In this article, we will take a look at the 5 best Canadian penny stocks to buy now. To see more such companies, go directly to 10 Best Canadian Penny Stocks to Buy Now.
5. Denison Mines Corp. (NYSE:DNN)
Number of Hedge Fund Holders: 16
Another uranium mining company in our list, Denison Mines Corp. (NYSE:DNN) explores uranium in Blind River and Elliot Lake and has expanded its operations to coal and potash. In June, Denison Mines Corp. (NYSE:DNN) shares jumped after the company posted positive results for a feasibility study regarding Wheeler River project in Saskatchewan.
A total of 16 hedge funds tracked by Insider Monkey had stakes in Denison Mines Corp. (NYSE:DNN) as of the end of the first quarter. The biggest stakeholder of Denison Mines Corp. (NYSE:DNN) was Steve Cohen’s Point72 Asset Management which had a $6.8 million stake in the company.
4. Nexgen Energy Ltd. (NYSE:NXE)
Number of Hedge Fund Holders: 17
Canadian uranium exploration company Nexgen Energy Ltd. (NYSE:NXE) ranks 4th in our list of the best Canadian penny stocks to buy according to hedge funds. As of the end of the first quarter of 2023, 17 hedge funds tracked by Insider Monkey reported owning stakes in Nexgen Energy Ltd. (NYSE:NXE). The biggest stakeholder of Nexgen Energy Ltd. (NYSE:NXE) during this period was Brad Dunkley and Blair Levinsky’s Waratah Capital Advisors which owns a $29 million stake in the company.
In May Nexgen Energy Ltd. (NYSE:NXE) announced that it generated non-binding expressions of interest from potential lenders totaling more than $1 billion in available debt to finance its Rook I uranium project in Saskatchewan.
3. Fusion Pharmaceuticals Inc. (NASDAQ:FUSN)
Number of Hedge Fund Holders: 14
Hamilton, Canada-based Fusion Pharmaceuticals Inc. (NASDAQ:FUSN) ranks 3rd in our list of the best Canadian penny stocks to buy according to hedge funds. A total of 14 hedge funds in Insider Monkey’s database of 943 funds had stakes in Fusion Pharmaceuticals Inc. (NASDAQ:FUSN). The biggest stakeholder of Fusion Pharmaceuticals Inc. (NASDAQ:FUSN) during this period was David Witzke and Michael Gregory’s Avidity Partners Management which owns a $21 million stake in the company.
In June, Raymond James started covering Fusion Pharmaceuticals Inc. (NASDAQ:FUSN) with an Outperform rating and a $13 price target.
2. B2Gold Corp. (NYSE:BTG)
Number of Hedge Fund Holders: 20
Another gold mining company in our list, B2Gold Corp. (NYSE:BTG) is a dividend-paying penny stock with a high dividend yield. B2Gold Corp. (NYSE:BTG)’s CEO recently said in an interview with Reuters that B2Gold Corp. (NYSE:BTG) will consider opportunities to acquire more gold assets to accelerate growth even after its recent purchase of Sabina Gold.
A total of 20 hedge funds in Insider Monkey’s database reported having stakes in B2Gold Corp. (NYSE:BTG) as of the end of the first quarter of 2023. The biggest stakeholder of B2Gold Corp. (NYSE:BTG) was First Eagle Investment Management of Jean-Marie Eveillard which owns a $90 million stake in the company.
1. Kinross Gold Corporation (NYSE:KGC)
Number of Hedge Fund Holders: 26
Canadian gold and silver mining company Kinross Gold Corporation (NYSE:KGC) tops our list of the best Canadian penny stocks to buy now according to hedge funds since 26 hedge funds in Insider Monkey’s database had stakes in the company as of the end of the first quarter of 2023. The biggest stakeholder of Kinross Gold Corporation (NYSE:KGC) during this period was Ali Motamed’s Invenomic Capital Management which had a $25.4 million stake in the company.
In June, Bloomberg reported that Kinross Gold Corporation (NYSE:KGC) recently rejected a takeover approach by Endeavour Mining (OTCQX:EDVMF).
You can also take a peek at 15 Worst Performing NASDAQ Stocks In 2023 and 10 Best Small Cap Automotive Stocks To Buy.
