Lately, the TSX Composite has seen a tonne of movement. We have stocks that are just recovering. We have stocks that investors are concerned about due to the Delta variant. And we have stocks that are the strongest they’ve ever been. So, there are a tonne of different options for Canadian investors looking for the best stocks to buy this week.
It’s not often there are so many opportunities, regardless of your investing strategy. But in this high-potential environment, there is the opportunity to find value stocks, dividend stocks, and even growth stocks.
So, if you’ve got some cash to invest and are looking to buy stocks this week, here are three of the best.
A top Canadian growth stock
There are plenty of high-quality growth stocks for Canadian investors to consider. InterRent REIT (TSX:IIP.UN) is a great example of a long-term and consistent growth stock you’ll want in your portfolio.
InterRent is one of the best Canadian growth stocks to buy this week, as it’s recently pulled back a little more than 5% off its 52-week high. So, I’d keep an eye on the stock this week, and if it falls any further, it could be a top buy.
InterRent is a top long-term growth stock, so any discount you can get before adding it to your portfolio can go a long way. For example, over the last 10 years, investors have earned a total return of 925%.
It’s earned this incredible growth through an impressive and repeatable investing strategy. InterRent finds undervalued assets that are usually in need of upgrades and renovations. This allows the company to invest in improvements that will significantly improve the value of the assets.
InterRent has done this time and again for years, creating tonnes of value and proving it’s an incredible business. So, if you’re looking for a top Canadian growth stock to buy this week, I’d watch InterRent for an opportunistic entry point.
One of the best Canadian value stocks to buy this week
If you’re looking to buy a value stock, I’d recommend investors check out Andrew Peller (TSX:ADW.A). Andrew Peller is a vertically integrated alcoholic beverage business that’s been selling off in recent months.
The stock is now trading extremely cheap, with a forward price-to-earnings (P/E) ratio of just 12 times. So, the stock is now starting to get extremely attractive, especially if the company can turn its fortunes around.
In the last couple of years, Andrew Peller has struggled to grow, with revenue being mostly flat. This is despite several new products it’s brought to market in recent years.
The company still offers a tonne of potential, though, even with these recent struggles. It has a sustainable balance sheet and continues to be profitable. Plus, the vertical integration it has, owning several of its own retail stores in Ontario, should help the company to continue to market its new products.
So, it’s definitely a stock I’d watch in the coming weeks, as it could be one of the best Canadian value stocks you buy this year.
A top dividend stock to consider while it’s cheap
Lastly, if you’re a dividend investor, you may want to consider Freehold Royalties (TSX:FRU). Freehold Royalties is a high-quality energy business offering an attractive dividend at these prices.
After reporting impressive earnings earlier this month and increasing the dividend for the fourth time in the last year, the stock sold off again, as oil prices have been declining recently.
The rising COVID cases and rapidly spreading Delta variant around the world has many investors fearing more impacts on the demand for energy.
This is why Freehold is one of the best Canadian dividend stocks to buy this week. Long-term investors can buy and hold while these worries pass. And while you wait, you can collect its incredible 7.25% dividend.
So, if you’re a long-term dividend investor looking for a stock to add to your portfolio, Freehold is a great choice.
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 Daniel Da Costa owns shares of FREEHOLD ROYALTIES LTD. and INTERRENT REAL ESTATE INVESTMENT TRUST. The Motley Fool recommends FREEHOLD ROYALTIES LTD.