5 Best Mineral Stocks To Buy Now

In this article, we discuss 5 best mineral stocks to buy now. If you want to see more stocks in this selection, check out 11 Best Mineral Stocks To Buy Now. 

5. Alamos Gold Inc. (NYSE:AGI)

Number of Hedge Fund Holders: 19

Alamos Gold Inc. (NYSE:AGI) is a Toronto-based multinational gold producer. The company owns and operates three mines, including the Young-Davidson Mine and the Island Gold Mine in Ontario, and the Mulatos Mine in Sonora, Mexico. On October 26, the company reported a Q3 non-GAAP EPS of $0.07, in line with market consensus. The revenue came in at $213.6 million, up 7.9% year-over-year, beating Wall Street estimates by $2.8 million. The company reported that the third quarter of 2022 marked the highest production in nearly two years. Alamos Gold Inc. (NYSE:AGI) is one of the best mineral stocks to invest in. 

On October 13, National Bank analyst Mark Parkin raised the price target on Alamos Gold Inc. (NYSE:AGI) to C$13 from C$12.50 and maintained an Outperform rating on the shares.

According to Insider Monkey’s data, 19 hedge funds were bullish on Alamos Gold Inc. (NYSE:AGI) at the end of June 2022, compared to 21 funds in the prior quarter. Jean-Marie Eveillard’s First Eagle Investment Management is the leading position holder in the company, with nearly 12 million shares worth $83.5 million. 

4. Wheaton Precious Metals Corp. (NYSE:WPM)

Number of Hedge Fund Holders: 27

Wheaton Precious Metals Corp. (NYSE:WPM) is a Canadian streaming company with interests in precious metals such as gold, silver, palladium, and cobalt. The company’s business model, paired with a fortress balance sheet and a strong liquidity position, provides protection from heightening operating costs within the precious metals sector. It is one of the best mineral stocks to invest in. 

On October 19, investment advisory Stifel maintained a Buy rating on Wheaton Precious Metals Corp. (NYSE:WPM) but lowered the firm’s price target on the shares to C$64 from C$66.50. Analyst Ingrid Rico issued the ratings update. 

Among the hedge funds tracked by Insider Monkey, 27 hedge funds were bullish on Wheaton Precious Metals Corp. (NYSE:WPM) at the end of June 2022, compared to 28 funds in the earlier quarter. Murray Stahl’s Horizon Asset Management is a prominent stakeholder of the company, with 3.4 million shares worth $123 million. 

3. Agnico Eagle Mines Limited (NYSE:AEM)

Number of Hedge Fund Holders: 31

Agnico Eagle Mines Limited (NYSE:AEM) is headquartered in Toronto, Canada, and the company is engaged in the exploration, development, and production of mineral properties in Canada, Mexico, and Finland. The company primarily deals in gold, silver, zinc, and copper. On October 26, Agnico Eagle Mines Limited (NYSE:AEM) declared a quarterly dividend of $0.40 per share, in line with previous. The dividend is payable on December 15, to shareholders of record on December 1. The company’s dividend yield on November 1 came in at 3.50%. 

On October 17, Barclays analyst Matthew Murphy raised the price target on Agnico Eagle Mines Limited (NYSE:AEM) to $63 from $62 and kept an Overweight rating on the shares. The analyst prefers gold equities over base metal equities as global growth softens. 

According to Insider Monkey’s data, 31 hedge funds were long Agnico Eagle Mines Limited (NYSE:AEM) at the end of June 2022, compared to 38 funds in the prior quarter. Rajiv Jain’s GQG Partners is the leading position holder in the company, with 17.5 million shares worth $798.5 million. 

2. Newmont Corporation (NYSE:NEM)

Number of Hedge Fund Holders: 56

Newmont Corporation (NYSE:NEM) is headquartered in Denver, Colorado, and the company engages in the production and exploration of gold, copper, silver, zinc, and lead. The company has operations and assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, and Ghana. 

On October 27, Newmont Corporation (NYSE:NEM) declared a quarterly dividend of $0.55 per share. The dividend is payable on December 29, to shareholders of record on December 8. Since the inception of its dividend policy, the company has returned approximately $4 billion to shareholders. Newmont Corporation (NYSE:NEM) is one of the premier mineral stocks to buy now. 

National Bank analyst Mike Parkin on October 13 raised the price target on Newmont Corporation (NYSE:NEM) to C$80 from C$79 and kept an Outperform rating on the shares.

According to Insider Monkey’s data, 56 hedge funds were bullish on Newmont Corporation (NYSE:NEM) at the end of June 2022, compared to 53 funds in the prior quarter. Rajiv Jain’s GQG Partners is the largest stakeholder of the company, with 34.8 million shares worth over $2 billion. 

Here is what First Eagle Investments Global Fund has to say about Newmont Corporation (NYSE:NEM) in its Q2 2022 investor letter:

“Shares of Colorado-based Newmont, the largest gold miner in the world, experienced weakness in the quarter as falling gold bullion prices and cost inflation hurt miners in general. More idiosyncratically, the company reported slightly disappointing earnings and production results for its most recent quarter due to pandemic-related disruptions, ongoing supply-chain constraints, and labor shortages.

It also warned that operating costs for 2022 were likely to come in at the upper end of previous guidance. We remain constructive on the stock, which offers steady production anchored in good jurisdictions, a good pipeline of organic projects, a strong balance sheet, and proven management.”

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

Number of Hedge Fund Holders: 56

Freeport-McMoRan Inc. (NYSE:FCX) is an Arizona-based company engaged in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals. It is one of the best mineral stocks to consider. The company distributed a $0.15 per share quarterly dividend to shareholders on November 1. 

On October 5, Deutsche Bank analyst Abhi Agarwal maintained a Hold rating on Freeport-McMoRan Inc. (NYSE:FCX) but lowered the price target on the shares to $30 from $35. When the global cycle recovers, the market will experience tight inventories and prices could once again shoot up to attractive levels, the analyst told investors in a research note.

According to Insider Monkey’s data, 56 hedge funds were bullish on Freeport-McMoRan Inc. (NYSE:FCX) at the end of June 2022, compared to 68 funds in the prior quarter. Ken Fisher’s Fisher Asset Management is the largest stakeholder of the company, with 52 million shares worth $1.5 billion. 

Here is what Carillon Tower Advisers specifically said about Freeport-McMoRan Inc. (NYSE:FCX) in its Q2 2022 investor letter:

“Mining company Freeport-McMoRan Inc. (NYSE:FCX) fell with the price of copper as emerging market credit and rate hike jitters weighed on metal prices. Copper is projected to be in very short supply into the end of the decade due to a scarcity of new mines being developed and the increasing use of renewable energy, but economic recession fears, a slowdown in construction in China, and a slowing housing market in the United States dented the stock price.”

You can also take a look at 11 Best Healthcare Dividend Stocks To Buy and 10 Best Utility Dividend Stocks To Buy. 

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