Agnico Eagle(US:AEM) ZACKSยท2024-08-03 00:30Core Viewpoint - Investors are likely to focus on gold as a defensive asset amid increased market volatility, particularly following a jobs report indicating a cooling labor force and a rise in the unemployment rate to 4.3%, the highest since 2021 [1]. Gold Mining Industry - The Zacks Mining-Gold Industry ranks in the top 22% of over 250 Zacks industries, indicating strong performance and potential investment opportunities [1]. Agnico Eagle Mines (AEM) - Agnico Eagle Mines has seen its stock price increase by over 37% this year, outperforming broader indexes and the Zacks Mining-Gold Market's 21% rise [1]. - The company's fiscal 2024 EPS is projected to rise by 58% to $3.52, compared to $2.23 per share last year, and it holds an "A" Zacks Style Scores grade for Growth [2]. Barrick Gold - Barrick Gold, one of the largest gold producers globally, has a stock price under $20 and a forward earnings ratio of 15.7X [3]. - The company's EPS is expected to increase by 38% this year, with FY25 earnings projected to rise by another 32% to $1.53 per share [3]. - Barrick Gold offers a 2.19% annual dividend, which has been increased 13 times in the last five years, and has a payout ratio of 45%, indicating potential for further dividend hikes [3]. Franco-Nevada Corporation - Franco-Nevada operates as a gold-focused royalty and streaming company, with interests in silver and platinum group metals [4]. - The company provides a 1.13% annual dividend, which has been raised 14 times in the last five years, with a payout ratio of 41% [5]. - Recent earnings estimate revisions for Franco-Nevada have shown increases of 10% and 8% for FY24 and FY25 EPS estimates, respectively, over the last 30 days [5]. Investment Takeaway - Given the current market conditions, these top gold mining stocks are positioned as viable options for investors seeking defensive safety [6].