5 Best Mining Stocks To Buy Now

4. Barrick Gold Corporation (NYSE:GOLD)

Number of Hedge Fund Holders: 40

Barrick Gold Corporation (NYSE:GOLD) is one of the largest gold miners in the world and is one of the best mining stocks to invest in right now. The stock is trading at bargain levels and as of October 10, has a trailing twelve-month PE ratio of  13.53 and is offering a forward dividend yield of 5.17%. The company has free cash flows of $1.76 billion.

This July, Stifel analyst Ingrid Rico revised her price target on Barrick Gold Corporation (NYSE:GOLD) to C$35.25 from C$41 and reiterated a Buy rating on the shares. On September 12, Goldman Sachs analyst Emily Chieng started coverage of Barrick Gold Corporation (NYSE:GOLD) with a Neutral rating and an $18 price target.

At the close of Q2 2022, 40 hedge funds were long Barrick Gold Corporation (NYSE:GOLD) and held stakes worth $1.13 billion in the company. Of those, First Eagle Investment Management is the most prominent investor in the company and has stakes worth $471 million.