- Commodities have been surging lately, ahead of a profit booking sparked pullback.
- Concerns about currency debasement, geopolitical instability, and persistent supply deficits are pushing investors back toward real assets.
- Below, we highlight 5 commodity-linked stocks positioned to capitalize on this rally.
Commodity prices surged to unprecedented highs at the start of the year, driven by parabolic moves in precious metals, before the recent pullback triggered by profit booking. has surpassed $5,000 per ounce, has breached $100, is nearing record levels above $6.00 per pound, and is buoyed by production dynamics and Middle East tensions. In this environment, commodity-linked stocks offer leveraged exposure to these trends.
Below, we spotlight five standout picks, each positioned to capitalize on these rallies. These companies not only benefit from higher prices boosting margins and cash flows, but also demonstrate operational strength, growth potential, and resilience amid debasement concerns, making them compelling buys for the rest of the year.
1. Agnico Eagle Mines
- YTD Return: +27.1%
- Market Cap: $108.2 Billion
Agnico Eagle Mines (NYSE:), a leading Canadian gold producer, is primed to thrive as gold prices sustain above $5,000 per ounce, fueled by central bank buying, geopolitical risks, and a weak U.S. dollar.
With low-cost operations across stable jurisdictions like Canada, Australia, and Finland, Agnico’s all-in sustaining costs remain competitive, allowing it to capture outsized margins from the rally. Trading at around 32x earnings, the stock is undervalued relative to its leverage to gold.
Source: InvestingPro
Agnico Eagle Mines leads the pack with a Financial Health Overall Score of 3.67 (GREAT), powered by “EXCELLENT” ratings for both profit and growth. Analysts see a high-end price target of $276.00, implying 28.3% upside from the current $215.51.
In a world where central banks are cutting rates and balance sheets remain bloated, gold remains a favored hedge, and AEM offers one of the best combinations of scale, stability, and operating leverage to that theme.
2. Hecla Mining Company
- YTD Return: +37.1%
- Market Cap: $17.6 Billion
Hecla Mining (NYSE:), the largest primary silver producer in the US and Canada, is reaping rewards from silver’s explosive rally to above $100 per ounce, driven by persistent supply deficits, export restrictions from China, and booming industrial demand in solar, EVs, and AI.
In Q3 2025, Hecla reported record revenue of $409.5 million, up 67% year-over-year, with silver comprising 48% of sales at ultra-low costs of $11.01/oz. all-in sustaining.
Source: InvestingPro
Hecla Mining stands out for a 37% YTD run, underpinned by a Financial Health Overall Score of 3.40 (GREAT) and “EXCELLENT” growth and profit labels. Analysts peg its mean target at $26.25 (very close to the actual price of $26.32), with an ambitious high of $36.50 (+38% upside).
Despite forecasting slightly lower 2026 output (15.1-16.5 million ounces), Hecla’s deep reserves, operational flexibility, and diversification into gold (37% of revenue) ensure strong margins going forward.
3. Freeport-McMoRan
- YTD Return: +28.4%
- Market Cap: $93.5 Billion
Freeport-McMoran (NYSE:), a top global copper producer, benefits immensely from copper’s rally to over $6 per pound, propelled by AI data centers, EVs, and infrastructure spending amid supply tightness.
Despite trimming 2026 copper sales guidance to 3.4 billion pounds due to Grasberg recovery, expansions in the Americas promise 2.5 billion pounds of new supply by 2028. Forecasts of 330,000-ton deficits in 2026 could push prices to $15,000-$17,000/ton, supercharging Freeport’s $8-14 billion cash flow range.
Source: InvestingPro
Freeport-McMoRan boasts a 2.91 (GOOD) financial health score and “EXCELLENT” on profit. With a YTD return of 28% and a market price of $65.13, the high-end analyst upside target stands at 7.7%.
The company just beat earnings in Q4 and has major U.S. tariff protections boosting margins, but its current valuation leaves little room for error.
4. ConocoPhillips
- YTD Return: +9.8%
- Market Cap: $127 Billion
ConocoPhillips (NYSE:), a pure-play exploration and production giant, stands to gain from oil’s rally amid OPEC+ dynamics, US-Iran geopolitical tensions, and debasement-driven demand for energy commodities.
With low breakeven costs and a focus on high-margin basins like Permian and Eagle Ford, COP’s earnings soar with higher crude prices, evident in its robust 2025 performance. COP’s strong balance sheet, dividend appeal (yielding ~3.3%), and potential for special payouts make it resilient.
Source: Investing.com
The oil heavyweight posts a 2.80 (GOOD) financial health score and “EXCELLENT” profit. Its YTD gain is almost 10%, with the current price at $102.80. Analysts see a mean target of $113.18 (upside of about 10%), hinting at a slight undervaluation.
COP’s strong cash generation and disciplined payout strategy position it for gains if oil prices stabilize above $65-$70/bbl.
Its forward P/E of 14.5x is a bargain for a sector leader.
5. Teekay Tankers
- YTD Return: +20.1%
- Market Cap: $2.2 Billion
Teekay Tankers (NYSE:), a mid-sized crude tanker operator, profits from elevated shipping rates fueled by oil price volatility, long-haul trades, and floating storage demand. Its 33.1% free cash flow yield is the best in class, while Teekay’s 3.1% dividend yield dwarfs most industrial peers.
As oil volumes and prices rise, tanker rates follow, and so do TNK’s profits. In Q3 2025, adjusted EPS of $1.54 beat estimates by 22%, with revenues up 71% on strong spot rates above long-term averages. Its ultra-low debt (3.5% debt/equity) and high ROIC (19.4%) mean it can return capital aggressively even in choppy markets.
Source: InvestingPro
Teekay Tankers rounds out the group with a 3.34 (GREAT) financial health score and “EXCELLENT” cash flow. Its 20% YTD performance is supported by a market price of $64.19, an analyst mean target of $67.00, and a notably bullish Fair Value estimate of $82.10, implying 27.9% upside.
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Disclosure: This is not financial advice. Always conduct your own research.
At the time of writing, I am long on the S&P 500, and the Nasdaq 100 via the SPDR® S&P 500 ETF, and the Invesco QQQ Trust ETF. I am also long on the Technology Select Sector SPDR ETF. I regularly rebalance my portfolio of individual stocks and ETFs based on ongoing risk assessment of both the macroeconomic environment and companies’ financials.
The views discussed in this article are solely the opinion of the author and should not be taken as investment advice.
Follow Jesse Cohen on X/Twitter @JesseCohenInv for more stock market analysis and insight.
