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5 of the Best TSX Stocks to Buy Before June 2021 Ends

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As the market continues to inch up in June 2021, investors’ fears about a near-term market correction are rising due to several factors, including rising inflation. To minimize downside risks, you can diversify your stock portfolio right now. Here’s a list of five of the best TSX stocks you can buy right now and diversify your portfolio before June ends.

Lightspeed POS stock

Lightspeed POS (TSX:LSPD)(NYSE:LSPD) is one of the best Canadian tech stocks you can buy right now. Despite a solid recent trend in its financials, Lightspeed stock largely remained underappreciated in the first five months of the year. While the stock has started surging in June, it’s still trading with only 12% year-to-date gains against a 16% rise in the TSX Composite benchmark.

Lightspeed’s sales more than doubled on a YoY (year-over-year) basis to US$82.4 million in the March quarter. These gains helped the company post a solid 84% jump in its fiscal 2021 revenue. The demand for its services remains high, with more small and medium-size businesses adopting its cloud-based commerce platform. These positive factors could help its stock surge in the second half of 2021, I believe.

First Quantum stocks

First Quantum Minerals (TSX:FM) is a Vancouver-based copper ore mining firm with its focus on producing copper, nickel, gold, zinc, silver, and acid. Its stock is currently trading at $27.26 per share with about 19.3% year-to-date gains.

In the first quarter, First Quantum’s earnings rose by 300% YoY and 175% sequentially to US$0.22 per share. The mining company reported a solid 42% rise in its Q1 revenue to US$1.7 billion — also marking its fourth consecutive quarter of positive sequential revenue growth.

While its stocks rose by 74% last year, it’s yet to take off in 2021. Its consistently improving sales and production could help the company post a stronger bottom line in the coming quarters — helping its stock surge.

goeasy stock

goeasy (TSX:GSY) is a Mississauga-based personal and car loans firm with a market cap of $2.6 billion. The company runs its financial services business through brands like easyhome, easyfinancial, and LendCare to provide non-prime leasing and lending services.

Its stock is currently trading at $157.86 per share at writing, with about 63.3% gains for the year. These gains could be attributed to its record first-quarter results. During the quarter, the company reported strong loan portfolio growth.

While its sales rose by only 2% YoY in Q1, its adjusted earnings jumped by 66% to record $2.34 per share. Analysts expect its EPS to rise by 31.9% to $10.0 in 2021, pointing towards its fast-improving overall financial position.

Tourmaline Oil stock

Tourmaline Oil (TSX:TOU) is a Calgary-based energy company with a market cap of $9.7 billion. Its stock is currently trading at $32.49 per share with about 35.8% quarter-to-date gains.

In the March quarter, Tourmaline Oil Corp reported a 739% YoY rise in its earnings to $0.83, mainly due to stronger than anticipated well performance. It was also 19% more than analysts’ consensus estimate of $0.70. Bay Street expects its EPS to rise by 36% to $3.1 in 2021. I expect Tourmaline Oil’s shares to continue soaring in the coming quarters amid strong medium-term natural gas and oil fundamentals.

MEG Energy stock

MEG Energy (TSX:MEG) is another Canadian energy firm with its main focus on in situ thermal oil production in the southern Athabasca oil region of Alberta. The company is currently working on enhanced oil recovery projects that are likely to help reduce carbon emissions and improve the responsible economic recovery of oil.

In the first quarter of 2021, MEG Energy posted a significant reduction in adjusted net losses from a year ago as its revenue surged by 37% YoY.

While its stock has already more than doubled in 2021 so far, I consider its ongoing stock rally to be long-term due to its solid future growth prospects.

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.

The Motley Fool owns shares of and recommends Lightspeed POS Inc. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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