2 Soaring Stocks I’d Buy Now With No Hesitation

Don’t miss your chance to load up on these two market-beating stocks while these discounted prices last.

| More on:

The Canadian stock market spent most of 2023 trading sideways, struggling to return to all-time highs that were set in 2022. It’s been a far different story in 2024 so far though.

Canadian investors have had plenty to cheer about this year. The S&P/TSX Composite Index is up nearly 7% on the year and more than 10% over the past 12 months. 

Sectors that struggled in 2022 and 2023 have come roaring back this year. The technology and renewable energy spaces are two examples of sectors that have rebounded extremely well in 2024. But despite the recent surge, there are still deals to be had in both sectors.

With that in mind, I’ve reviewed two top Canadian stocks that are well on their way to returning to all-time highs in the near future. Both stocks took a hit in recent years but have shown as of late that they’re ready to return to their market-beating ways. 

TSX stock #1: goeasy

At this rate, goeasy (TSX:GSY) won’t be trading at a discount for much longer. The growth stock is up more than 60% over the past year. Even so, shares are still trading close to 20% below all-time highs from late 2021.

Interest rates are partially to blame for goeasy’s 50% pullback in 2022. As interest rates spiked, demand for the company’s products and services unsurprisingly slowed. Growth stocks as a whole also experienced a slowdown in 2022, which was to be expected at some point after such a strong year in 2021.

Even with the selloff in 2022 though, goeasy is still up a market-crushing 260% over the past five years. 

With potential rate cuts around the corner, now could be an incredibly opportunistic time to load up on shares of goeasy. 

Don’t miss your chance to load up on a top-quality growth stock that rarely goes on sale.

TSX stock #2: Brookfield Renewable Partners

The renewable energy space as a whole has had a tough go since the beginning of 2021. Leaders across the sector are trading far below all-time highs, and that certainly includes Brookfield Renewable Partners (TSX:BEP.UN).

Excluding dividends, shares of the renewable energy stock are down more than 30% since the beginning of 2021. The stock has still managed to outperform the S&P/TSX Composite Index over the past five years though. 

One positive of the stock’s recent decline is that the dividend yield has soared. At today’s discounted price, Brookfield Renewable Partners’s dividend yields just shy of 5%. 

There aren’t many market-beating stocks on the TSX with a dividend yield that high.

In a sector with strong long-term growth potential, investors would be wise to consider a company like Brookfield Renewable Partners on their watch list right now.  

Foolish bottom line

Long-term growth investors with some cash to spare should not be shy today. The TSX has no shortage of high-quality stocks that are trading at rare discounts.

As long as you’re willing to be patient, goeasy and Brookfield Renewable Partners are two stocks that I’d have no hesitation buying shares of today.

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 Nicholas Dobroruka has positions in Brookfield Renewable Partners. The Motley Fool recommends Brookfield Renewable Partners. The Motley Fool has a disclosure policy.

More on Investing

woman analyze data
Dividend Stocks

The Smartest Dividend Stocks to Buy With $1,000 Right Now

Do you have some cash to invest but want to earn a safe, low-risk dividend return? These dividend stocks are…

Read more »

Safety helmets and gloves hang from a rack on a mining site.
Metals and Mining Stocks

What to Know About Canadian Mining Stocks for 2025

Several factors, including global economic stability and trade policies, could play an important role in driving Canadian mining stocks in…

Read more »

An investor uses a tablet
Dividend Stocks

5 Canadian Dividend Stocks I Think Everyone Should Own

These Canadian stocks have a solid track record of dividend growth and offer compelling yields near their current market price.

Read more »

calculate and analyze stock
Dividend Stocks

This 4.4% Dividend Stock Pays Cash Every Single Month

This high-quality Canadian dividend stock offers an attractive yield and plenty of long-term growth potential.

Read more »

edit Safe pig, protect money
Dividend Stocks

3 TSX Dividend Aristocrats That Can Weather Any Economic Storm

Market volatility has investors wondering which stocks can withstand an economic storm. Here are three to consider today.

Read more »

Digital background depicting innovative technologies in (AI) artificial systems, neural interfaces and internet machine learning technologies
Tech Stocks

2 Cheap-Looking Stocks to Could Win in the AI Revolution

It's about time we gave firms like Thomson Reuters (TSX:TRI) a bit more of an AI premium.

Read more »

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 »

people relax on mountain ledge
Dividend Stocks

Top Canadian Stocks to Buy for Passive Income 

Are you building a passive income portfolio that can beat inflation and provide higher purchasing power? You could consider buying…

Read more »