5 Best Gold Stocks to Buy for Portfolio Diversification

3. Barrick Gold Corporation (NYSE:GOLD)

Number of Hedge Fund Holders: 40

Barrick Gold Corporation (NYSE:GOLD) explores, produces, and sells gold and copper properties. The company is based in Toronto, Canada.

Analysts at Barclays hold an Overweight rating on Barrick Gold Corporation (NYSE:GOLD) shares as of April 21.

With seven Buy ratings and four Hold ratings placed on Barrick Gold Corporation (NYSE:GOLD), analysts consider the stock to be a Moderate Buy. They have placed an average price target of $22.73 on the shares, which were trading at $19.07 on April 27. This gives them an upside potential of 19.25%.

Barrick Gold Corporation (NYSE:GOLD) had 40 hedge funds long its stock in the fourth quarter, with a total stake value of $721 million.

Old West Management, an investment management company, mentioned Barrick Gold Corporation (NYSE:GOLD) in its fourth-quarter 2022 investor letter. Here’s what the firm said:

“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”