Investing in fundamentally strong Canadian stocks with solid growth prospects can help investors build significant wealth over time. Moreover, one doesn’t need a large sum to invest in high-quality TSX stocks. Even with a small amount of $300, you invest in top stocks to gradually create a solid portfolio that can generate impressive returns in the long term.
With that backdrop, let’s explore three no-brainer TSX stocks you can consider buying right now for just $300.
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Stock #1
Canadian Natural Resources (TSX: CNQ) is a no-brainer stock for investors to create and generate consistent income. The oil and gas company has a diverse portfolio of assets, which enables it to deliver higher earnings, reduce commodity price risk, and optimize capital investments.
Thanks to its solid financials, Canadian Natural Resources stock has outperformed the broader markets in terms of returns. In the last five years, it has generated an average return of over 27% annually, resulting in a total capital gain of about 238%.
In addition to capital gains, the company has steadily increased its dividend, backed by solid earnings and adjusted funds flow. The energy company has raised its dividend at a CAGR of 21% in the last 25 consecutive years.
Looking ahead, Canadian Natural Resources’s long life, low-decline assets, high-return projects, and focus on driving efficiency will boost its adjusted funds flow and support its share price and dividend payouts. Moreover, its strong balance sheet positions the company well to invest in growth initiatives and expand its operations.
Stock #2
TerraVest Industries (TSX: TVK) is a solid TSX stock to buy now. This leading industrial manufacturer has been consistently delivering impressive financials, leading to a rally in its share price. Notably, the stock has jumped about 229% in one year and skyrocketed by over 995% in five years. Despite this impressive growth, TerraVest stock has further upside potential.
The solid demand for its services will accelerate its growth and support its stock. Further, the ongoing momentum in its compressed gas distribution equipment and residential and commercial petroleum tanks augur well for growth.
Further, TerraVest’s expansion of its product offerings and focus on improving manufacturing efficiency are likely to drive its top and bottom lines. Moreover, its recent acquisitions will further help TerraVest consolidate its leadership in its core markets, bolstering its growth rate.
Overall, TerraVest is well-positioned to deliver solid organic growth and benefit from acquisitions. Moreover, it is likely to enhance its shareholder value through dividend payments.
Stock #3
Celestica (TSX: CLS) is a solid investment to ride the artificial intelligence (AI) wave. The company offers supply chain solutions and electronic manufacturing services and is benefitting from accelerated spending on AI infrastructure.
Given the solid demand for its hardware platform solutions, Celestica stock has jumped over 1,100% in the last five years. The rally will likely continue as the increased investment in data center hardware such as servers, networking equipment, and storage will drive demand for its products and offerings.
Celestica’s Connectivity & Cloud Solutions segment, which focuses on next-generation storage, server, and communications products, will likely deliver solid growth driven by higher demand. Further, the surging demand for networking switches, including its 400G and 800G switches, will continue to boost its financials.
Moreover, its server business is poised to gain from the solid demand for high-performance computing platforms. Further, Celestica’s storage solutions will likely gain from AI data centre buildouts.
Overall, Celestica is likely to deliver above-average returns in the coming years and create significant wealth for its investors.
