It’s a very weird time on the stock market. The TSX today is still down by about 15% as of writing. However, there are other stocks that are doing well … quite well. Today, we’re going to look at three of these TSX stocks that have actually surged above 30% in the last year alone! Let’s get right into it and why they’re still buys on the TSX today.
Shopify
You’d think that Shopify (TSX:SHOP) wouldn’t be doing so well considering the last few years. Shares absolutely plummeted after the pandemic. Supply-chain disruptions and a weakening spending habit meant consumers were keeping cash instead of spending it.
However, Shopify stock addressed this in several ways. There were massive layoffs, and it put the focus back on its bread and butter of e-commerce. That meant steering clear of its logistics business, selling it off for a significant sum.
Now, Shopify stock is doing well once more, and investors are becoming fans again. Shares are now up a whopping 77% in the last year alone! This is down from 52-week highs, but still strong considering where it was last year. And with more focus back on generating gross merchandise volume (GMV), we should see some more strong numbers come third-quarter results.
Cascades
Speaking of e-commerce, there’s another area of the market that saw a huge amount of growth during the pandemic. That came down to companies providing shipping material, including Cascades (TSX:CAS). However, the pulp and paper industry did see a drop again, as the market reacted to rising interest rates and inflation. Yet now, the future appears bright once more for this sector.
Even so, Cascades stock has been doing quite well! Shares are up 30% in the last year at the time of writing. Again, shares have come down, though, from 52-week highs. This could provide a great opportunity for jumping in.
That’s especially true as third-quarter earnings are around the corner. During the second quarter, Cascades stock announced sales increased to $1.168 billion from $1.119 billion year over year, with adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reaching $141 million from $91 million the year before. So, with the stock only improving, consider this one for your portfolio as well.
Parkland
Finally, Parkland (TSX:PKI) is another of the TSX stocks to consider when seeking out growth. Shares of Parkland stock are up 50% in the last year alone, as of writing. That’s even as the stock missed its last earnings estimates, though it beat it the quarter before.
Frankly, the company’s diverse set of convenience stores make this stock a solid long-term hold. While sales may have gone down, this is likely to be remedied quickly in the near future. That comes from further same-store sales growth as well as the addition of new locations.
Meanwhile, Parkland stock actually increased its 2023 guidance recently ahead of its third-quarter earnings. That makes now perhaps the best time to get in on the stock ahead of its quarterly release — especially as shares edge back towards 52-week highs.
Bottom line
No matter which TSX stocks you go for, always make sure they fit well within your portfolio goals. These three TSX stocks are great options, but only if you have the risk available to add them. When in doubt, do your own research and meet with your financial advisor. That way, you won’t miss out on any growth and are likely to only see gains in your future.
