The Best Stocks to Invest $2,000 in Right Now

Do you have some extra cash to spare? Here are three Canadian stocks to add to your watch list today.

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It’s been a great year for Canadian investors. The S&P/TSX Composite Index is up close to 20% in 2024. Even so, there are still deals to be found on the TSX, for the patient, long-term investors.

I’ve put together a basket of three top Canadian stocks that should be on your radar. Not only is this basket a well-diversified one, but it’s also well-priced. All three stocks are currently trading at a discount of at least 15% or more from all-time highs.

Canadian investors who are on the sidelines today don’t need to wait for a pullback before putting their money to work. The TSX has plenty of discounts to take advantage of. 

Don’t miss your chance to load up on these three stocks while the discounted prices last.

Brookfield Renewable Partners

It’s been a disappointing past several years for renewable energy investors. Brookfield Renewable Partners (TSX:BEP.UN) isn’t alone in its market-lagging performance dating back to early 2021, when the stock was last at all-time highs.

Excluding dividends, shares are down more than 40% since the beginning of 2021. Over the past five years, the S&P/TSX Composite Index is up close to 50%, and Brookfield Renewable Partners is barely positive.

One silver lining for current shareholders is that the dividend yield has surged. At today’s stock price, Brookfield Renewable Partners’s dividend is yielding above 5%.

Investors may need to be patient with this pick, but it’s hard to ignore the growth potential of the long-term rise of renewable energy consumption. 

As a leader in the space, Brookfield Renewable Partners is a perfect company to own to gain exposure to that growth potential.

Shopify

One of Canada’s largest companies is fresh off an incredibly impressive earnings report. 

Shopify’s (TSX:SHOP) third-quarter results were strong enough to send the stock soaring more than 20%. Not only did the company beat revenue and earnings expectations, but revenue guidance also came in higher than expected, sending the stock to a new 52-week high.

Even with the recent pop, Shopify continues to trade close to 30% below all-time highs from late 2021. The company has been on an impressive tear as of late, though, with shares up 60% over the past 12 months.

Created with Highcharts 11.4.3Shopify PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.ca

At this rate, it’s only a matter of time before the tech stock is back to all-time highs. Now’s your chance to load up on Shopify at a discounted price.  

Bank of Nova Scotia

With all that talk about market-beating growth potential, there are plenty of reasons to own slow-growing, boring dividend stocks. And there’s no better place to find those types of stocks than in the Canadian banking sector.

In addition to owning impressively long dividend payout streaks, the major Canadian banks have top-notch dividend yields, too.

Bank of Nova Scotia’s (TSX:BNS) current yield of 5.5% ranks it as the highest amongst the Big Five. The company has also been paying dividends to shareholders for close to 200 consecutive years.

If you’re looking to balance out some of the higher-risk growth stocks in your portfolio, a trustworthy bank stock like Bank of Nova Scotia would be a wise choice.

Should you invest $1,000 in Brookfield Renewable Partners right now?

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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 and Shopify. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Bank Of Nova Scotia and Brookfield Renewable Partners. The Motley Fool has a disclosure policy.

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