2 Turbocharged TSX Stocks That Could Go to the Moon

TransAlta Renewables stock and goeasy stock could be excellent stock picks to buy right now before shares become too expensive to consider.

| More on:
grow dividends

Image source: Getty Images

The global health crises impacted every aspect of our lives and our economies. Industries across the board felt the effects of the pandemic and the ensuing lockdowns. The stock market felt the losses induced by the economic fallout from the pandemic, creating several opportunities for value investors to establish positions in high-quality stocks at discounted valuations.

The S&P/TSX Composite Index is at all-time highs again. In a seemingly expensive market, it can be challenging to find assets that can provide you with significant upside. However, there still are value stocks available on the stock market that you should have on your radar if you are looking for that upside potential.


Many people have been drawn to become investors due to the plethora of assets that seemingly promise rapid wealth growth, particularly cryptocurrencies and meme stocks. However, value-seeking investors who want to enjoy tangible and reliable growth should consider assets that provide you with reliable returns. goeasy (TSX:GSY) is one such asset that you can consider adding to your portfolio.

The $2.80 billion market capitalization company provides easier-to-acquire consumer loans through easyfinancial and easyhome. Trading for $171.67 per share at writing, GSY stock’s valuation reflects an almost 80% gain on a year-to-date basis. Market analysts gave a forecast a few months ago that the stock would reach $180 by 2022. The stock is already nearing that price point, and it is possible for it to exceed expectations by the year’s end.

Despite its prolific rise, goeasy stock could still provide you with more significant upside as the economic recovery continues.

TransAlta Renewables

It is no secret that renewable energy will become the next big thing, as global warming’s effects have become more severe in recent years. Companies like TransAlta Renewables (TSX:RNW) are well positioned to capitalize on the boom in the industry that could materialize in a few years. The renewable energy sector provided investors with stellar returns in 2020 before it went through a sharp pullback after the bull run.

TransAlta Renewables owns and operates a portfolio of one of the largest wind power-generation facilities in North America. The company is focusing on building a diversified portfolio of renewable energy facilities that could cater to the needs of markets in Canada, Australia, and the United States. The current dip in its valuation could present you with an ideal opportunity to pick up its shares at a highly discounted price before the next bull run.

At writing, TransAlta Renewables stock is trading for a year-to-date discount of 3.77% at $21.72 per share. It could be the right time to add its shares to your portfolio.

Foolish takeaway

With the increasing hope of the world moving past the pandemic era, global economies are poised to recover well from the impact it has had. Companies like goeasy and TransAlta Renewables are well positioned to provide significant long-term wealth growth to investors regardless of any short-term volatility that might still impact global markets.

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 Adam Othman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned.

More on Dividend Stocks

Illustration of bull and bear
Dividend Stocks

TFSA Investors: 2 TSX Stocks Set to Thrive in the Next Bull Market

Canadian Tire and another dividend growth play that's getting way too cheap to ignore amid the market's turbulence.

Read more »

edit Businessman using calculator next to laptop
Dividend Stocks

How I’d Invest $20,000 to Earn Reliable Passive Income Today

If you want to turn up your passive income and total-return strategy, check out these top Canadian stocks for a…

Read more »

Electric car being charged
Dividend Stocks

2 Growth Stocks to Buy Before a Big Rally

Despite market volatility persistently plaguing the market, these two TSX stocks might be worth considering right now to prepare for…

Read more »

financial freedom sign
Dividend Stocks

2 Cheap TSX Stocks That Could Make You Rich

Keep these two cheap TSX stocks on your radar if you seek immense wealth growth potential for your self-directed portfolio.

Read more »

Increasing yield
Dividend Stocks

3 Ultra-High-Yield Dividend Stocks You Won’t Regret Owning in 2023

Buy these monthly dividend stocks now with insanely high yields and look forward to immense growth by the end of…

Read more »

funds, money, nest egg
Dividend Stocks

The Best Way to Make $1 Million When a Bull Market Returns

Here are five quality TSX stocks investors can buy and hold for the long term, allowing them to increase their…

Read more »

Gold medal
Dividend Stocks

3 Undervalued Winners Just Begging to Be Invested in Today

Three undervalued stocks from three underperforming sectors are winners and screaming buys today.

Read more »

Man data analyze
Dividend Stocks

3 Top Dividend Stocks I Can’t Wait to Buy in 2023

Top Dividend Aristocrats are worth buying in almost every market, especially if you hold them long term. However, weak markets…

Read more »