The 3 Best Growth Stocks in the Last 3 Years

During the last three volatile years, these growth stocks have come out on top and are likely to continue climbing in the near future at least.

Growth from coins

Image source: Getty Images

The last three years have been absolutely insane for Canadian investors. We’ve gone through a time where it seemed that every single stock was at our disposal when looking for growth stocks. Then the market correction happened, along with a pandemic. This sent shares dropping completely.

But there have been some growth stocks that have continued to grow, even during this volatile period. Today, I’m going to cover the top three growth stocks from the TSX.

Tourmaline Oil: 593%

Tourmaline Oil (TSX:TOU) shares are up 593% in the last three years alone. After a dip during the pandemic, the energy company has seen massive growth, as it continues to expand its operations.

Tourmaline stock is now Canada’s largest natural gas producer, and the company has seen intense revenue growth thanks to the rise in gas prices. However, there are some problems on the immediate horizon.

Tourmaline stock recently cut its third-quarter production because of bottlenecks in pipelines. Still, Tourmaline stock also raised its cash flow estimates for 2023 to $6.58 billion, an incredible leap from the $5.14 billion before. This comes from the increase in market prices.

It’s still one of the growth stocks that offers a deal trading at 11.32 times earnings. Plus, it offers a 1.07% dividend yield for today’s investor.

TFI International: 255%

Coming in second is TFI International (TSX:TFII)(NYSE:TFII), with the transportation and packaging company providing a solution to the shipping problems we continue to experience. TFI stock continues to be a major outperformer on the TSX, but also a recommendation by analysts across the board.

TFI stock has beat out estimates again and again, especially after it agreed to sell its businesses connected to Heartland Express for US$525 million. The sale reduced costs, will likely lead to share buybacks, and lowers risk even further, according to analysts. TFI stock remains a favourite name by several analysts within the transportation sector.

And despite being one of the top growth stocks, shares of TFI stock trade at just 16.02 times earnings. It’s not in value territory but certainly not expensive. Plus, you also get a 1.06% dividend yield — never mind the continued share growth.

Cameco: 215%

Finally, we have Cameco (TSX:CCO)(NYSE:CCJ), which remains a top performer, despite recent volatility in the last few years. The shift to clean energy has left many realizing the nuclear power will be the top choice of countries around the world. And Cameco stock is now one of the largest producers or uranium.

That’s become more true with sanctions against Russia, where they produce cheap uranium. Cameco stock now remains in an enviable position for those believing uranium will be the transitionary power source away from oil and gas in the next decade.

Analysts estimate that as world leaders lock in these nuclear power sources, Cameco stock will continue to rise with the price of uranium. And it’s already up, with Cameco reporting revenue up 55% over last year, and profit of $84 million compared to a $37 million loss the year before.

It’s the last of the growth stocks in this list and certainly the most expensive, trading at 265.27 times earnings, with a quite small dividend. However, if uranium prices keep climbing, Cameco stock should as well.

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 Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned.

More on Investing

Pixelated acronym REIT made from cubes, mosaic pattern
Dividend Stocks

Passive Income: 2 REITs to Play Lower Rates

Killam Apartment REIT (TSX:KMP.UN) specializes in the East Coast market, where borrowers aren't as stressed as they are in Ontario…

Read more »

Dice engraved with the words buy and sell
Bank Stocks

Is BNS a Buy, Sell, or Hold?

Bank of Nova Scotia (TSX:BNS) stock looks like an intriguing high-yield bank stock to pursue this month.

Read more »

Increasing yield
Dividend Stocks

3 Cheap Canadian Stocks That Offer Over 7% Dividend Yields

Considering their high-yielding dividends and attractive valuations, these three stocks can be excellent holdings right now.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Tuesday, April 16

Canada’s latest consumer inflation report and the ongoing geopolitical tensions in the West Asia region could keep TSX stocks volatile…

Read more »

data analyze research
Tech Stocks

1 Stock I’m Buying Hand Over Fist in April Despite the Market’s Pessimism

Are you looking for a stock to buy this month despite the pessimism in the market?

Read more »

value for money
Dividend Stocks

Canadian Tire Is Paying $7 per Share in Dividends. Time to Buy the Stock?

With Canadian Tire trading ultra-cheap and offering a safe dividend yield of more than 5.5%, is it one of the…

Read more »

Male IT Specialist Holds Laptop and Discusses Work with Female Server Technician. They're Standing in Data Center, Rack Server Cabinet with Cloud Server Icon and Visualization
Tech Stocks

Constellation Software Stock: Buy, Sell, or Hold?

Constellation Software stock has rallied 186% in the last five years and is now valued at an expensive 100 times…

Read more »

Payday ringed on a calendar
Dividend Stocks

Secure Your Future: Top 2 Monthly Dividend Stocks to Buy in 2024

Here are two top Canadian monthly dividend stocks you can buy today to minimize risks to your portfolio.

Read more »