5 Best Cobalt Stocks To Buy For 2021

3. Wheaton Precious Metal Corp. (NYSE: WPM)

Wheaton Precious Metal Corp. (NYSE: WPM) is a Vancouver-based precious metals streaming company. The company has streaming agreements with tens of other companies for different mines around the world. Some of these mines are operational while others are still in the developmental stage. Wheaton currently has proven and probable cobalt reserves of tens of millions of pounds, but also sizable reserves of gold, silver and palladium. 

The company has a market cap of more than $18 billion and posted more than $1 billion in revenue in December 2020. Last month, the company announced that it had reached an agreement for a gold streaming project in Chile. The construction for the project is expected to start later this year and gold production from the site would begin in 2024. The company posted record revenues and operating cash flows in 2020. It is placed third on our list of top 10 best cobalt stocks to buy for 2021. 

As of the end of the fourth quarter, there were 34 hedge funds in Insider Monkey’s database that held stakes in Wheaton Precious Metal Corp., compared to 29 funds in the third quarter. First Eagle Investment Management, with 16.2 million shares of WPM, is the biggest stakeholder in the company.

In one of their investor letters, First Eagle Investment Management highlighted a few stocks and Wheaton Precious Metals Corp. (NYSE:WPM) is one of them. Here is what First Eagle said:

“The strength in the price of gold was generally supportive of gold-related equities whose performance historically has been leveraged to the gold price. One such example is Wheaton Precious Metals, a Canadian streaming company that maintains, in our view, a high-quality, low-cost portfolio of precious metal purchase agreements that is well diversified across mining partners, geographies and metal types. Despite pandemic-related suspensions of six of its mining assets, Wheaton posted a 50% year-over-year increase in operating cash flow for the first quarter, which allowed the company to reduce its net debt while raising its quarterly dividend payment.”