5 Best TSX Stocks To Buy Right Now

In this article, we discuss 5 best TSX stocks to buy right now. If you want to read our detailed discussion on Canada’s economy, check out 5 Best TSX Stocks To Buy Right Now. 

5. Agnico Eagle Mines Limited (NYSE:AEM)

Number of Hedge Fund Holders: 42

Agnico Eagle Mines Limited (NYSE:AEM) is a gold mining company that engages in the exploration, development, and production of precious metals. Their mining operations are spread across Canada, Australia, Finland, and Mexico, while they conduct exploration and development activities in Canada, Australia, Europe, Latin America, and the United States. Agnico Eagle Mines Limited (NYSE:AEM) is one of the best TSX stocks to invest in. 

On June 20, Agnico Eagle Mines Limited (NYSE:AEM) conducted an internal study that indicates increased value, a prolonged mine lifespan, and potential future production expansion at its Canadian Malartic mining complex in Quebec. The company forecasts an average annual gold production of 558,000 ounces over a 13-year period, starting from 2029, with total cash costs estimated at $768 per ounce.

According to Insider Monkey’s first quarter database, 42 hedge funds were bullish on Agnico Eagle Mines Limited (NYSE:AEM), compared to 41 funds in the prior quarter. Jean-Marie Eveillard’s First Eagle Investment Management is the largest stakeholder of the company, with 6.2 million shares worth $318 million. 

Old West Management made the following comment about Agnico Eagle Mines Limited (NYSE:AEM) in its Q4 2022 investor letter:

“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.”