3 Top TSX Stocks to Buy Today if You Have $300

Here are three top Canadian stocks that you should have at the top of your watch list. You can own all three for less than $300.

| More on:
Target. Stand out from the crowd

Image source: Getty Images

Canadian stocks are on fire right now, as the country is eager to reopen. The S&P/TSX Composite Index is nearing a 10% gain since the beginning of 2021. Canadian investors are showing how bullish they are on the economy’s anticipated recovery this year. 

Last year was a tough one for many companies. The Canadian market as a whole, though, was able to end the year in the black after an impressive bull run following the COVID-19 market crash. 

Some investors may be hesitant to invest in stocks when the market is at an all-time high. After a 10% run in less than three months, a pullback is due, but I wouldn’t suggest timing the market. 

For short-term traders, today’s price might not be your best entry, but long-term investors don’t need to worry about that. Long-term Foolish investors have the luxury of not needing to worry nearly as much about today’s price. Instead, we can spend more time focusing on buying top market-leading companies.

Even though the market is trading at an all-time high right now, you don’t need a lot of money to be investing today. 

Here’s a basket of three top Canadian stocks that you can own for less than $300 today.

Two Canadian stocks that are ready to soar

The country’s reopening could have a massive impact on all types of different companies across the country. goeasy (TSX:GSY) and Lightspeed POS (TSX:LSPD)(NYSE:LSPD) are two top stocks that I’m expecting to soar during the country’s reopening later this year. 

goeasy is a consumer-facing financial services company specializing in the loan department. Home and auto loans are two of the company’s primary revenue drivers. 

The stock has been on an incredible run over the past year. After losing more than 60% of its value during the COVID-19 market crash, shares are up close to 300% in barely over a year. 

goeasy is still a relatively small company with a market cap of not even $2 billion. The stock might have a tough time delivering a repeat performance over the next 12 months, but over the long term, this has multi-bagger growth written all over it.  

Lightspeed is another company that could stand to see a huge rise in demand during the economy’s recovery. The tech stock is an integral part of many businesses across the country, lots of which are brick-and-mortar retailers. 

Already at a market cap of $10 billion, Lightspeed is becoming a household name among Canadian investors. The stock only joined the TSX in March 2019, but shares are already up close to 400%.

The share price is only nearing $100 today, but investors need to be aware of the stock’s valuation. At a price-to-sales ratio above 60 today, you can bet that it’s going to be a bumpy ride for shareholders as long as it is trading at these prices. 

In the short term, I’d proceed with caution. In the long term, though, this is one of my highest-conviction stocks on the TSX right now. 

Investing in the growth of green energy

Renewable energy is one sector that I’m really looking to broaden my exposure to this year. The sector has been steadily growing in recent years, but that growth really took off in 2020. 

Investors saw all kinds of renewable energy-related stocks soar to all-time highs last year. There are a few different tailwinds creating this growth, but perhaps none is bigger than newly elected U.S. president Joe Biden’s trillion-dollar infrastructure plan. 

At the top of my list of renewable energy stocks is Northland Power (TSX:NPI). There’s a lot to like about the $10 billion energy company — market-beating growth and broad exposure to the entire sector being the two main reasons.

Shares of the green energy stock are up 100% over the past five years, with the majority of that growth coming in 2020 alone. 

With a strong market position in Canada already in the production of wind, hydro, and solar energy, I’m betting that the next five years will be better than the last five for this stock.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Nicholas Dobroruka owns shares of Lightspeed POS Inc. The Motley Fool owns shares of Lightspeed POS Inc.

More on Energy Stocks

Money growing in soil , Business success concept.
Energy Stocks

If You Like Cenovus Energy, Then You’ll Love These High-Yield Oil Stocks

While Cenovus Energy is a quality oil stock, its dividend yield doesn't compare to the yields of Suncor or Canadian…

Read more »

Man considering whether to sell or buy
Energy Stocks

So You Own Algonquin Stock: Is It Still a Good Investment? 

Investors who purchased Algonquin stock in 2022 are 40% in the red as the company underwent restructuring. Is it still…

Read more »

Oil pumps against sunset
Energy Stocks

How to Build a Bulletproof Monthly Passive Income Portfolio With $25,000 and WCP Stock

If you want monthly passive income, consider this stock. Here’s how to achieve all that income in the first place.…

Read more »

Clean energy
Energy Stocks

Why Cameco Stock Rose 2.95% on Tuesday

Cameco stock has stalled recently, but things might be turning around again as increased nuclear spending in the U.S. takes…

Read more »

grow dividends
Energy Stocks

If I Were You, I’d Buy These 2 Stocks Before They Skyrocket

Two stocks are poised to skyrocket in the impending comeback and bull run of the energy sector in 2024.

Read more »

oil tank at night
Energy Stocks

Why Northland Power Is a Top Energy Stock That’s Not Getting the Love it Deserves

Many investors may be wondering why Northland Power (TSX:NPI) is down so much, and here are a few reasons to…

Read more »

oil tank at night
Energy Stocks

2 Energy Stocks to Buy Hand Over Fist in March

These two rallying Canadian energy stocks can continue their bullish runs in 2024 and beyond.

Read more »

Solar panels and windmills
Energy Stocks

Dividend Investors: Top Canadian Energy Stocks for March 2024

Investors could consider top energy stocks like Enbridge for reliable dividend income.

Read more »