The markets have been doing well this year with the TSX up around 14% since the start of the year. And as good as that has been, the three stocks below have done even better, climbing more than 30%, and still have the potential to soar even higher.
TC Energy (TSX: TRP)(NYSE: TRP) has risen a little over 30% since the start of the year, and with the company coming off a strong quarter, there’s definitely reason to be excited about where the stock is headed. Trading at just 14 times earnings and only around two times its book value, it’s a good price for investors to own one of the top stocks on the TSX.
Not only can it provide a lot of stability, but with oil and gas looking to be a bit more stable this year, there could finally be some room for growth. Especially with construction potentially getting underway on the Trans Mountain pipeline, there could be a lot more excitement in the industry.
Any traction and progress on pipelines are going to be helpful for TC Energy and other oil and gas stocks, as that could result in some renewed interest and optimism for the industry, particularly in Canada.
Thomson Reuters (TSX: TRI)(NYSE:TRI) has done even better than TC Energy this year, with its share price up over 35% since the beginning of January. The company is coming off yet another strong quarter where it beat expectations, which has become a bit of a trend for Thomson Reuters.
While the stock might not offer significant growth opportunities, its popularity could be rising in an era where fake news is becoming a growing issue. With fewer and fewer places for people to go for trustworthy information, Thomson Reuters is certainly a brand that stands out from the rest. And that could be a key reason why the stock is such a hot buy today, and why it could continue to be one for the foreseeable future. The upcoming U.S. election will certainly make the issue even bigger in the months to come, and that’s why I wouldn’t be surprised to see Thomson Reuters stock soar even higher.
Even despite the increase in price, the stock still trades at a modest 13 times its earnings and could be a great value buy for investors looking to diversify their portfolios.
Lightspeed POS (TSX: LSPD) has been one of the hottest stocks on the TSX since listing on the exchange earlier this year. Even though it only started trading back in March, it has more than doubled in value and it has eclipsed the other stocks on this list by a wide margin. Even during the past month, Lightspeed’s stock has risen more than 20%.
With the company coming off a quarter that saw sales growth of more than 40% year over year, there’s definitely ample room for the stock to continue to rise. With a broad array of customers that it can continue growing its business around, Lightspeed still has many avenues that can help its revenue number get even stronger.
Its service-based business has allowed the company to generate strong margins, and that will give it a great opportunity to turn a profit down the road.
