A gold mining stock might seem like a strange pick for an alternative investor focused on renewable energy. However, gold is actually crucial to the wider industry. This rare metal is used in solar panel arrays to increase efficiency. Even when used in small amounts, power output can be significantly increased. Gold is also a component in advanced battery cell technology, creating more efficient solutions for long and short term energy storage.
Harmony Gold Mining Co. (NYSE: HMY) is a bargain stock with high growth potential. The company is engaged in exploration and mining, with operations based in South Africa. Earnings estimates have increased 5.3% over the last two months, hinting that there’s a strong upside to come. In the mid term, analysts are predicting an average target price of $3.64, which is significant considering that the stock is priced around $2.50 today.
Revenue at Harmony was up 37.41% in the 2019 fiscal year, thanks to strong demand, high output, and rising gold prices. Not only is this a pick that complements an alternative portfolio; it’s also heavily discounted due to recent market slides. It’s a bargain to consider in April.
- 1 Year Price Growth: 12%
- YTD Price Growth: -31.96%
- 3 Month Price Growth: -31.58%
All information is based on current and historical market data, as well as publicly available financial data. As with any financial decision, your own research is important. Stock market outcomes can never be 100% accurately predicted. Familiarity with historical data, individual industries, and individual stocks is key to developing a robust portfolio. Note that stock prices can fluctuate rapidly during trading sessions.