5 Best Copper Stocks To Invest In According To Analysts

3. Newmont Corporation (NYSE:NEM)

Number of Hedge Fund Holders: 53

Average Upside Potential: 48.27%

Newmont Corporation (NYSE:NEM) is involved in gold production and exploration, along with exploring for copper, silver, zinc, and lead. The company operates in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, and Ghana. Newmont Corporation (NYSE:NEM) is one of the best copper stocks to monitor. 

On February 22, Newmont Corporation (NYSE:NEM) reported Q4 non-GAAP earnings per share of $0.50 and a revenue of $4 billion, up 24% on a year-over-year basis. The company produced 5.5 million ounces of gold and 891 thousand gold equivalent ounces from copper, silver, lead, and zinc in Q4 2023. 

According to Insider Monkey’s fourth quarter database, 53 hedge funds were bullish on Newmont Corporation (NYSE:NEM), compared to 49 funds in the prior quarter. Jean-Marie Eveillard’s First Eagle Investment Management is the biggest stakeholder of the company, with 23.75 million shares worth $983.2 million. 

Here is what First Eagle Investments Global Fund has to say about Newmont Corporation (NYSE:NEM) in its Q2 2022 investor letter:

“Shares of Colorado-based Newmont, the largest gold miner in the world, experienced weakness in the quarter as falling gold bullion prices and cost inflation hurt miners in general. More idiosyncratically, the company reported slightly disappointing earnings and production results for its most recent quarter due to pandemic-related disruptions, ongoing supply-chain constraints, and labor shortages.

It also warned that operating costs for 2022 were likely to come in at the upper end of previous guidance. We remain constructive on the stock, which offers steady production anchored in good jurisdictions, a good pipeline of organic projects, a strong balance sheet, and proven management.”