The Canadian stock market has been on a roll over the past three months. The S&P/TSX Composite Index is up more than 10% since the end of October. Even so, the index is still trading below all-time highs from early 2022.
As the market continues to slowly climb back to all-time highs, there remain plenty of deals for Canadian investors to take advantage of today. Investors who are willing to wait patiently for the market to rebound should make sure their watch list is up to date.
With that in mind, I’ve put together a list of three Canadian stocks that are trading at discounted prices today. All three companies have a proven track record of rewarding shareholders over the long term.
If you’ve got some cash to spare, these three picks should be on your radar.
At the rate that goeasy (TSX:GSY) stock is soaring, this discounted price may not be around for much longer. Shares are up close to 50% over the past three months and are now down only 25% from all-time highs.
Even after its massive pullback in 2022, the stock has still largely outperformed the market over the past five years. Excluding dividends, the S&P/TSX Composite Index is up just shy of 40%, while goeasy is nearing a 300% return.
The high-interest-rate environment has understandably slowed demand for goeasy’s consumer-facing financial services. The good news is that interest rates could begin declining as early as this year, which could be excellent news for goeasy.
Don’t miss your chance to load up on one of the top growth stocks at a rare discount.
This utility stock is certainly no match for goeasy when it comes to growth returns. Growth isn’t why I’d recommend having Fortis (TSX:FTS) on your watch list, though. Instead, it’s passive income. And there’s no better time than during volatile market periods to own a steady stream of passive income.
The beauty of the utility industry is its dependability. Revenue streams tend to remain fairly stable regardless of the condition of the economy. And when it comes to passive income, dependability is a key characteristic of a dividend.
There’s not a whole lot to get excited about with utility stocks. But if dependable passive income is what you’re after, Fortis is the company for you.
With shares down 15% from all-time highs, the company’s dividend yield is currently above 4%.
Brookfield Renewable Partners
The last pick on my last can offer the best of both worlds from goeasy and Fortis. Brookfield Renewable Partners (TSX:BEP.UN) has a history of providing market-beating returns yet also currently pays a handsome dividend.
Now is a great time for long-term investors to be putting money into the beaten-down renewable energy space. Stocks across the sector are trading at bargain prices, including Brookfield Renewable Partners.
Not including dividends, shares of the renewable energy leader are down 40% from all-time highs. Still, Brookfield Renewable Partners has outperformed the Canadian stock market over the past five years.
The recent pullback may hurt shareholders in the short term, but it has sent the dividend yield to above 5%. At least there’s a whole lot of passive income to benefit from while investors wait for Brookfield Renewable Partners to return to its market-beating ways.