The TSX has had a strong run this year, with investors cheering signs of slowing inflation, interest rate cuts on the horizon, and solid earnings from key sectors. But with the index hitting fresh highs, many are wondering where the next wave of opportunity might come from. Not every TSX stock has the same momentum to carry on after a rally, but some businesses are still showing strong signs of growth. For investors looking to stay on the upside of this record-setting market, three names stand out: Innergex Renewable Energy (TSX:INE), Torex Gold Resources (TSX:TXG), and TerraVest Industries (TSX:TVK).
Innergex
Let’s start with Innergex Renewable Energy. This TSX stock focuses on hydro, wind, and solar power generation, and it operates a diversified portfolio of 90 facilities across Canada, the United States, France, and Chile. Its mission is to grow sustainably, and its results show it’s making steady progress, even in a challenging environment. In its latest earnings report for the first quarter (Q1) of 2025, Innergex posted revenue of $271.5 million, just under expectations. The TSX stock reported an earnings per share loss of $0.07, which matched analyst forecasts. While the quarter wasn’t perfect, it’s important to look at the bigger picture.
Innergex is investing in long-term growth and clean energy infrastructure, which continues to benefit from government support and rising demand. It also pays a dividend yield of 2.63%, offering some income along the way. The TSX stock rose nearly 29% over the past year, showing renewed confidence from investors who see value in renewable energy. It’s not the flashiest name on the TSX, but with the global push for decarbonization, Innergex could quietly keep climbing.
Torex
Next up is Torex Gold Resources, a TSX stock that’s had a breakout year. Trading at around $48 per share, it has more than doubled, gaining roughly 125% in the past 12 months. That kind of return naturally raises eyebrows, but Torex may still have room to run. Its recent Q1 2025 results showed adjusted earnings per share of $0.57, easily beating estimates and revenue of $244.7 million. The TSX stock’s Media Luna project reached commercial production in April and is expected to ramp up meaningfully in the coming quarters.
With gold prices hovering near record highs and strong production from its Guerrero Gold Belt assets in Mexico, Torex is in a sweet spot. Analysts expect earnings to grow by about 30% annually, and the TSX stock’s financials back that up. It has a market cap of $4.04 billion and a forward price-to-earnings ratio of about 21. That’s not expensive for a miner with growing production and stable costs. The average analyst price target is $57.25, suggesting there’s still upside even after the rally. As long as gold remains strong, Torex could continue to reward shareholders.
TerraVest
Finally, there’s TerraVest Industries, a lesser-known gem that’s been quietly soaring. The TSX stock surged 122% in the last year and now trades at $169. It’s a manufacturer of industrial equipment with products used in energy distribution, storage, and processing. While it might not be in the spotlight, it’s built a reputation for dependable growth. TerraVest’s most recent earnings showed $311.45 million in revenue and earnings per share of $1.39, both ahead of expectations.
The TSX stock’s success comes down to smart acquisitions, tight operations, and serving niche markets that keep growing. It doesn’t pay a large dividend, only 0.4%, but reinvests heavily in expansion. TerraVest has a market cap of $3.3 billion and is still not widely followed by investors, which could mean more upside as it gets discovered. Analysts have set price targets as high as $205, showing confidence in its continued growth.
Bottom line
All three of these TSX stocks have been climbing for good reasons. Each posts strong financials, benefiting from sector tailwinds and making smart moves for long-term success. Innergex is riding the green energy transition. Torex is benefiting from rising gold prices and ramped-up production. TerraVest is building quietly but effectively in the industrial sector. These aren’t speculative names with shaky stories; these are profitable, focused, and gaining market share.
Even after a big rally, the TSX still holds potential. These TSX stocks are proof that momentum can last when it’s backed by real business strength. For investors looking to ride the next wave of growth, Innergex, Torex, and TerraVest could be three names to keep holding or start buying.
