In this article, we will look at the 10 Best Commodity Stocks to Buy for the Supercycle.
On May 20, Katherine Bordlemay, Co-Head of Equity Client Portfolio Management at Goldman Sachs Asset Management, appeared on CNBC’s ‘Closing Bell Overtime’ to discuss the day’s market action.
She stated that while she is concerned about the high rate, high oil environment, ultimately, the underpin is earnings growth. The recent earnings season showed us that US companies are growing at 28% year-over-year, and outside of Covid, this is actually the best earnings season we have seen in almost 20 years. She believes that something even more remarkable is that while the markets are very narrow, earnings are very broad. Ultimately, earnings are going to be the anchor that supports stocks on the path to success.
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Bordlemay agreed that earnings growth has been broad, in the sense that most companies have shown growth, even though the proportion of that growth and the forward revision still seems to be dominated by the AI tech theme. The magnitude does get to be higher on the AI side, and we are also seeing a step up in profitability, ultimately, in particular for the companies linked to the AI trade, according to her.
With these broader market trends in view, let’s look at the best commodity stocks to buy for the supercycle.
Our Methodology
We sifted through relevant online media reports to identify the best commodity stocks for the supercycle and selected the top 10 most popular among hedge funds as of Q4 2025, using the hedge fund sentiment data from Insider Monkey’s database. The stocks are arranged in ascending order of hedge fund sentiment.
Note: All data was recorded on May 20.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).
10 Best Commodity Stocks to Buy for the Supercycle
10. Equinor ASA (NYSE:EQNR)
Number of Hedge Fund Holders: 20
Equinor ASA (NYSE:EQNR) is one of the best commodity stocks to buy for the supercycle. Morgan Stanley cut the price target on Equinor ASA (NYSE:EQNR) to NOK 376 from NOK 388 on May 12, maintaining an Equal Weight rating on the shares. The rating update came after the company reported its fiscal Q1 2026 financial results, stating that it delivered an adjusted operating income of $9.77 billion and $2.86 billion after tax in fiscal Q1 2026. Net operating income for the quarter came up to $8.78 billion, with a net income of $3.10 billion and adjusted net income of $3.70 billion, which led to adjusted earnings per share of $1.48.
Equinor ASA reported production growth of 9% from strong operational performance while maintaining cost and capital discipline. It also closed several key strategic milestones in the quarter, including seven commercial discoveries on the NCS and the start of drilling at the Raia gas field in Brazil.
Equinor ASA explores, transports, produces, refines, and markets petroleum and petroleum-derived products. The company’s operations are divided into the following segments: Exploration and Production Norway, Exploration and Production International, Exploration and Production USA, Marketing, Midstream, Processing, Renewables, and Other.
9. TotalEnergies SE (NYSE:TTE)
Number of Hedge Fund Holders: 26
TotalEnergies SE (NYSE:TTE) is one of the best commodity stocks to buy for the supercycle. TotalEnergies SE (NYSE:TTE) announced on May 13 the signing of a Memorandum of Understanding (MoU) with the Egyptian Natural Gas Holding Company (EGAS) on exploration activities, covering a significant area located in the north-western offshore of Egypt. Management stated that the MoU forms a technical cooperation framework, including preliminary exploration and subsurface evaluation activities. Nicola Mavilla, Senior Vice President Exploration at TotalEnergies SE, stated that the agreement will “support the assessment of Egypt’s deep offshore exploration potential”.
In a separate development, TD Cowen lifted the price target on TotalEnergies SE to $106 from $102 on May 1, maintaining a Buy rating on the shares. The firm stated that fiscal Q1 results benefited from the strong trading, while the company reiterated capex despite a fiscal Q1 miss. It added that TotalEnergies SE acknowledged the strong operating environment presents upside to previously guided buybacks and an opportunity to get leverage below target.
TotalEnergies SE operates as a global integrated energy company that produces natural gas and green gases, oil and biofuels, as well as renewables and electricity. It is headquartered in Courbevoie, France, and operates through the following business segments: Exploration & Production, Integrated LNG, Integrated Power, Refining & Chemicals, and Marketing & Services.
8. SSR Mining Inc. (NASDAQ:SSRM)
Number of Hedge Fund Holders: 34
SSR Mining Inc. (NASDAQ:SSRM) is one of the best commodity stocks to buy for the supercycle. SSR Mining Inc. (NASDAQ:SSRM) announced on May 18 its entry into a definitive agreement with Lidya Mines to sell its 20% ownership stake and its operatorship position in the Hod Maden development project for an uncapped 4.0% net smelter return royalty on 100% of the Project. Management stated that the royalty consideration received by the company is anticipated to deliver an accretive outcome for shareholders.
It further reported that Royal Gold, Inc. (NASDAQ:RGLD), which is a partner in the Project, will concurrently sell 15% of its ownership interest in the Project to Lidya Mines in exchange for an uncapped 2.5% NSR on 100% of the Project. According to the management, Royal Gold’s 2.5% NSR would be issued with substantially the same key terms as the 4.0% NSR issued to SSR Mining, while the former will also hold a fixed price call right to acquire 2.0% of the NSR from SSR Mining for $160 million. This would expire 12 months following the declaration of commercial production at the Project.
SSR Mining Inc. is a metals mining company that has assets in four jurisdictions: the USA, Turkiye, Canada, and Argentina. It is involved in the acquisition, exploration, operation, and development of precious metal resource properties, and its operations are divided into the following business segments: Copler, Marigold, Crippler Creek, Victor, Seabee and Puna.
7. Southern Copper Corporation (NYSE:SCCO)
Number of Hedge Fund Holders: 37
Southern Copper Corporation (NYSE:SCCO) is one of the best commodity stocks to buy for the supercycle. On May 15, Scotiabank lifted the price target on Southern Copper Corporation (NYSE:SCCO) to $135 from $133, maintaining an Underperform rating on the shares. The firm told investors that it believes investors should find “attractive trading opportunities” with the industry facing increased volatility and scenarios of high metal price levels.
Southern Copper Corporation also received a rating update from Wells Fargo on May 1, with the firm cutting the price target on the stock to $171 from $186 while maintaining an Equal Weight rating on the shares. The firm stated that fiscal Q1 benefited from solid byproduct credits, adding that energy cost risk was downplayed by management. It also cited the resolved Tia Maria permitting issues and believes that at about 13 times 2026 EV/EBITDA on $6/lb copper, near-term copper tightness appears largely priced in.
Southern Copper Corporation is involved in the production, development, and exploration of zinc, copper, silver, and molybdenum. The company conducts its operations in the following segments: Peruvian Operations, Mexican Open-Pit Operations, and Mexican Underground Mining Operations.
6. Equinox Gold Corp. (NYSEAMERICAN:EQX)
Number of Hedge Fund Holders: 37
Equinox Gold Corp. (NYSEAMERICAN:EQX) is one of the best commodity stocks to buy for the supercycle. Stifel lifted the price target on Equinox Gold Corp. (NYSEAMERICAN:EQX) to C$35 from C$31 on May 14, reiterating a Buy rating on the shares.
In a separate development, Equinox Gold Corp. and Orla Mining announced on May 13 the signing of a definitive arrangement agreement for an at-market combination for the creation of a new North American senior gold producer with around 1.1 million ounces of anticipated annual gold production and an $18.5 billion implied market capitalization.
Management further reported that the combined company would be anchored by three long-life Canadian gold mines, set up for more than 1.9 million ounces of annual gold production from an internally funded North American growth pipeline. According to the terms of the agreement, Equinox Gold Corp. will acquire all issued and outstanding common shares of Orla pursuant to a court-approved plan of arrangement, with the combined company continuing under the name “Equinox Gold Corp.”
Equinox Gold Corp. is a mining company involved in the exploration of gold mining properties. The company’s operations are divided into the following segments: Greenstone, Mesquite, Castle Mountain, Los Filos, Aurizona, Fazenda, RDM, Santa Luz, and Corporate.
5. Royal Gold, Inc. (NASDAQ:RGLD)
Number of Hedge Fund Holders: 39
Royal Gold, Inc. (NASDAQ:RGLD) is one of the best commodity stocks to buy for the supercycle. BofA cut the price target on Royal Gold, Inc. to $245 from $246 on May 19, reiterating an Underperform rating on the shares. The rating came after SSR Mining Inc. (NASDAQ:SSRM) announced a definitive agreement with Lidya Mines of Turkiye to sell its 20% ownership stake and operatorship position in the Hod Maden project, with Royal Gold, Inc. concurrently announcing plans to reduce its ownership in Hod Maden to 15% from 30%.
In its financial and operating results for fiscal Q1 2026, Royal Gold, Inc. reported record revenue of $469.1 million compared to $193.4 million in the prior year period. Management clarified that the revenue split by commodity was 71% gold, 16% silver, and 10% copper. The company also reported record operating cash flow of $293.6 million in the quarter, along with record net income of $281.1 million ($3.30 per share), and adjusted net income of $232.9 million ($2.72 per share).
Royal Gold, Inc. is involved in the acquisition and management of precious metal streams, royalties, and similar interests. Its operations are divided into the Acquisition and Management of Stream Interests and the Acquisition and Management of Royalty Interests segments.
4. Kinross Gold Corporation (NYSE:KGC)
Number of Hedge Fund Holders: 40
Kinross Gold Corporation (NYSE:KGC) is one of the best commodity stocks to buy for the supercycle. Kinross Gold Corporation (NYSE:KGC) was upgraded to Buy from Hold by Freedom Broker on May 18, with the firm adjusting the price target on the stock to $38 from $13.50. It told investors in a research note that Kinross Gold Corporation reported a “clean, high-quality beat” in fiscal Q1, adding that Great Bear is the “most important unpriced option” in the company’s portfolio.
For reference, in its financial results for fiscal Q1 2026, Kinross Gold Corporation reported that production in the quarter reached 492,563 gold equivalent ounces (Au eq. oz.). Production cost of sales was $1,397 per Au eq. oz. sold, with attributable production cost of sales of $1,380 per Au eq. oz. sold.
Kinross Gold Corporation also stated that it is on track to meet its annual guidance and expects to produce 2.0 million Au eq. oz. (+/- 5%) at a production cost of sales per Au eq. oz. sold of $1,360 (+/- 5%) and all-in sustaining cost of $1,730 (+/- 5%) per ounce sold for 2026. It also stated that the total attributable capital expenditures are forecast to be $1,500 million (+/- 5%).
Based in Canada, Kinross Gold Corporation is involved in the production, exploration, acquisition, and development of gold properties. Its operations are divided into the following business segments: Tasiast, Paracatu, La Coipa, Fort Knox, Round Mountain, Bald Mountain, and Corporate & Other.
3. Shell plc (NYSE:SHEL)
Number of Hedge Fund Holders: 43
Shell plc (NYSE:SHEL) is one of the best commodity stocks to buy for the supercycle. Berenberg cut the price target on Shell plc (NYSE:SHEL) to EUR 46 from EUR 47 on May 12, maintaining a Buy rating on the shares. The rating update came after the company announced financial results for fiscal Q1 2026, reporting that adjusted earnings for the quarter reached $6.9 billion, reflecting solid business performance. CFFO excluding working capital was $17.2 billion for the quarter, with a working capital outflow of $11.2 billion in the quarter, which reflects the impact of unprecedented volatility in commodity prices.
The company’s cash capex outlook for 2026 is in the $24 – $26 billion range, which includes ~$4 billion for the ARC acquisition. Shell plc’s (NYSE:SHEL) 2027 – 2028 outlook remains unchanged at $20 – $22 billion, adding that the ARC Resources acquisition is expected to add 370 kboe/d, leading to a 4% production CAGR through to 2030 (from 2025). Shell plc (NYSE:SHEL) is also commencing a $3.0 billion share buyback program for the next 3 months, along with a 5% increase in the dividend to $0.3906.
Headquartered in London, Shell plc (NYSE:SHEL) produces oil and natural gas. The company’s operations are divided into the following segments: Integrated Gas, Upstream, Marketing, Chemicals and Products, Renewables and Energy Solutions, and Corporate.
2. Cenovus Energy Inc. (NYSE:CVE)
Number of Hedge Fund Holders: 46
Cenovus Energy Inc. (NYSE:CVE) is one of the best commodity stocks to buy for the supercycle. RBC Capital lifted the price target on Cenovus Energy Inc. (NYSE:CVE) to C$47 from C$45 on May 19 and maintained an Outperform rating on the shares. The rating update came after the company announced its fiscal Q1 2026 financial and operating results, stating that the company generated around $3.4 billion of adjusted funds flow and $2.2 billion of free funds flow.
Management further said that the quarter’s operating results included Upstream production of 972,100 barrels of oil equivalent per day and Downstream crude throughput of 458,500 barrels per day, which represents an overall crude unit utilization rate of 97%. The company accelerated the redevelopment well program at Christina Lake North as well. Cenovus Energy Inc. also reported that the Board of Directors approved a 10% increase in the quarterly base dividend to $0.22 per share, starting in fiscal Q2 2026.
Based in Canada, Cenovus Energy Inc. is an integrated energy company that provides gas and oil. Its operations are divided into the Upstream, Downstream, and Corporate and Eliminations segments.
1. Freeport-McMoRan Inc (NYSE:FCX)
Number of Hedge Fund Holders: 91
Freeport-McMoRan Inc (NYSE:FCX) is one of the best commodity stocks to buy for the supercycle. Deutsche Bank lifted the price target on Freeport-McMoRan Inc (NYSE:FCX) to $72 from $58 on May 15, maintaining a Buy rating on the shares. In its operating results for fiscal Q1 2026, Freeport-McMoRan Inc reported that consolidated copper and gold sales surpassed January 2026 estimates, and consolidated average unit net cash costs were favorable to January 2026 estimates. Consolidated production totaled 662 million pounds of copper, 97 thousand ounces of gold, and 22 million pounds of molybdenum in the quarter. Management further stated that consolidated sales totaled 657 million pounds of copper, 121 thousand ounces of gold, and 24 million pounds of molybdenum.
Freeport-McMoRan Inc also reported that net income attributable to common stock in fiscal Q1 2026 totaled $881 million, $0.61 per share, and adjusted net income attributable to common stock totaled $830 million, $0.57 per share. For the year 2026, the company expects consolidated sales to be approximately 3.1 billion pounds of copper, 650 thousand ounces of gold, and 90 million pounds of molybdenum.
Freeport-McMoRan Inc mines gold, copper, and molybdenum. The company’s operations are divided into the following segments: U.S. Copper Mines, South America Operations, Indonesia Operations, Molybdenum Mines, U.S. Rod and Refining, Atlantic Copper, and Corporate and Other.
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