5 Best Commodity Stocks To Invest In

3. Barrick Gold Corporation (NYSE:GOLD)

Number of Hedge Fund Holders: 40

Barrick Gold Corporation (NYSE:GOLD) engages in the exploration, mine development, production, and sale of gold and copper properties. The firm is among the best commodity stocks to invest in. On September 2, the company announced that it would be selling a portfolio of royalties to Maverix Metals for up to $60 million. The portfolio consists of 22 royalties on the production of minerals from mines in North America, South America, Australia, and Africa. The transaction is expected to close at the end of the third quarter. 

On July 19, Barclays analyst Matthew Murphy maintained an Overweight rating on Barrick Gold Corporation (NYSE:GOLD) stock and lowered the price target to $25 from $28, noting that copper stocks faced headwinds on macro and fundamental levels. 

Among the hedge funds being tracked by Insider Monkey, New York-based firm First Eagle Investment Management is a leading shareholder in Barrick Gold Corporation (NYSE:GOLD), with 26.6 million shares worth more than $471 million. 

In its Q1 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Barrick Gold Corporation (NYSE:GOLD) was one of them. Here is what the fund said:

“Also within the structural bucket, we have selectively added to our commodity exposure with the purchase of Barrick Gold (NYSE:GOLD). Canadian mining company Barrick Gold is a play on operating improvements. The company has aggressively delivered its balance sheet and reduced capex spending to a lower level more permanently, directing its healthy free cash flow to dividends and buybacks.”