Investing a cool grand in the Canadian stock market? Let’s chat about three mid-cap gems that might just make your portfolio sparkle. Those being Tamarack Valley Energy (TSX:TVE), WELL Health Technologies (TSX:WELL), and goeasy (TSX:GSY). These growth stocks have been turning heads with their impressive performances and promising outlooks. So let’s get into why investors may want to consider them on the TSX today.
Tamarack
Tamarack Valley Energy is making waves in the oil and gas sector. In Q3 2024, the growth stock reported an average daily production of 64,143 barrels of oil equivalent per day (boe/d), a 3% increase from the previous quarter. This uptick was driven by strong performances from the Charlie Lake and Clearwater drilling programs. Financially, Tamarack achieved adjusted funds flow of approximately $220 million and free funds flow of $109 million, thus marking a 72% increase in free funds flow per share year-over-year. It also reduced net debt to just over $807 million.
Looking ahead, Tamarack is well-positioned to benefit from its strategic focus on high-quality assets and disciplined capital allocation. The growth stock’s commitment to shareholder returns is evident through its recent 2% increase in monthly dividends and ongoing share repurchase program. With a diversified portfolio and efficient operations, Tamarack aims to continue delivering value to its investors.
WELL Health
WELL Health is a digital healthcare powerhouse that’s been on a tear lately. In Q3 2024, the growth stock surpassed a $1 billion annualized revenue run-rate, reporting record revenue of $251.7 million – a 27% increase compared to the same period in 2023. This growth was primarily driven by a 23% organic increase, thus highlighting the company’s expanding footprint in the digital health space.
The future looks bright for WELL Health, as it continues to capitalize on the growing demand for digital healthcare solutions. With a robust pipeline of acquisitions and a strong network of over 4,000 providers and clinicians, the growth stock is well-equipped to maintain its upward trajectory. Its recent increase in annual revenue guidance further underscores their confidence in sustained growth.
goeasy
Finally, goeasy has established itself as a leader in the alternative financial services sector. The growth stock has demonstrated consistent revenue and earnings growth, driven by strong loan demand and an expanding customer base. In recent quarters, goeasy has continued to deliver solid financial results, reflecting its effective business model and strategic initiatives.
Looking forward, goeasy is poised for continued success, with plans to further expand its product offerings and geographic reach. The growth stock’s focus on responsible lending practices and customer satisfaction positions it well to navigate the evolving financial services landscape. Investors can anticipate sustained growth as goeasy continues to execute on its strategic priorities.
Bottom line
In summary, with $1,000 to invest, these three Canadian mid-cap stocks offer a compelling mix of stability and growth potential. Tamarack Valley Energy provides exposure to the energy sector with a focus on shareholder returns, WELL Health taps into the burgeoning digital healthcare market, and goeasy offers a stake in the expanding alternative financial services industry. Diversifying across these sectors can help mitigate risk while positioning your portfolio for long-term growth.
