5 Best Gold Stocks to Buy for Portfolio Diversification

2. Agnico Eagle Mines Limited (NYSE:AEM)

Number of Hedge Fund Holders: 41

Agnico Eagle Mines Limited (NYSE:AEM) explores, develops, and produces mineral properties, primarily gold deposits. It is based in Toronto, Canada.

An Overweight rating was reiterated on Agnico Eagle Mines Limited (NYSE:AEM) on April 21 by Matthew Murphy at Barclays.

Agnico Eagle Mines Limited (NYSE:AEM) generated revenues of $1.38 billion in the fourth quarter. This represented an increase of 45.9%. The company’s EPS for the quarter was $0.41, in line with estimates.

A total of 41 hedge funds were long Agnico Eagle Mines Limited (NYSE:AEM) in the fourth quarter. Their total stake value was $613 million.

Old West Management, an investment management company, mentioned Agnico Eagle Mines Limited (NYSE:AEM) in its fourth-quarter 2022 investor letter. Here’s what the firm said:

“Agnico Eagle Mines Limited (NYSE:AEM) is the third largest gold miner in the world with mines in Canada, Australia, Finland, and Mexico. Although we have long respected the company, we became shareholders when they acquired our portfolio holding, Kirkland Lake Gold. Agnico chairman Sean Boyd is one of the most respected executives in the mining industry. He was appointed CEO in 1998 and was recently appointed Executive Chairman. Boyd is a large shareholder and perfectly fits our owner/manager role. This year the company is projected to make nearly $1 billion in net income on $5.8 billion in revenue with $758 million of free cash flow. Net income has been growing 15% per year for several years. Agnico has a fortress balance sheet with $1.3 billion of long term debt, which is only 2 times EBITDA, and $820 million cash in the bank. The stock trades at $55 per share, which is 26 times earnings with a 2.9% dividend yield.”