5 Most Promising Gold Stocks According to Analysts

3. Barrick Gold Corporation (NYSE:GOLD)

Number of Hedge Fund Holders: 40

Average Price Target by Analysts: $21.99

Barrick Gold Corporation (NYSE:GOLD) is a Canadian company that mines for gold and copper. Barrick Gold Corporation (NYSE:GOLD) ranks 3rd in our list of the most promising gold stocks according to analysts. Earlier this month, Barrick Gold Corporation (NYSE:GOLD) posted mixed fourth-quarter results. Barrick Gold Corporation (NYSE:GOLD) posted a loss of $735 million, while it was profitable in the comparable quarter last year. Adjusted EPS in the quarter came in at $0.13, beating estimates by $0.01. Revenue in the period fell 16.3% on a YoY basis to reach $2.77 billion, missing estimates by $20 million.

Barrick Gold Corporation (NYSE:GOLD)’s board also authorized a new share buyback program of up to $1.0 billion of the company’s outstanding common shares over the next 12 months.

As of the end of the fourth quarter of 2022, 40 hedge funds had stakes in Barrick Gold Corporation (NYSE:GOLD), according to Insider Monkey’s database of 943 hedge funds’ holdings.

Old West Management made the following comment about Barrick Gold Corporation (NYSE:GOLD) in its Q4 2022 investor letter:

“Barrick Gold Corporation (NYSE:GOLD) is the second largest gold miner in the world, with operations in the U.S., Canada, Africa, South America and more. Barrick is also a major copper producer. Former Goldman Sachs executive John Thornton took control of the company in 2012 and quickly realized he wanted someone with a mining background to run the company. Mark Bristow, at that time CEO of Randgold, was considered one of the best gold mining executives in the world. Thornton wanted Bristow so badly Barrick bought Randgold in 2018. Bristow who is South African, had extensive experience operating mines throughout Africa, and in fact would fly his own single engine plane to visit mines. He has his PhD in Geology, and he has flourished running Barrick the past five years.

Barrick is estimated to have $1.6 billion of net income this year on $11.5 billion of revenue. Net Income has been growing 15% per year. The stock trades at $19.00 per share which is 16 times forward earnings, and the stock has a 3.15% dividend yield. Barrick has a fortress balance sheet with $5.7 billion in cash and $5 billion of long term debt, which is only one time EBITDA”