#3 - Wheaton Precious Metals (NYSE:WPM)
Mining stocks are highly cyclical in nature. But the current outlook for gold, silver, copper, as well as other rare earth minerals, is putting the sector in favor. And Wheaton Precious Metals Corporation (NYSE: WPM) offers investors a lower-risk option for playing the sector.
Wheaton doesn’t mine for metals. Rather, it’s a streaming company. This means it pays miners cash up front and subsequently receives a predefined amount of the metal production from those miners.
This model works in the company’s favor when the price of the underlying metals is going up. That’s been the case for much of 2022. And even with some volatility in 2023, prices for gold, silver, and copper are expected to climb in 2024 and beyond.
Analysts are forecasting that the company’s profits will increase by nearly 20% in the next 12 months, which should be more than enough to boost the company’s share price.
About Wheaton Precious Metals
Wheaton Precious Metals Corp. primarily sells precious metals in North America, Europe, and South America. It produces and sells gold, silver, palladium, and cobalt deposits. The company was formerly known as Silver Wheaton Corp. and changed its name to Wheaton Precious Metals Corp. in May 2017. Wheaton Precious Metals Corp.
Read More - Current Price
- $63.81
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 9 Buy Ratings, 1 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $71.67 (12.3% Upside)
