3 Top Stocks Under $30 to Buy in November 2023

These TSX stocks still trade below the $30 range, offering a chance for superior growth in the coming year and far beyond.

| More on:
four people hold happy emoji masks

Source: Getty Images

If you’re looking at the TSX today, you’re likely still pretty stressed out about where you can buy stocks worth your time and money. I get it. The TSX in November 2023 isn’t exactly doing the best. However, it will eventually recover. And that’s why it’s a great time to start planning now.

Today, we’re going to look at three TSX stocks under $30 that are worth your time. These stocks stand to continue gaining, especially after the market recovers.

Manulife Financial

First up, we have Manulife Financial (TSX:MFC), a well-diversified insurance financial asset manager with locations around the world. Of course, it doesn’t necessarily do well, however, when the market is down. Yet, the company has plenty of cash on hand to deal with losses. Furthermore, it continues to beat earnings estimates, showing signs of recovery.

As well, analysts peg it as a solid buy on the TSX today. It remains a low-risk option for those who want access to a global portfolio of investments, and a growing one at that. Asset management is a lucrative business, and MFC stock continues to find new opportunities to thrive.

Shares trade at just $25 as of writing and at just 3.76 times earnings. It offers a 5.75% dividend yield as well, which comes to $1.46 per share annually. Finally, it’s well managed, with just 48.76% equity needed to cover all its debts.

Brookfield Renewable

Speaking of diversified TSX stocks, Brookfield Renewable Partners (TSX:BEP.UN) is another strong investment option for those seeking exposure to the growing renewable energy sector. BEP stock is a strong choice as the company is managed by a powerhouse asset manager. However, it’s come into its own with a diversified set of renewable energy assets.

Yet again, the company hasn’t done well, with higher interest rates and inflation hurting the company’s operating costs. However, this means it can start charging more, and so the company’s finances will eventually keep up. Meanwhile, it’s creating long-term contracts that will power the future — quite literally.

BEP stock trades at just $30 as of writing, with a 5.88% dividend yield. That comes to $1.86 per share annually. And even with less revenue coming in, it would take just 88% of its equity to cover all its debts as of writing.

Lightspeed Commerce

Finally, investors looking for perhaps some surging growth in the future but have time to wait should consider Lightspeed Commerce (TSX:LSPD). Lightspeed stock has had a turbulent past but is finally seeing a turnaround potentially. This comes after the company’s acquisitions are up and running, bringing in record revenue and back to a profit.

Yet shares are far behind where they were two years ago. The tech stock may have had a hugely successful earnings report, with shares surging afterwards. However, it’s still nowhere near the all-time highs of $160.

What’s more, more growth is likely on the way, with Black Friday and Cyber Monday around the corner. So, with shares at just $15, it could be a great idea to pick up shares if you’re looking for future growth from your TSX stocks.

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 positions in Brookfield Renewable Partners and Lightspeed Commerce. The Motley Fool recommends Brookfield Renewable Partners and Lightspeed Commerce. The Motley Fool has a disclosure policy.

More on Stocks for Beginners

up arrow on wooden blocks
Stocks for Beginners

1 Under-the-Radar Canadian Stock That Could Soar From Trump’s Tariffs

Not all Canadian stocks are at risk from Trump's tariffs, and this one could be a winner.

Read more »

voice-recognition-talking-to-a-smartphone
Dividend Stocks

1 Magnificent Canadian Dividend Stock Down 40 Percent to Buy and Hold Forever

This magnificent Canadian dividend stock trades at a huge discount, offers stellar growth, and pays one of the best yields…

Read more »

Women's fashion boutique Aritzia is a top stock to buy in September 2022.
Stocks for Beginners

Got $5,000? Buy This Canadian Stock Before Trump’s Tariffs Take Effect

Canadians still have about a month before tariffs hit, so how can you protect yourself in the meantime?

Read more »

Concept of multiple streams of income
Top TSX Stocks

The Best Stocks to Invest $1,000 in Right Now

Here are some of the best stocks that every investor should own today to generate massive income and strong growth…

Read more »

The TFSA is a powerful savings vehicle for Canadians who are saving for retirement.
Dividend Stocks

Trump’s Tariffs Could Hurt Your TFSA – But These 2 Stocks Will Keep it Safe

Worried about tariffs coming down? Then consider these two stocks to keep your portfolio safe.

Read more »

TFSA (Tax free savings account) acronym on wooden cubes on the background of stacks of coins
Stocks for Beginners

The Best Canadian Stocks to Buy and Hold Forever in a TFSA

Are you wondering what types of investments to hold in a TFSA? Take a look at these types of companies…

Read more »

Map of Canada showing connectivity
Dividend Stocks

Trump’s Tariffs: 1 Canadian Stock to Dump and 1 to Buy Immediately

As Trump threatens tariffs on Canada, these are two top stocks to watch.

Read more »

monthly desk calendar
Dividend Stocks

Top Canadian Stocks to Buy for Monthly Income

Looking for some stocks to buy for monthly income? Here's a pair of great stocks that can provide both income…

Read more »