These are the 5 Best Gold stocks to buy in April 2024, according to Wall Street analysts. Currently, gold prices are hovering around $2,200 per ounce. Since December 2023, gold prices have been on an upswing and few experts predict that the prices will continue to rise in 2024.
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Gold is considered a safe-haven investment and a hedge against inflation. Also, gold prices tend to do well in times of economic uncertainty. Low interest rates, geopolitical tensions, macro headwinds, and a weak U.S. dollar, all tend to boost the performance of gold. There are many ways to invest in gold, including buying the physical metal, gold bars and coins, gold mining stocks, and gold ETFs, and trading in gold futures. While there are pros and cons of investing in the yellow metal, buying gold mining stocks is a good way to diversify and gain exposure to the glittery world. Read on to see the best 5 gold stocks that have won analysts’ favor to buy in April 2024.
#1 Barrick Gold Corp. (NYSE:GOLD)
Toronto-based Barrick Gold boasts one of the largest portfolios of Tier One gold and copper assets in the industry. All of its mines have 10-year business plans with operations spread across four continents in 18 countries. Barrick Gold continues to explore and develop newer world class assets, adding to its existing portfolio and further strengthening its market leading position.
In Fiscal 2023, Barrick Gold produced 4.05 million ounces of gold and 420 million pounds of copper. Meanwhile, the company announced a $0.10 per share dividend for the Q4FY23 and a new stock buyback plan of up to $1 billion in 2024. Barrick has an above average dividend yield of 2.42% with a payout ratio of 47.12%.
In FY23, the company reported adjusted earnings of $0.84 per share (up 12%) on revenues of $11.40 billion (up 3%). For Fiscal 2024, Barrick Gold forecasts gold production of between 3.9 and 4.3 million ounces and copper production between 180 and 210 Kt (thousands of tonnes).
Is Barrick Gold a Good Stock to Buy?
With ten Buys and three Hold ratings, GOLD stock has a Strong Buy consensus rating on TipRanks. The average Barrick Gold price target of $20.34 implies 22.2% upside potential from current levels.
#2 Wheaton Precious Metals Corp. (NYSE:WPM)
Wheaton Precious Metals is one of the world’s largest precious metals streaming companies with a portfolio of low-cost, long-life assets, including a gold stream on Vale’s (NYSE:VALE) Salobo mine, and a silver stream on Newmont’s (NYSE:NEM) Peñasquito mine. The company enters into purchase agreements with precious metal miners for an upfront payment and an additional payment upon delivery of the metal. Currently, WPM has streaming agreements for 18 operating mines and 27 development stage projects.
In FY23, WPM met its targeted annual production of approximately 619,608 gold equivalent ounces. For Fiscal 2024, WPM guided for annual gold equivalent ounces production of between 550,000 to 620,000. Revenues for the full year fell 4.6% to $1.02 billion while adjusted earnings grew 5.3% to $1.17 per share.
Moreover, the company moved to a new progressive dividend policy by increasing its 2024 annual dividends. The board approved a quarterly dividend of $0.155 per share, representing a yield of 1.35%.
Is WPM Stock a Buy?
On TipRanks, WPM stock has a Strong Buy consensus rating based on eight Buys and two Hold ratings. The average Wheaton Precious Metals price target of $53.48 implies 13.5% upside potential from current levels.
#3 Alamos Gold, Inc. (NYSE:AGI)
Alamos Gold is a low-cost gold producing company with two operating mines in Canada and one in Mexico and a strong portfolio of development stage projects. Alamos pays $0.02 per share of quarterly dividend, with a yield of 0.68%.
Importantly, Alamos entered into a definitive agreement to acquire all the outstanding common shares of Argonaut Gold Inc. (TSE:AR) subject to regulatory approval for $325 million. Alamos will only acquire Argonaut’s Magino mine, located next to its Island Gold mine in Ontario, Canada. Meanwhile, Argonaut’s remaining mines will be spun off into a new entity.
Alamos and Argonaut’s combined gold mines are expected to produce roughly 280,000 ounces in 2024, and increase to over 400,000 ounces per year later. Meanwhile, Alamos’ group gold production is expected to exceed 600,000 ounces annually. Also, the acquisition will unlock long term pre-tax synergies of approximately $515 million.
Is Alamos Gold a Good Stock to Buy?
Based on seven Buys and two Hold ratings, AGI stock has a Strong Buy consensus rating on TipRanks. The average Alamos Gold price target of $15.86 implies 7.5% upside potential from current levels.
#4 Agnico Eagle Mines Ltd. (NYSE:AEM)
Agnico Eagle is a senior gold mining company with operations spanning Canada, Australia, Finland, and Mexico, and development projects in the U.S. and Colombia. Agnico aims to build a high-quality, manageable business that generates superior long-term returns by increasing gold production in lower risk jurisdictions, growing cash flows, giving meaningful dividends, and minimizing share dilution.
In FY23, AEM reported record gold production of 3,439,654 ounces, meeting the top end of its guidance range. For Fiscal 2024, AEM projects gold production in the range of 3.35 and 3.55 million ounces.
Moreover, the board announced a quarterly dividend of $0.40 per share, representing a yield of 2.7% and boasting a payout of 71.61%.
Is Agnico Eagle a Good Stock?
With seven Buys versus one Hold rating, AEM stock has a Strong Buy consensus rating on TipRanks. The average Agnico Eagle price target of $62.11 implies 4.1% upside potential from current levels.
#5 B2Gold Corp. (NYSEAMERICAN: BTG)
B2Gold is a low-cost international senior gold producer that owns and operates gold mines in Mali, Namibia and the Philippines. Plus, B2Gold has a mine under construction in northern Canada and numerous development projects in Mali, Colombia and Finland.
In FY23, BTG reported record gold production of 1,061,060 ounces, meeting the upper half of its guidance. For Fiscal 2024, B2Gold projects total gold production between 860,000 and 940,000 ounces.
Moreover, the board announced a quarterly dividend of $0.04 per share for Q1FY24, reflecting an attractive yield of 6.12%.
What is the Future of B2Gold?
On TipRanks, BTG stock commands a Strong Buy consensus rating based on ten Buys and one Hold rating. The average B2Gold price target of $4.10 implies 57.1% upside potential from current levels.
Key Takeaways
Investing in gold stocks can provide the much-needed diversification and low-risk-return profile to an investor’s portfolio. In times of uncertainty, gold can prove to be a best defence play. The above 5 best gold stocks offer the potential for considerable growth in the future and have also won analysts favor. An investor can consider investing in these stocks after thorough research.
