In this piece, we discuss the 10 Best Commodity Stocks to Buy in 2026.
With geopolitical conflict, inflation pressures, and growing policy uncertainty reshaping global supply dynamics, commodity markets are navigating an unusually volatile backdrop in 2026.
The Iran war, which started when the U.S. and Israel struck Iran in late February, has caused serious damage to global energy supply chains. The Strait of Hormuz closure pulled Middle East crude exports down from roughly 18.3 million barrels per day before the conflict to less than 8.8 million bpd since March, according to Kpler data.
A Reuters poll of 33 economists and analysts published May 29, 2026, now projects average Brent crude at $90.44 per barrel for the full year, compared with $63.85 estimated the day before the strikes. WTI is forecast at $84.63, up from $60.38 in those same February estimates. Both benchmarks have already reached four-year highs.
Meanwhile, analysts expect a global supply deficit ranging from 500,000 to 8 million barrels per day in 2026, with energy flows through Hormuz not expected to recover to pre-crisis levels even if a ceasefire holds through the year.
On the other hand, gold has had a more uneven run.
Spot prices were at $4,519.64 per ounce on May 29, 2026, but still finished the month down more than 2%. U.S. inflation rose at its fastest pace in three years in April, driven by energy costs tied to the Iran conflict, giving the Federal Reserve little reason to cut rates.
At the same time, copper is waiting on a policy decision. A U.S. ruling on refined copper import tariffs is due by the end of June, with first-quarter 2026 inbound shipments already more than doubling year-over-year to 533,000 tons.
With that context in mind, let’s jump to our list of the best commodity stocks to buy in 2026.
Our Methodology
To curate our list for this article, we relied on financial media and stock screeners to identify commodity stocks across agriculture, energy, and metals. Next, we assessed hedge fund sentiment surrounding these stocks using Insider Monkey’s hedge fund database, which tracks over 1,000 elite hedge fund managers and their portfolios as of Q1 2026.
Finally, we ranked the list in ascending order by upside potential after narrowing it to stocks with more than 20% expected upside.
Note: All data sourced on May 31, 2026.
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. Darling Ingredients Inc. (NYSE:DAR)
Number of Hedge Fund Holders: 61
On the back of strong hedge fund and analyst support, Darling Ingredients Inc. (NYSE:DAR) features on our list of the best commodity stocks to buy in 2026. The stock carries an upside of 26.9%.
Following its investor day, the stock drew renewed analyst attention, with its investment case now shifting toward margin improvement and debt paydown, while the investor day provided greater visibility into how management aims to achieve those goals.
Two analyst updates landed on May 12, 2026, telling a consistent story.
BofA analyst Conor Fitzpatrick raised the firm’s price target to $85 from $80 and kept a “Buy” rating, calling the company’s investor day a “multifaceted update on capital allocation and the balance sheet.” Fitzpatrick said details on the path to structurally higher margins via high-grading output “look solid and the gains are material.”
TD Cowen echoed that constructive view, reiterating a “Buy” rating and a $76 price target on the same day.
The firm cited strong margin conditions across Darling’s business segments and flagged margin expansion, rather than volume growth, as the bigger near-term opportunity. TD Cowen identified $150 million to $300 million in potential upside from Feed margin expansion and an estimated $80 million from the Food segment, not yet reflected in current estimates.
On the balance sheet, TD Cowen expects Darling’s cash generation to bring debt below its target levels by early 2027, in line with the firm’s forecasts. The analyst noted that Darling has not disclosed capital allocation priorities once that debt target is reached, though the firm views large-scale mergers and acquisitions as unlikely.
Darling Ingredients Inc. develops and produces natural ingredients from edible and inedible bio-nutrients. The company’s operations are divided into the following segments: Feed Ingredients, Food Ingredients, and Fuel Ingredients.
9. Albemarle Corporation (NYSE:ALB)
Number of Hedge Fund Holders: 60
On the back of strong hedge fund and analyst support, Albemarle Corporation (NYSE:ALB) features on our list of the best commodity stocks to buy in 2026. The stock carries an upside of 27.5%.
Amid improving lithium prices and a favorable long-term growth outlook, Albemarle Corporation is drawing increasing attention from Wall Street.
On May 26, 2026, RBC Capital raised its price target on Albemarle Corporation to $257 from $253 and kept an “Outperform” rating. The firm sees volume growing at a mid-single digit CAGR over the next several years, driven by brownfield expansion at CGP3/Wodgina, productivity gains at Atacama, and longer-term opportunities at Kings Mountain and Antofalla. RBC also views last month’s 9% pullback in share prices, tied to oil and broader market factors, as a buying opportunity.
Two earlier analyst updates added to the constructive tone.
On May 15, 2026, Scotiabank’s Ben Isaacson raised the firm’s price target to $215 from $200, keeping an “Outperform” rating, though he had a mixed view, flagging that Albemarle is pricing in line with Lithium Americas, a developer with no meaningful production expected until 2028. On May 12, 2026, Deutsche Bank’s David Begleiter lifted the firm’s target to $250 from $210 and kept a “Buy” rating, saying higher lithium prices suggest Albemarle Corporation should reach the upper end of its outlook.
That outlook spans three lithium price scenarios for 2026.
At around $10/kg lithium carbonate equivalent (LCE), Albemarle Corporation projects revenue of $4.1 billion to $4.3 billion and adjusted EBITDA of $0.9 billion to $1.0 billion. At $20/kg LCE, the Q1 2026 average, those figures rise to $5.7-$6.0 billion in revenue and $2.4-$2.6 billion in adjusted EBITDA. At $30/kg LCE, revenue could reach $7.5-$7.8 billion, with adjusted EBITDA of $4.2-$4.4 billion.
Albemarle Corporation also plans capital expenditures of $550 million to $600 million and targets $100 million to $150 million in cost and productivity improvements for the year.
Albemarle Corporation is one of the world’s leading lithium producers, with a fully integrated model spanning mining, processing, and refining operations across key global markets.
8. Newmont Corporation (NYSE:NEM)
Number of Hedge Fund Holders: 82
With significant hedge fund interest and analyst support (29.8% upside), Newmont Corporation (NYSE:NEM) ranks among the best commodity stocks to buy in 2026.
Newmont Corporation ranks among gold equities trading at a premium valuation relative to peers, according to RBC Capital Markets’ sector analysis on May 29, 2026.
That assessment followed a strong first quarter.
Newmont Corporation reported adjusted earnings of $2.90 per share, well above the analyst consensus estimate of $2.18 per share compiled by LSEG.
Record gold prices drove the quarterly beat. The quarterly average realized gold price came in at $4,900 per ounce, up from $2,944 per ounce in the year-ago period. Attributable gold production, however, fell to 1.30 million ounces from 1.54 million ounces a year earlier, hurt by bushfires at Boddington, rainfall and weaker grades at Tanami, and planned maintenance at Lihir and Cerro Negro.
Looking ahead, Newmont Corporation guided for roughly 23% of total attributable production in the second quarter, slightly below the first quarter, with unit costs expected to rise on higher sustaining capital spending, lower silver output, and increased costs at Boddington, Tanami, Lihir, and Penasquito.
Oil prices acted as another variable during the quarter. Interim CFO Peter Wexler said every $10 per barrel change in oil prices translates to roughly $60 million in costs, or about $12 per ounce in all-in sustaining costs.
Newmont Corporation also authorized a new $6 billion share repurchase program after fully completing its prior buyback plan.
Following the Q1 report, BMO Capital analyst Matthew Murphy raised the firm’s price target on Newmont Corporation to $145 from $140, keeping an “Outperform” rating. Murphy noted Q2 production may dip slightly but said the gold miner is off to a good start on guidance and is working to manage costs and grow production in the second half of 2026 and beyond.
Newmont Corporation is one of the world’s largest gold-mining companies, producing significant amounts of copper, silver, zinc, and lead as byproducts.
7. Cheniere Energy, Inc. (NYSE:LNG)
Number of Hedge Fund Holders: 74
With significant hedge fund interest and positive analyst sentiment (36.1% upside), Cheniere Energy, Inc. (NYSE:LNG) ranks among the best commodity stocks to buy in 2026.
Cheniere Energy, Inc. is moving to scale capacity at a moment when the geopolitical and market backdrop favors U.S. LNG exports.
On May 28, 2026, Cheniere Energy, Inc. signed a $4.69 billion engineering, procurement, and construction contract with Bechtel Corp for the first phase of its Sabine Pass LNG expansion project in Cameron Parish, Louisiana.
Phase 1 covers Train 7, a boil-off gas re-liquefaction unit, and related infrastructure tied to the existing terminal, adding over 6 million tons per annum of capacity to a facility already operating at over 30 mtpa. Cheniere Energy, Inc. issued Bechtel a limited notice to proceed, allowing early engineering and procurement work to begin now, with a final investment decision expected by early 2027. Phase 2 would add another 12 mtpa, potentially lifting total Sabine Pass capacity to 48 mtpa.
That expansion move aligns with what analysts have been saying about Cheniere Energy, Inc..
On May 13, 2026, Scotiabank raised its price target on LNG to $290 from $288 and kept an “Outperform” rating, arguing that Middle East supply disruptions create net positives for U.S. LNG even after any resolution. The Sabine Pass expansion positions Cheniere Energy, Inc. to capture exactly that kind of demand.
TD Cowen made a similar case two days earlier, raising its target to $270 from $265 and keeping a “Buy” rating, citing strong summer global gas prices and the likelihood of increases to 2026 EBITDA estimates as near-term supports for the stock.
Cheniere Energy, Inc. is the largest producer of liquefied natural gas in the United States and the second-largest LNG operator in the world.
6. Devon Energy Corporation (NYSE:DVN)
Number of Hedge Fund Holders: 58
With significant hedge fund interest and analyst support (37.1% upside), Devon Energy Corporation (NYSE:DVN) ranks among the best commodity stocks to buy in 2026.
According to Mizuho, Devon Energy Corporation is well supported by the current backdrop of prolonged supply disruption, rising price forecasts, and discounted U.S. producer valuations.
On May 27, 2026, Mizuho analyst Nitin Kumar raised the firm’s price target on Devon Energy Corporation to $68 from $62 and kept an “Outperform” rating. The firm expects the impact of the Iran crisis on global oil prices and refining cracks to be prolonged, lifting its 2026 and 2027 oil price outlook by 25% and 6%, respectively, while raising its U.S. refining crack forecast by 61% and 51%. Kumar argued that a pullback in stock valuations despite elevated commodity prices creates an opportunity for investors to find alpha in U.S. oil and gas.
Broader analyst sentiment also positions Devon Energy Corporation similarly.
A Reuters poll of 33 economists and analysts published May 29, 2026, showed that 2026 oil price forecasts have been raised for the third time since the Iran war began in late February. Brent crude is now projected to average $90.44 per barrel this year, up from $86.38 last month, while U.S. crude is seen at $84.63, up from $80.07.
Both benchmarks have hit four-year highs above $126 and $119, respectively, as the closure of the Strait of Hormuz has cut Middle East crude exports from roughly 18.3 million barrels per day before the crisis to nearly 8.8 million bpd since March.
Analysts polled see a large global supply deficit in 2026, with estimates ranging from 500,000 to 8 million bpd.
Devon Energy Corporation is a U.S. oil and gas producer with a diversified multi-basin portfolio. Its operations are anchored by a significant acreage position in the Delaware Basin.
5. Barrick Mining Corporation (NYSE:B)
Number of Hedge Fund Holders: 75
With significant hedge fund interest and analyst support (41.0% upside), Barrick Mining Corporation (NYSE:B) ranks among the best commodity stocks to buy in 2026.
Copyright: alexis84 / 123RF Stock Photo
Analyst sentiment on the stock remains strong as Barrick Mining Corporation delivered a powerful first quarter amid soaring gold prices and lower costs.
On May 11, 2026, Barrick Mining Corporation reported Q1 adjusted EPS of 98 cents, well ahead of the 81-cent consensus estimate, on revenue of $5.22 billion versus expectations of $4.84 billion. Gold production came in at 719,000 ounces, down 5% year-over-year, but a quarterly average realized gold price of $4,823 per ounce, up 66% from the prior year, more than offset the volume shortfall. All-in sustaining costs fell 4% to $1,708 per ounce. Operating cash flow surged 111% to $2.55 billion, while attributable free cash flow jumped 195% to $1.21 billion. Net EPS rose to $0.96, a 256% increase from a year earlier.
The strong cash generation funded shareholder returns. Barrick Mining Corporation declared a $0.175 per share quarterly dividend and authorized a new $3.0 billion share repurchase program.
UBS followed on May 12, 2026, raising its price target to $54 from $50 and reiterating a “Buy” rating, citing Barrick Mining Corporation’s operational scale, cash generation, and leverage to elevated gold and copper prices.
CEO Mark Hill said Barrick is shifting its strategic focus toward more stable jurisdictions, citing recent developments in Africa as a reason to prioritize growth elsewhere. Barrick Mining Corporation holds mines in Mali, Tanzania, the Democratic Republic of Congo, and Zambia, and Hill flagged Barrick’s 24% stake in the Porgera mine in Papua New Guinea as non-core.
Looking ahead, Barrick Mining Corporation guided for Q2 gold output of 730,000 to 770,000 ounces, with production expected to increase further in the second half. Full-year guidance remains 2.90 to 3.25 million ounces of gold and 190,000 to 220,000 tons of copper. The planned North American Barrick IPO remains on track to be completed by year-end.
Barrick Mining Corporation is a Canadian mineral properties company that explores for gold, copper, silver, and energy materials. The company was founded in 1983.
4. Kinross Gold Corporation (NYSE:KGC)
Number of Hedge Fund Holders: 42
On the back of strong hedge fund and analyst support, Kinross Gold Corporation (NYSE:KGC) features on our list of the best commodity stocks to buy in 2026. The stock carries an upside of 44.1%.
On May 18, 2026, Freedom Broker upgraded Kinross Gold Corporation to “Buy” from “Hold” and raised its price target to $38 from $13.50, calling Kinross Gold Corporation’s Q1 a “clean, high-quality beat.” The firm identified the Great Bear project as the “most important unpriced option” in Kinross’ portfolio.
The underlying numbers reinforce that view.
An average realized gold price of $4,873 per ounce in Q1 drove metal sales up 61% year-over-year to $2.41 billion, from $1.50 billion in Q1 2025. Adjusted net earnings more than doubled to $854.1 million, or $0.71 per share, compared to $0.30 per share in the prior-year period. Production margins rose 92% to a record $3,476 per gold equivalent ounce sold, comfortably outpacing cost increases despite inflationary pressures.
On the production side, Kinross Gold Corporation reported 492,563 gold equivalent ounces in Q1. Production cost of sales came in at $1,397 per gold equivalent ounce sold, with attributable production cost of sales of $1,380 per ounce.
The operating leverage Freedom Broker cited is tied to a realized price that is near $4,900 and a cost structure that is still anchored below $1,400. When revenue expands that much faster than unit costs, the translation to earnings is substantial, and that dynamic is what drove the analyst’s upgrade.
Looking ahead, Kinross Gold Corporation maintained full-year guidance of 2.0 million gold equivalent ounces, plus or minus 5%, at a production cost of $1,360 per ounce and an all-in sustaining cost of $1,730 per ounce. Total attributable capital expenditures are forecast at $1,500 million, plus or minus 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. Expand Energy Corporation (NASDAQ:EXE)
Number of Hedge Fund Holders: 81
On the back of strong hedge fund and analyst support, Expand Energy Corporation (NASDAQ:EXE) features on our list of the best commodity stocks to buy in 2026. The stock carries an upside of 44.7%.
Expand Energy Corporation drew attention after Barclays turned relatively cautious on the stock.
On May 26, 2026, Barclays analyst Betty Jiang downgraded Expand Energy Corporation to “Equal Weight” from “Overweight” and cut the firm’s price target to $110 from $127. The firm cited a reduced gas outlook and what it called a “less visible” near-term catalyst path. Barclays also noted that valuation creation at Expand is increasingly driven by gas marketing and commercial optimization, which brings greater dependence on market conditions and timing.
That discussion comes as Expand Energy Corporation executes its current strategy.
On the company’s Q1 2026 earnings call on April 29, 2026, interim Chairman Michael Wichterich laid out exactly that shift, saying the company’s primary focus for the quarter was marketing and commercial activity. Management said the target is roughly $0.20 of margin improvement per unit, equating to approximately $500 million of repeatable incremental free cash flow per year. Wichterich described the approach as stacking singles and doubles across three categories: reaching premium markets, monetizing volatility, and facilitating new demand. In Q1 alone, Expand Energy Corporation said it generated nearly $90 million of incremental value from volatility capture.
The Barclays concern, then, is essentially that the payoff from this strategy depends heavily on where gas prices go and when new demand materializes. Expand Energy Corporation signed a new offtake agreement with Delfin LNG for 1.15 million tons per year during the quarter, and management added 0.5 Bcfd of term sales and firm transportation to end users over the past six months.
Meanwhile, Wichterich said the LNG and power demand categories are roughly three years out, while the near-term opportunity is already being captured through volatility and premium market access.
Expand Energy Corporation is an oil & gas E&P company that deals in oil, natural gas, and natural gas liquids. The company was formerly known as Chesapeake Energy Corporation.
2. Agnico Eagle Mines Limited (NYSE:AEM)
Number of Hedge Fund Holders: 46
With significant hedge fund interest and analyst support (46.3% upside), Agnico Eagle Mines Limited (NYSE:AEM) ranks among the best commodity stocks to buy in 2026.
Agnico Eagle Mines Limited ended May with strong analyst support, driven by robust operating results and long-term growth investments.
The most recent analyst update came on May 26, 2026, when CIBC raised its price target on Agnico Eagle Mines Limited to $310 from $304, while maintaining an “Outperformer” rating and citing favorable Q1 results and potential exploration upside. That followed an upgrade on May 4, 2026, when ATB Cormark analyst Richard Gray moved AEM to “Outperform” from “Sector Perform” with an unchanged C$330 price target. Gray called Agnico the “gold standard” among gold producers, pointing to its long-life, high-margin asset base in low-risk jurisdictions and noting the company is well-positioned to benefit from record margins and production growth extending beyond 2030.
Solid Q1 results drove bullish analyst sentiment.
Agnico Eagle Mines Limited produced 825,109 payable gold ounces at all-in sustaining costs of $1,483 per ounce, while growing its cash balance by $246 million to $3,112 million. The company ended the quarter with a net cash position of $2,915 million.
The scale of capital that Agnico Eagle Mines Limited is deploying in Canada gave additional weight to analysts’ constructive views.
On May 19, 2026, Reuters reported Agnico Eagle Mines Limited will begin a $2.4 billion redevelopment of the Hope Bay Mine in Nunavut, targeting roughly 400,000 ounces of annual gold production and supporting close to 2,000 jobs for indigenous groups. That followed a May 13, 2026 announcement that Agnico would invest $10.2 billion in Ontario by 2030, including $1.46 billion to expand its Detour Lake mine and redevelop the Upper Beaver gold-copper mine, extending Detour Lake’s life until 2054 and adding an estimated $3.65 billion to Ontario’s GDP.
Agnico Eagle Mines Limited is a senior Canadian gold mining company and the world’s second-largest gold producer, focused on exploring, developing, and operating mines. Founded in 1957, it operates high-quality, low-risk assets primarily in Canada, Australia, Finland, and Mexico, with about 85% of its production coming from Canada.
1. Antero Resources Corporation (NYSE:AR)
Number of Hedge Fund Holders: 75
On the back of strong hedge fund and analyst support, Antero Resources Corporation (NYSE:AR) features on our list of the best commodity stocks to buy in 2026. The stock carries an upside of 48.3%.
On May 27, 2026, Mizuho raised its price target on Antero Resources Corporation to $54 from $50 and kept an “Outperform” rating. The firm expects the impact of the Iran crisis on global oil prices and refining cracks to be prolonged, lifting its 2026 and 2027 oil price outlook by 25% and 6%, respectively, while raising its U.S. refining crack forecast by 61% and 51%.
Mizuho argued that a pullback in stock valuations despite elevated commodity prices creates an opportunity for investors to find alpha in U.S. oil and gas stocks, including Antero Resources Corporation.
Antero’s own Q1 2026 earnings call, held April 30, 2026, laid out exactly why Antero Resources Corporation may benefit from that opportunity.
CEO Michael Kennedy said the geopolitical backdrop had only strengthened the macro case for natural gas and NGLs. Antero Resources Corporation holds the highest LNG exposure among Appalachian producers, selling 2.3 Bcf per day of production to sales points along the LNG fairway, and is the largest U.S. producer and exporter of NGLs.
On the NGL side, Senior Vice President Dave Cannelongo said the Middle East accounted for roughly 36% of the global waterborne LPG market in 2025, with virtually all of that volume transiting the Strait of Hormuz. With that supply disrupted, global buyers have few alternatives beyond the U.S.
Antero Resources Corporation produces 46 million net barrels of C3+ NGLs annually, and management said realized C3+ pricing had increased approximately $12 per barrel during this period, adding over $550 million of incremental free cash flow in 2026.
Antero Resources Corporation is an independent oil and natural gas company engaged in the development, production, exploration, and acquisition of natural gas, natural gas liquids, and oil properties in the United States.
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