectly fits our owner/manager role. This year the company is projected to make nearly $1 billion in net income on $5.8 billion in revenue with $758 million of free cash flow. Net income has been growing 15% per year for several years. Agnico has a fortress balance sheet with $1.3 billion of long term debt, which is only 2 times EBITDA, and $820 million cash in the bank. The stock trades at $55 per share, which is 26 times earnings with a 2.9% dividend yield.”
1. Newmont Corporation (NYSE:NEM)
Number of Hedge Fund Holders: 50
Average Price Target by Analysts: $58.02
Gold-producing giant Newmont Corporation (NYSE:NEM) is in the spotlight after the company offered to buy Newcrest Mining for $16.9 billion.
For the third quarter, Newmont Corporation (NYSE:NEM)’s adjusted EPS came in at $0.27, missing estimates by $0.07. Revenue in the quarter came in at $2.63 billion, missing estimates by $250 million.
Newmont Corporation (NYSE:NEM) at the time said that it was on track to meet its full-year guidance of 6.0 million ounces of attributable gold production.
You can also take a peek at 19 Biggest Outdoor Brands and Companies and 10 Most Undervalued Solar Stocks to Buy.
