Gold stocks are an important part of any investment portfolio. They provide a hedge against inflation and economic uncertainty and can be a source of stability during periods of stock market volatility. Gold stocks also offer the potential for capital appreciation, as the price of gold tends to increase over time. When choosing gold stocks, it is important to consider the company’s financial stability, growth potential, and dividends.
Gold stocks are usually a long-term investment, and it is important to select companies that are well-positioned to weather market fluctuations. With careful research and due diligence, gold stocks can be a valuable addition to any investment portfolio. If this has you interested in investing in the gold sector, here are three blue-chip gold stocks to watch in the stock market today.
Gold Stocks To Buy [Or Avoid] Now
1. Barrick Gold (GOLD Stock)
First on the list, is Barrick Gold Corporation (GOLD). Barrick Gold Corporation is a Canadian gold mining company headquartered in Toronto, Ontario. Barrick is one of the largest gold mining companies in the world. For a sense of scale, the company has operations in 18 countries on four continents worldwide. Also, Barrick produces more than 4 million ounces of gold per year, and has reserves of over 69 million ounces as December 31, 2021.
GOLD Recent Stock News
Separate from that, the company is set to announce its third-quarter 2022 financial results on November 3rd, 2022. In the meantime, let’s take a look to see Barrick performed in Q2 2022. Diving in, GOLD reported in-line earnings of $0.24 per share, with revenue of $2.9 billion for the second quarter 2022. Additionally, Barrick’s operating cash flow came in at $924 million, while free cash flor for the 2nd quarter of 2022 was $169 million. Meanwhile, total gold production was 1.04 million ounces for the quarter.
GOLD Stock Chart
In the last month of trading action, shares of GOLD stock have rebounded over 4% as of Friday’s closing bell at $15.50 per share. Given it’s recent trading momentum, do you think now is a good time to add GOLD stock to your watchlist?
2. Newmont (NEM Stock)
Following that, we have Newmont Corporation (NEM). Newmont Corporation is a mineral exploration and development company with operations in the Newmont Corp is primarily a gold producer with operations and/or assets in the The company’s portfolio of assets, are located in regions of North America, South America, Australia and Africa. For a sense of scale, Newmont is currently the world’s largest publicly traded gold company by market capitalization in the stock market today at $33.35 billion. What’s more, Newmont is the only gold company that is a component of the S&P 500 Index.
NEM Recent Stock News
In July, Newmont announced its 2nd Quarter 2022 financial results. In the report, the company reported Q2 2022 earnings of $0.46 per share, along with revenue of $3.1 billion. This was compared with analysts’ estimates for the quarter which was $0.60 earnings per share. In addition, the company declared a second quarter dividend of $0.55 per common stock, which is consistent over the previous seven quarters. Next, in the second quarter, NEM reported it had produced 1.5 million ounces of gold.
Furthermore, Tom Palmer, Newmont President, and CEO commented this about Q2 2022 performance, “Newmont delivered a solid second quarter performance, producing 1.5 million gold ounces and generating $514 million in free cash flow. Through our industry-leading portfolio of assets and projects, our proven integrated operating model, our balanced and disciplined approach to capital allocation and our values-driven commitment to our purpose of creating value and improving lives through sustainable and responsible mining.”
NEM Stock Chart
As of Friday’s closing bell, shares of NEM stock are trading at $42.03. With Newmont Corporation currently trading 51.33% off its 52-week highs, could now be a good time to add NEM stock to your long-term portfolio at these price levels?
3. Agnico Eagle Mines (AEM Stock)
Finishing off the list is Agnico Eagle Mines (AEM). Agnico Eagle Mines is a Canadian gold mining company with operations in Canada, Australia, Finland and Mexico. As of Today, Agnico Eagle Mines is the fourth largest publicy traded gold company by market capitalization at $19.45 Billion.
AEM Recent Stock News
Moving along, just last week, Agnico Eagle Mines announced that it will be releasing its third quarter 2022 financial results. The company said they will be announcing the results on Wednesday, October 26th, 2022 after the market closes. For context, here’s how AEM performed in the second quarter of 2022. Back in late July, the company reported Q2 2022 earnings of $0.75 per share, with revenue of $1.6 billion. These revenue figures for the second quarter represented a 63.6% increase during the same period in 2021. Also, in the 2nd quarter 2022, AEM reported gold production of 858,170 ounces.
Ammar Al-Joundi, Agnico Eagle’s President and Chief Executive Officer commented this about the second quarter performance, “In the second quarter of 2022 the Company set a new quarterly production record driven by both strong operational and safety performance. In Nunavut, Amaruq had a record quarter for both costs and production, and the Ontario mines exceeded forecast. This strong production performance led to better than expected earnings and cashflow and puts us in a good position to deliver on 2022 guidance forecasts, despite ongoing inflationary cost pressures.“
AEM Stock Chart
Meanwhile, shares of AEM stock are up over 8% during the last five trading days. The company’s stock is set to to open Monday morning’s trading session at $42.23 a share. Considering this, will you be adding AEM stock to your list of gold stocks to watch in the stock market this week?