The stock market today is still volatile, the choice of stocks to buy varies based on the information available to the trader or investor, plan, and resources of the investor. However, investors looking for the best stocks should consider long-term performance but not short-term volatility.
We don’t offer advisory or brokerage services, we also don’t recommend or advise investors to buy or sell particular stocks or securities.
The information we discuss in this article is just for educational purposes hence, investors and traders should do further research and consultation before choosing the best stocks for investment.
Based on in-depth research and experience, we consider the following stocks as the best stocks for Canadians to buy now. Please note that the selected stocks are in no particular order.
1. Hydro One Limited (TSE: H)
- Share Price – CA$30.19
- Market Capitalization – CA$18.05 billion
- P/E Ratio – 10.0
- Analyst Consensus Rating – Hold and Buy
- Dividend – Annual; CA$1.07
Hydro One Limited, through its subsidiaries, operates as an electricity transmission and distribution company in Ontario. It operates through three segments: Transmission Business, Distribution Business, and Other Business.
The company owns and operates approximately 30,000 circuit kilometers (KMs) of high-voltage transmission lines and 124,000 circuit KMs of the primary low-voltage distribution network. It serves approximately 1.4 million residential, small business, commercial, and industrial customers.
Hyro One also provides telecommunications support services for its transmission and distribution businesses; and communications and information technology services and solutions. Hydro One Limited was incorporated in 2015 and is headquartered in Toronto, Canada.
Data as of May 14, 2021.
2. Suncor Energy Inc. (TSE: SU)
- Share Price – CA$28.12
- Market Capitalization – CA$42.36 billion
- P/E Ratio – 1,562.22
- Analyst Consensus Rating – Buy
- Dividend – Annual; CA$1.10
Suncor Energy Inc. operates as an integrated energy company. The company primarily focuses on developing petroleum resource basins in Canada’s Athabasca oil sands; explores, acquires, develops, produces, transports, refines, and markets crude oil in Canada and internationally; markets petroleum and petrochemical products under the Petro-Canada name primarily in Canada.
It operates in Oil Sands; Exploration and Production; Refining and Marketing; and Corporate and Eliminations segments. The Oil Sands segment recovers bitumen from mining and in situ operations, and upgrades it into refinery feedstock and diesel fuel, or blends the bitumen with diluent for direct sale to market.
The Exploration and Production segment is involved in offshore operations off the east coast of Canada and the North Sea; operating onshore assets in Libya and Syria. The Refining and Marketing segment refines crude oil and intermediate feedstock into various petroleum and petrochemical products; and markets refined petroleum products to retail, commercial, and industrial customers through its other retail sellers.
The Corporate and Eliminations segment operates four wind farm operations in Ontario and Western Canada. The company also markets and trades in crude oil, natural gas, byproducts, refined products, and power.
The company was formerly known as Suncor Inc. and changed its name to Suncor Energy Inc. in April 1997. Suncor Energy Inc. was founded in 1917 and is headquartered in Calgary, Canada.
Data as of May 14, 2021.
3. Dollarama Inc. (TSE:DOL)
- Share Price – CA$53.03
- Market Capitalization – CA$16.45 billion
- P/E Ratio – 29.30
- Analyst Consensus Rating – Buy
- Dividend – Annual; CA$0.20
Dollarama Inc. operates a chain of dollar stores in Canada. Its stores offer general merchandise, consumables, and seasonal items. The company also offers products online. As of January 31, 2021, it operated 1,355 stores.
The company was formerly known as Dollarama Capital Corporation and changed its name to Dollarama Inc. in September 2009. Dollarama Inc. was founded in 1992 and is headquartered in Montreal, Canada.
Data as of May 14, 2021.
4. TD Bank (TSE: TD)
- Share Price – CA$87.73
- Market Capitalization – CA$159.53 billion
- P/E Ratio – 13.31
- Analyst Consensus Rating – Hold and Buy
- Dividend – Annual; CA$3.16
The Toronto-Dominion Bank (TD Bank), together with its subsidiaries, provides various personal and commercial banking products and services in Canada and the United States.
The company operates through three segments: Canadian Retail, U.S. Retail, and Wholesale Banking. It offers personal deposits, such as chequing, savings, and investment products; financing, investment, cash management, international trade, and day-to-day banking services to businesses; financing options to customers at the point of sale for automotive and recreational vehicle purchases through auto dealer network; credit cards; point-of-sale payment solutions for large and small businesses; wealth and asset management products, and advice to retail and institutional clients; and property and casualty insurance, as well as life and health insurance products.
The company also provides capital markets, and corporate and investment banking services, including underwriting and distribution of new debt and equity issues; advice on strategic acquisitions and divestitures; and trading, funding, and investment services to companies, governments, and institutions. It offers its products and services under the TD Bank, America’s Most Convenient Bank, and TD Ameritrade brand names.
TD operates through a network of 1,085 branches, 3,440 automated teller machines, and 1,223 stores, as well as offers telephone, digital, and mobile banking services. The Toronto-Dominion Bank was founded in 1855 and is headquartered in Toronto, Canada.
Data as of May 14, 2021.
5. Nutrien Limited (TSE: NTR)
- Share Price – CA$73.34
- Market Capitalization – CA$41.82 billion
- P/E Ratio – 55.56
- Analyst Consensus Rating – Hold and Buy
- Dividend – Annual; CA$1.81
Nutrien Ltd provides crop inputs, services, and solutions. The company offers potash, nitrogen, phosphate, and sulfate products; and financial solutions. It also distributes crop nutrients, crop protection products, seeds, and merchandise products through approximately 2,000 retail locations in the United States, Canada, South America, and Australia. The company was incorporated in 2017 and is headquartered in Saskatoon, Canada.
Data as of May 14, 2021.
6. Canadian Tire (TSE: CTC.A)
- Share Price – CA$210.34
- Market Capitalization – CA$12.07 billion
- P/E Ratio – 17.09
- Analyst Consensus Rating – Hold and Buy
- Dividend – Annual; CA$4.70
Canadian Tire Corporation, Limited provides a range of retail goods and services in Canada. The company operates through three segments: Retail, CT REIT, and Financial Services.
The Retail segment retails general merchandise, apparel, footwear, sporting equipment, gasoline, sporting goods and activewear, and workwear under the Canadian Tire, SportChek, Sports Experts, National Sports, Pro Hockey Life, Atmosphere, Mark’s, PartSource, Gas+, and Helly Hansen banners.
This segment also participates in loyalty programs, as well as sells its products online. The CT REIT segment operates as a closed-end real estate investment trust that holds a portfolio of properties comprising Canadian Tire stores, Canadian Tire anchored retail developments, mixed-use commercial property, and distribution centers.
The Financial Services segment provides financial and other ancillary products and services, including credit cards, in-store financing, insurance products, and retail and broker deposits; and savings accounts and guaranteed investment certificates. The company was founded in 1922 and is headquartered in Toronto, Canada.
Data as of May 14, 2021.
7. Barrick Gold (TSE: ABX)
- Share Price – CA$29.12
- Market Capitalization – CA$51.79 billion
- P/E Ratio – 17.37
- Analyst Consensus Rating – Hold and Buy
- Dividend – Annual; CA$0.33
Barrick Gold Corporation engages in the exploration, mine development, production, and sale of gold and copper properties. It has ownership interests in producing gold mines that are located in Argentina, Canada, Cote d’Ivoire, the Democratic Republic of Congo, Dominican Republic, Mali, Tanzania, and the United States.
The company also has ownership interests in producing copper mines located in Chile, Saudi Arabia, and Zambia; and various other projects located throughout the Americas and Africa. Barrick Gold Corporation was founded in 1983 and is headquartered in Toronto, Canada.
Data as of May 14, 2021.
8. Enbridge Inc. (TSE: ENB)
- Share Price – CA$47.20
- Market Capitalization – CA$95.61 billion
- P/E Ratio – 15.11
- Analyst Consensus Rating – Hold and Buy
- Dividend – Annual; CA$3.27
Enbridge Inc. operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services.
The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States. The Gas Transmission and Midstream segment invest in natural gas pipelines, and gathering and processing facilities in Canada and the United States.
The Gas Distribution and Storage segment are involved in natural gas utility operations serving residential, commercial, and industrial customers in Ontario, as well as natural gas distribution and energy transportation activities in Quebec.
The Renewable Power Generation segment operates power generating assets, such as wind, solar, geothermal, and waste heat recovery facilities; and transmission assets in North America and Europe.
The Energy Services segment provides energy marketing services to refiners, producers, and other customers; and physical commodity marketing and logistical services in Canada and the United States.
The company was formerly known as IPL Energy Inc. and changed its name to Enbridge Inc. in October 1998. Enbridge Inc. was founded in 1949 and is headquartered in Calgary, Canada.
Data as of May 14, 2021.
9. goeasy (TSE: GSY)
- Share Price – CA$144.54
- Market Capitalization – CA$2.37 billion
- P/E Ratio – 16.49
- Analyst Consensus Rating – Hold and Buy
- Dividend – Annual; CA$2.01
goeasy Ltd provides loans and other financial services to consumers in Canada. It also leases household products to consumers. The company operates through two segments, Easyfinancial and Easyhome.
The Easyfinancial segment provides unsecured and real estate secured installment loans, and secured saving loans; loan protection plans; and optional home and auto benefits products, which offers roadside assistance and a suite of other support services, as well as credit monitoring services.
The Easyhome segment leases furniture, appliances, electronics, and computers. As of December 31, 2020, it operated 266 easyfinancial locations that include 14 kiosks, as well as 161 easyhome stores that include 35 franchises.
The company was formerly known as easyhome Ltd. and changed its name to goeasy Ltd. in September 2015. goeasy Ltd. was founded in 1990 and is headquartered in Mississauga, Canada.
Data as of May 14, 2021.
10. Algonquin Power (TSE: AQN)
- Share Price – CA$18.60
- Market Capitalization – CA$11.38 billion
- P/E Ratio – 10.50
- Analyst Consensus Rating – Hold and Buy
- Dividend – Annual; CA$0.84
Algonquin Power & Utilities Corp., through its subsidiaries, owns and operates a portfolio of regulated and non-regulated generation, distribution, and transmission utility assets in Canada, the United States, Chile, and Bermuda.
It generates and sells electrical energy through non-regulated renewable and clean energy power generation facilities. The company also owns and operates hydroelectric, wind, solar, and thermal facilities with generating capacity of approximately 2.1 gigawatts; and regulated electric, natural gas, water distribution, and wastewater collection utility systems.
Algonquin serves approximately 306,000 electric connections; 371,000 natural gas connections; and 409,000 regulated water distribution and wastewater collection utility systems in the states of California, New Hampshire, Missouri, Kansas, Oklahoma, Arkansas, Georgia, Illinois, Iowa, Massachusetts, New York, Arizona, Texas, and the Province of New Brunswick. The company was incorporated in 1988 and is headquartered in Oakville, Canada.
Data as of May 14, 2021.
Conclusion
Our view and opinion on the best stock to buy now, described above, may not be suitable for all investors and should not be considered as investment advice or recommendation. However, these stocks are good investments for any interested trader.
