5 Top Gold Stocks to Buy in 2024
We go over the top five gold stocks to buy in 2024 in this post.
Go right to 13 Top Gold Stocks to Buy in 2024 to read about further gold stocks.
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· 13 Top Gold Stocks to Buy in 2024
5. Rio
Tinto Group
Holders of Hedge Funds: 26
The Rio Tinto Group is a global leader in the exploration, mining, and processing of mineral resources.
On November 23, Liam Fitzpatrick of Deutsche Bank maintained a Hold rating on Rio Tinto Group stock and increased the price target from 5,700 GBP to 5,800 GBP, noting that the company's production growth has slowed down over the past three years and that the market will once more be confronted with low inventories, an inelastic supply, and incentive level prices when global demand picks back up.
With 14.2 million shares valued at more than $779 million, Washington-based investment company Fisher Asset Management leads the hedge funds that Insider Monkey is monitoring in holding Rio Tinto Group stock.
4. Franco-Nevada Corporation
Holders of Hedge Funds: 28
Operating as a royalty and streaming business with a concentration on gold in Latin America, the US, Canada, and other countries, Franco-Nevada Corporation.
Franco-Nevada Corporation reported adjusted third-quarter earnings of 0.83 per
share, or $159.7 million, on November 8.
In the third quarter, the company's revenue was $304.2 million, a 3.8% decrease from the same quarter in 2017. 28 hedge funds, according to Insider Monkey's database, had interests in Franco-Nevada Corporation at the end of the third quarter of 2022, up from 25 at the end of the second quarter, which had stakes totaling $976.7 million.
Asset
management company Horizon Kinetics highlighted a few equities in its Q3 2022
investor letter and Franco-Nevada Corporation was one of them. The fund stated
the following:
"Return
to fundamentals. We own gold royalty corporations rather than physical gold in
our client's portfolios. Surprisingly little unites the two. Even if the price
of gold never increases, the gold royalty corporation consistently makes
significant profits.
Here is a long-term chart of Franco-Nevada Corporation, the leading gold royalty company, compared to gold: despite the gold price is similar to where it was ten years ago, Franco-Nevada returned 12.5% annually, matching the return of the S&P 500.
This was the case even though its nearly sole source of income remained unaltered. If gold prices increase over the course of a decade, what will happen to Franco Nevada's earnings and share price?”
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3.
Barrick Gold Corporation
Holders
of Hedge Funds: 35
The
Barrick Gold Corporation explores, develops, produces, and sells assets for
gold and copper. On November 3, Barrick Gold announced its financial results
for the third quarter of 2022.
Its $0.13 earnings per share topped projections by $0.02. The total revenue for the time period was $2.53 billion, exceeding market expectations by $60 million and falling short of expectations by 10.3%.
On November 29, National Bank analyst Mike Parkin kept the Barrick Gold
Corporation shares rated as Sector Perform while increasing the price objective
from C$24 to C$25.
35 hedge funds in the Insider Monkey database held interests in Barrick Gold Corporation at the end of the third quarter of 2022, compared to 40 at the end of the second quarter, totaling $1.1 billion.
Asset management company ClearBridge Investments featured a few equities in its Q1 2022 investor letter, and Barrick Gold Corporation was one of them. The fund stated the following:
"We have carefully increased our exposure to commodities within the structural
bucket by purchasing Barrick Gold. Barrick Gold is a Canadian mining firm that
focuses on operational enhancements. The business has actively rebalanced its
balance sheet and permanently cut its CAPEX spending, allocating its
substantial free cash flow to dividends and share buybacks.”
2. Agnico Eagle Mines Limited
Holders of Hedge Funds: 39
In Canada, Mexico, and Finland, Agnico Eagle Mines Limited explores, develops, and produces mineral deposits. Agnico Eagle Mines announced an identical quarterly dividend on December 1 of $0.40 per share. 3.07% was the forward yield.
On November 1, National Bank analyst Mike Parkin kept the Agnico Eagle Mines
Limited stock at an Outperform rating but cut the price objective from C$79 to
C$75.
39 hedge
funds in Insider Monkey's database had interests in Agnico Eagle Mines Limited
at the end of the third quarter of 2022, compared to 31 at the end of the
the second quarter with stakes totaling $1.4 billion.
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1. Newmont
Corporation
Holders
of Hedge Funds: 53
Gold
production and exploration are activities carried out by Newmont Corporation.
On November 1, Newmont Corp released financial results for the third quarter of
2022. The company reported earnings per share of $0.27, which was $0.07 below
market expectations. The period's sales were $2.63 billion, $250 million below
market expectations and 9.3% less than the same period's previous year's revenue.
On
November 4, Barclays analyst Matthew Murphy kept the stock of Newmont
Corporation is an Equal Weight rating but cut the price objective from $57 to
$55.
First
Eagle Investment Management, a New York-based hedge fund being followed by
Insider Monkey is one of the largest shareholders in Newmont Corporation with
17.9 million shares valued at more than $750.5 million.
Asset management company First Eagle Investment Management singled out a few equities in its investor letter for the third quarter of 2022, and Newmont Corporation was one of them.
The fund stated the following:
“In what turned out to be a tumultuous and ultimately negative quarter for the price of gold, shares of Newmont Corporation, the largest gold miner in the world, declined.
The Colorado-based business has persisted in performing effectively
in a difficult climate.
The company recently reiterated its production guidance
for the entire year 2021, but it also warned that disruptions from Covid-19 and
severe weather events would likely cause it to fall between the midpoint and
the low point of the range supplied.
It also mentioned the likelihood that inflationary pressures will raise its prices in 2021.
None of this alters our opinion of the stock, which historically has provided consistent production rooted in reputable jurisdictions, a strong balance sheet, competent management, and a decent pipeline of organic projects.”