5 Best Copper Stocks To Invest In According To Analysts

4. Barrick Gold Corporation (NYSE:GOLD)

Number of Hedge Fund Holders: 43

Average Upside Potential: 36.70%

Barrick Gold Corporation (NYSE:GOLD) is involved in the exploration, development, production, and sale of gold and copper properties globally. The company also explores and sells silver and energy materials. Founded in 1983, Barrick Gold Corporation (NYSE:GOLD) is headquartered in Toronto, Canada. It is one of the best copper stocks to consider. On February 14, Barrick Gold Corporation (NYSE:GOLD) declared a quarterly dividend of $0.10 per share, in line with previous. The dividend is payable on March 15, to shareholders on record as of February 29. The company also introduced a new $1 billion share repurchase program. The program, spanning the next 12 months, enables Barrick to repurchase its common shares at prevailing market prices. 

According to Insider Monkey’s fourth quarter database, 43 hedge funds were long Barrick Gold Corporation (NYSE:GOLD), compared to 36 funds in the last quarter. Jean-Marie Eveillard’s First Eagle Investment Management is the biggest stakeholder of the company, with 44.6 million shares worth $808.2 million. 

Old West Management made the following comment about Barrick Gold Corporation (NYSE:GOLD) in its Q4 2022 investor letter:

“Barrick Gold Corporation (NYSE:GOLD) is the second largest gold miner in the world, with operations in the U.S., Canada, Africa, South America and more. Barrick is also a major copper producer. Former Goldman Sachs executive John Thornton took control of the company in 2012 and quickly realized he wanted someone with a mining background to run the company. Mark Bristow, at that time CEO of Randgold, was considered one of the best gold mining executives in the world. Thornton wanted Bristow so badly Barrick bought Randgold in 2018. Bristow, who is South African, had extensive experience operating mines throughout Africa, and in fact would fly his own single engine plane to visit mines. He has his PhD in Geology, and he has flourished running Barrick the past five years.

Barrick is estimated to have $1.6 billion of net income this year on $11.5 billion of revenue. Net Income has been growing 15% per year. The stock trades at $19.00 per share which is 16 times forward earnings, and the stock has a 3.15% dividend yield. Barrick has a fortress balance sheet with $5.7 billion in cash and $5 billion of long term debt, which is only one time EBITDA.”