5 Best Gold Mining Stocks to Invest In

1. Freeport-McMoRan Inc. (NYSE: FCX)

Number of Hedge Fund Holders: 68 

Freeport-McMoRan Inc. (NYSE: FCX) is one of the leading mining companies based in Phoenix, Arizona. The company tops our list of the best gold mining stocks to invest in. It has proven reserves of gold, copper, and molybdenum with one of the largest gold deposits in the world. 

In Q1 2021, Freeport-McMoRan Inc. (NYSE: FCX) reported a net income of $756 million, up from $235 million during the same period last year. The EPS met the market consensus of $0.51. In Q1, the company produced over 258,000 ounces of gold, which is expected to reach 1.3 million ounces by the end of 2021. The revenue also presented a 73.2% year-over-year growth at $4.8 billion in Q1.

The company attributed the strong earnings to a 24% year-over-year increase in copper production, resulting in higher copper prices. The shares have soared by 185% in the past year and 33.8% year to date. Deutsche Bank raised its price target on FCX stock from $36 to $50 in May and ranked it as a ‘Buy’. 

At the end of Q1 2021, we see that hedge funds are turning bullish on Freeport-McMoRan Inc. (NYSE: FCX), as 68 funds have positions in the company, compared with 61 in the previous quarter. Fisher Asset Management is the leading shareholder of the company with 44.2 million shares, worth $1.4 billion. 

You can also take a look at  Top 20 Gold Mining Companies and 12 Best Mining Stocks to Buy Now.

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