5 Best Commodity Stocks to Buy in 2026

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 (NYSE:AEM) 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 (NYSE:AEM) 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 (NYSE:AEM) 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 (NYSE:AEM) is deploying in Canada gave additional weight to analysts’ constructive views.

On May 19, 2026, Reuters reported Agnico Eagle Mines Limited (NYSE:AEM) 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 (NYSE:AEM) 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.