3 Top Canadian Stocks to Buy Right Now

There are a handful of outstanding stocks available on the TSX. Which three stocks stand out as the best ones to buy right now?

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One of the hardest parts of investing is deciding which companies you should hold in your portfolio. Once you figure that out, it’s just a matter of holding those stocks for a long period and remaining confident in your choices. Which stocks should growth investors be looking at right now? Surely, there are companies that stand atop of the rest. In this article, I discuss three top Canadian stocks to buy right now.

Don’t miss out on this stock any longer

Since its IPO, Shopify (TSX:SHOP)(NYSE:SHOP) has rewarded shareholders a generous amount. The stock has grown so much over the past six years that it now stands as the largest company in Canada, by market cap. Because of its size, many investors have been turned away from Shopify, thinking its best years are behind it. However, that may not be the case at all. We know that stock prices follow company earnings over the long term, and Shopify’s financials are as strong as ever.

Shopify has posted amazing numbers over the past year. Last November, the company announced that its merchants had sold a record US$5.1 billion over the Black Friday-Cyber Monday weekend. Performances like that contributed to an 86% year-over-year growth in Shopify’s total revenue. More recently, the company announced a 110% increase in its Q1 revenue over the past year. As Shopify continues to perform at that level, investors could expect outsized growth. The stock has gained nearly 29% over the past month.

A hidden gem

A stock that not enough investors talk about, goeasy (TSX:GSY) is an undeniable gem. The company provides high-interest loans to subprime borrowers and sells furniture and other home goods on a rent-to-own basis. These two distinct business segments lend themselves to outstanding margins. Over the pandemic, goeasy managed to post record revenues quarter after quarter. As a result, the company’s stock has skyrocketed.

Over the past year, goeasy stock has gained more than 177%. More impressively, the stock still trades at a very modest price-to-earnings ratio of 10.74. Another interesting aspect of the company is that goeasy offers a very attractive dividend. Although its current dividend yield is only 1.72%, goeasy has managed to increase its distribution 776% over the past seven years, while maintaining a payout ratio of 13.87. This is a stock that should appeal to both growth and dividend investors alike.

An impressive contender

Heading back to the online retail industry, Nuvei (TSX:NVEI) is quickly emerging as a top contender in the digital payments space. The company offers an omnichannel payments solution capable of transacting mobile, online, in-store, and unattended payments. Today, the company is present in more than 200 global markets, accepting 450 payment methods in 150 currencies. Currently, the company’s most impressive customer is bet365, an online betting company in the U.K.

Nuvei’s management team has stated that it intends to remain an innovative company as it becomes more established. It has made good on those words when it announced that the Nuvei platform would now be accepting transactions using cryptocurrencies. Nuvei stock has gained nearly 90% since its September IPO. This company may be newer in terms of its public history, but it offers an opportunity as impressive as any of its peers.

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 Jed Lloren owns shares of Shopify. The Motley Fool owns shares of and recommends Shopify. The Motley Fool recommends the following options: long January 2023 $1,140 calls on Shopify and short January 2023 $1,160 calls on Shopify.

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