5 Best Canadian Gold Stocks To Buy Now

4. Alamos Gold Inc. (NYSE:AGI)

Number of Hedge Fund Holders: 28

Alamos Gold Inc. (NYSE:AGI) focuses on obtaining, investigating, developing, and extracting precious metals in Mexico and Canada, with a primary focus on exploring for gold and silver deposits. Its headquarters are located in Toronto, Canada. On February 28, Alamos Gold Inc. (NYSE:AGI) announced that it plans to purchase Manitou Gold through a court-approved arrangement, which will increase its regional land holdings surrounding the Island Gold Deposit in Ontario to 55,277 hectares, more than triple its current size. It is one of the best Canadian gold stocks to buy now. 

On March 2, Alamos Gold Inc. (NYSE:AGI) declared a quarterly dividend of $0.025 per share, in line with previous. The dividend is payable on March 30, to shareholders of record on March 16. 

National Bank analyst Mark Parkin on February 24 raised the firm’s price target on Alamos Gold Inc. (NYSE:AGI) to C$18.25 from C$18 and kept an Outperform rating on the shares.

According to Insider Monkey’s fourth quarter database, 28 hedge funds were long Alamos Gold Inc. (NYSE:AGI), compared to 21 funds in the prior quarter. Eric Sprott’s Sprott Asset Management is a significant position holder in the company, with 5 million shares worth $51.2 million. 

Palm Valley Capital made the following comment about Alamos Gold Inc. (NYSE:AGI) in its Q4 2022 investor letter:

“For the full calendar year, the Fund’s top performers were Coterra Energy (ticker: CTRA), Amdocs, and Alamos Gold Inc. (NYSE:AGI). Coterra’s stock rose sharply along with energy prices at the beginning of 2022. Amdocs delivered record operating results during the year and demonstrated the strength of its market position serving the world’s leading communication service providers. All the Fund’s precious metals holdings, led by Alamos, contributed positively to performance in 2022, with a 1% collective contribution from gold and silver equities. We think this was a good outcome relative to gold and silver prices that ended the year essentially flat, after a summer swoon. Additionally, precious metals miners were down, on average, in 2022.”