The 3 Top-Performing TSX Stocks in November 2023 (Are They Still Buys?)

These three TSX stocks may be up to record levels, but it looks like there is even more on the way for these companies in the near and far future.

Amy Legate-Wolfe

Author Bio Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Her work can also be found at Canada's National Observer, where she writes on the business side of climate action. Before joining Motley Fool Canada, Amy wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband. Social Media Follow Amy on LinkedIn and Canada Stock Digest. Favorite Investment Quote “October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published November 2, 2023 9:15 pm EDT

| More on: CCOPKISHOP

November may just be beginning, but some top TSX stocks are already climbing higher this month. This includes Cameco (TSX: CCO), Shopify (TSX: SHOP) and Parkland (TSX: PKI). But, of course, the major questions are whether these stocks will continue climbing, and if they’re still a buy on the TSX today.

Cameco stock

Shares of Cameco stock have risen higher and higher as it has become clear the world is shifting towards clean energy solutions. This has put a spotlight on Cameco, as it’s the world’s largest publicly traded uranium producer. And with sanctions on Russia, the spot price of uranium has only risen higher.

Rising demand has put pressure on the company to produce more and more uranium, as the world looks to the already successful nuclear sector to produce clean energy. At least in the short term. Cameco stock, therefore, looks to benefit from this major growth in the industry. So it’s no wonder shares have exploded.

What’s more, we’re not even in a bull market yet. Cameco stock does look like it could continue to climb. Shares are up an astounding 88% in the last year alone, now at all-time highs that haven’t been achieved since before the Fukushima nuclear disaster. So, it does look like it’s still a buy among TSX stocks.

Shopify stock

Shopify stock has been proving its worth to investors quarter after quarter. Indeed, the ecommerce company produced earnings that showed it made the right moves this year. After major lay offs, with 2,300 employees let go, the sale of its logistics business to Flexport, and a focus on ecommerce, it’s now ready to rise.

And rise it did after earnings came out this week. Shares jumped by over 20% in early morning trading when earnings came out. Net income rose to US$718 million compared to a loss of US$159 million one year ago. Revenue totalled US$1.71 billion compared to US$1.37 billion the year before.

Yet the company still has a major event coming with Black Friday and Cyber Monday around the corner. This has historically been the strongest weekend for the company. And with interest rates stable and inflation down, it could be the case again. So it’s certainly one of the TSX stocks to consider, even with shares up 79% in the last year alone.

Parkland

It was just about a year ago that an activist investor spoke out against Parkland stock. Yet since then, the fuel and convenience store company has doubled its third quarter profit, exceeding its own guidance for 2023.

This shows that the company is firing on all cylinders, as the Calgary company is going strong into the third quarter. When earnings came out this week, Parkland reported net earnings of $230 million, more than double that of $105 million the year before.

So despite this activist stating that the company needed to sell off its non-core assets and get rid of a refinery in B.C., the company held firm. That refinery saw record utilization in the third quarter. Parkland stock is now targeting $500 million in asset divestitures by the end of 2025 to bring in cash. Further, its 2023 guidance now ranges between $1.8 and $1.85 billion. So again, another strong choice among TSX stocks, even with shares up 51% in the last year.