5 Best Gold Mining Companies to Invest In According to Analysts

4. Barrick Gold Corp (NYSE:GOLD)

Average Analyst Share Price Upside: 39.39%

Average Analyst Share Price Target: $20.42

Barrick Gold Corporation (NYSE:GOLD), headquartered in Toronto, Ontario, Canada, stands as a leading mining company focused on gold and copper production, boasting operations across 16 sites spanning 13 countries, thus maintaining a robust global presence.

During the 2023 earnings season, Barrick Gold Corporation (NYSE:GOLD) experienced favorable results, buoyed by the sustained strength of gold prices, which exceeded US$1,900 amid expectations of an interest rate cut. The company reported a noteworthy performance, producing gold at an average cost of $1,334 per ounce while realizing a gold price of $1,948 per ounce, marking a significant 13% increase during the quarter. These high gold prices contributed to a 200% surge in its net earnings per share, reaching $0.72. Additionally, the company witnessed a substantial 50% uptick in free cash flow, totaling $646 million, providing the company with flexibility to maintain its quarterly dividend payout of $0.10 per share.

By the end of last year’s fourth quarter, 43 out of the 933 hedge funds covered by Insider Monkey’s research were Barrick Gold Corporation (NYSE:GOLD) shareholders.