5 Canadian Stocks Set to Soar in 2024

Are you looking to invest in stocks? These stocks are set to soar in 2024.

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The equity market remains buoyant as concerns about a recession diminish. Further, expectations of interest rate cuts and improvement in the macro environment provide a solid platform for future growth. As the operating environment has improved, let’s zoom in on five fundamentally strong Canadian stocks set to soar in 2024. 


Shares of clothing company Aritzia (TSX:ATZ) are up about 26% year to date. The stock is likely to rise further in 2024, led by its efforts to accelerate sales growth through the opening of new boutiques and the introduction of fresh styles. Additionally, its focus on improving its online customer experiences and expanding its omnichannel offerings augurs well for future growth. 

While the company faces tough year-over-year comparisons in the near term, it is poised to see an acceleration in sales and earnings-per-share (EPS) growth rate. Management expects the top line to grow at a compound annual growth rate of 15-17% through 2027. Meanwhile, leverage from higher sales and measures to reduce inventory management costs will likely cushion its earnings and drive its share price. 

Precision Drilling

Precision Drilling (TSX:PD) provides onshore drilling services to oil and gas exploration and production companies. The company’s shares are up over 44% year to date, reflecting strong demand and an improving macro environment supporting drilling activities. Additionally, Precision Drilling stock benefits from the company’s efforts to reduce debt, return cash to shareholders, and accelerate growth through strategic acquisitions. 

Looking ahead, the momentum in its business is likely to be sustained. Increased Canadian drilling rig utilization days and well servicing rig operating hours are likely to dive its financials and share price in 2024. Further, its recent acquisitions will support its growth. 


Celestica (TSX:CLS) stock is poised to gain from its diversified portfolio and its exposure to high-growth markets. Thanks to the resilience of its business and solid growth prospects, Celestica stock has gained about 73% year to date. The stock has further upside potential due to its ability to generate sustainable revenue and profitability. 

Celestica will likely benefit from the ongoing strength in its Connectivity & Cloud Solutions (CCS) business due to the widespread deployment of artificial intelligence technology across sectors. Additionally, the company’s Advanced Technology Solutions (ATS) segment is also well-poised to capture opportunities arising from the transition towards electric vehicles, telematics, and smart energy solutions. 


goeasy (TSX:GSY) stock is up about 8% year to date. Moreover, shares of this subprime lender are likely to grow swiftly on the back of its growing consumer loan portfolio. The financial services giant is growing its revenue and earnings at a double-digit rate, which has led to a significant appreciation in its stock over the past decade.

Higher loan originations, the expansion of its consumer loan portfolio, the large addressable market, diversified funding sources, and geographical expansion will likely drive its revenue. Higher sales and steady credit performance will boost its earnings, drive higher dividend payouts, and push its share price.

Canadian Natural Resources

Canadian Natural Resources (TSX:CNQ) stock is up about 28% year to date. Further, steady energy demand, growing industrial activity, increase in production, and its focus on strengthening its balance sheet position it well to generate solid financials in 2024, boosting its share price. 

Notably, its high-value reserves, long-life assets, focus on cost control, and low maintenance capital requirement provide a solid foundation for growth. Further, the company’s solid earnings base will enable it to return higher cash to its shareholders through higher dividend payments. 

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 Sneha Nahata has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Aritzia. The Motley Fool recommends Canadian Natural Resources. The Motley Fool has a disclosure policy.

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