5 Best Gold Stocks To Buy Now

3. Newmont Corporation (NYSE: NEM)

The gold producer and explorer Newmont Corporation (NYSE: NEM) is the third-largest investment of Jim Simons, accounting for 0.51% of the overall portfolio. The company first initiated a position in a mining company during the third quarter of 2014. Newmont’s stake is valued at $508 million and it is the third-largest gold stock in Jim Simons portfolio.

Newmont reported record profits in the third quarter and its adjusted net income almost doubled to $697 million. The growth in gold prices helped Newmont in generating record financial numbers. Its share price grew by more than 40% in the last twelve months. Moreover, the company offers a dividend yield above 3%, with average five-year dividend growth of 20%. The company has recently increased its quarterly dividend by 60% to $0.40 per share.

“As demonstrated by our second dividend increase this year, with a 79 percent increase in January and a further 60 percent increase in October, I am confident that our world-class portfolio is best positioned to generate industry-leading value and returns for our shareholders,” said Tom Palmer, President, and Chief Executive Officer.

First Eagle is a NEM bull and talked about the stock in their Q2 investor letter. Here is what they said:

“Given what we view as a high-quality management team and robust balance sheet, Colorado’s Newmont is a prime example of a miner that was prepared to meet the challenges of Covid19. With rigorous protocols already in place, the company has been proactive in managing its mines to protect local communities and infrastructure while at the same time mitigating the pandemic’s impact on its business. In contrast with broad market trends that have companies cutting or suspending dividend payments, Newmont recently increased its quarterly dividend by 79%.”