Worrisome commentary has begun. While the threats and headline chatter of a major war breaking out in Europe from the confines of Ukraine are unlikely, they are not impossible. Ukraine is not a NATO member, but if any incursion by the Russian Army spills over into a NATO country (as Lyse Doucet writes for BBC News), Article 5 of NATO’s constitution states that “an attack against one ally is considered an attack against all allies.” If that happens, the world moves into uncharted territory and there’s a dangerous possibility of a NATO-Russia confrontation.
While most around the world are tapping the brakes on that extreme idea, we think it makes sense for investors to do what always makes sense. In investing, as in life, hope for the best and plan for the worst. So, we screened our 24/7 Wall St. research database looking for safe-haven stocks that pay solid and dependable dividends. We focused on utilities, gold and real estate, as they are sectors where money often flows in difficult times. All three are solid ideas with inflation spiraling higher.
Twelve stocks hit our screens, and all are rated Buy by major Wall Street firms. It is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.
With the precious metal hitting a 52-week high on Friday, it is quite apparent that many investors are already moving funds there. We screened the BofA Securities gold research universe and found four top ideas.
Agnico Eagle Mines
This is one of Wall Street’s most preferred North American gold producers. Agnico Eagle Mines Ltd. (NYSE: AEM) is a senior Canadian gold-mining company that has produced precious metals since 1957. Its eight mines are located in Canada, Finland and Mexico, with exploration and development activities in each of these regions, as well as in the United States and Sweden.
The company and its shareholders have full exposure to gold prices due to its long-standing policy of no forward gold sales. Agnico Eagle has declared a cash dividend every year since 1983. The stock has been crushed as gold has sold well off the May 2021 highs, and with a surge of inflation you can bet many savvy portfolio managers are ready to add back top companies like this.
Shareholders receive a 2.833% dividend. The BofA Securities price target for Agnico Eagle Mines stock is $64, but the consensus target is higher at $86.11. Shares traded early Monday at $56.30.
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