Canadians learned to save during the pandemic. Many didn’t have travel plans or go on spending sprees, because, well, they couldn’t! So, instead they paid down debt or created a cash hoard. So, you may be sitting on some cash right now, and it’s burning quite the hole in your digital pocket. If that’s the case, these are three Canadian stocks to buy now, even if you’ve only managed to scrape together $3,000 to invest.
Brookfield Renewable
I talk about Brookfield Renewable Partners (TSX:BEP.UN)(NYSE:BEP) a lot, but for good reason. The company took off during the beginning of the year when the then-new president of the United States Joe Biden announced more funding for clean energy projects. This was great news for Brookfield, as the company has a diverse range of assets around the world focused specifically on clean energy.
But then there was a pullback, and since then, the stock has dipped from those highs. Yet that’s why now it’s one of the best Canadian stocks to buy now. Shares are up 43% in the last year alone, and it offers a 3.16% dividend yield as of writing. But in the last two decades, shares have exploded by 2,308% for a compound annual growth rate (CAGR) of 17.22%! If you had invested $1,000 back then, today those shares would be worth $7,230.77 without taking into account dividends! And that’s only going to grow, as clean energy gets more and more global investment.
Suncor
Then there’s the oil and gas sector. Sure, that’s definitely on the flip side of supporting clean energy assets. But don’t be too quick to judge. The world will slowly shift over the clean energy, and Suncor Energy (TSX:SU)(NYSE:SU) has already started to take that into account. Canada’s largest fully integrated energy producer has purchased some clean energy assets but is using its long-term contracts to keep cash flowing in.
Motley Fool investors today can pick up Suncor stock for cheap, even as oil and gas demand rises. Suncor stock is one of the best Canadian stocks to buy now during this rebound given these diverse revenue streams. Shares are up an incredible 38% in the last year alone, with a dividend yield at 2.85% that’s due to rise as cash comes in, given that it was cut during the pandemic. Long-term investors were treated to 350% in growth even now — a CAGR of 7.8%. So, investing $1,000 in Suncor stock then would be worth $3,500 today.
Magna
But back to clean energy, or at least industries that support it. Magna International (TSX:MG)(NYSE:MGA) is one of the largest car parts manufacturers in the world, but recently there’s been a shift to electric vehicle support. Even ICE vehicles now use electronic parts, which is why Magna partnered with LG Electronics to provide this support. The company is set to continue soaring higher, as it make deal after deal with titans of the car industry.
Shares in the stock are up 93% in the last year, and it offers a nice little 1.81% dividend yield as of writing. Those shares were higher, but, again, there was a pullback when clean energy and electric vehicle stocks fell. But that’s why it’s now one of the top Canadian stocks to buy now for Motley Fool investors. With 730% growth the last two decades for a CAGR of 11.15%, a $1,000 investment would be worth $5,700 as of writing.