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Discover the Top 14 Canadian Stocks to Invest in for 2024

Canadian economy outperformed expectations despite high inflation and rising rates, with a predicted 1.1% increase in 2023, despite worries about inflation and rising interest rates.

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We go over the top 14 Canadian stocks to purchase in 2024 in this post. With a predicted 1.1% increase in 2023, the Canadian economy outperformed expectations despite worries about high inflation and rising interest rates. This increase surpassed early projections, however it fell short of the economy’s 2% potential. Demand was driven by rapid population expansion, which bolstered the labor market and generated some 430,000 new employment between January and November of 2023.

In response to the robustness of the economy, the Bank of Canada increased its benchmark rate by 75 basis points to 5.0%. But 2023 saw unequal growth, especially in interest rate-sensitive industries like housing, which saw major slowdowns in growth. For the past 30 years, Canada’s annual inflation rate has stayed consistent at 2%, a marked difference from the 8% and 13% levels observed in the 1970s and 1980s. While experts do predict a decline in inflation, it is not expected to stabilize around 2% until the end of 2024. Food price inflation is predicted to stay between 4 and 5% despite an overall drop in inflation because of things like the Canadian dollar’s weakening impacting global market trading. In a similar vein, it is anticipated that housing-related costs would increase and will exceed the Bank of Canada’s 2% inflation target, especially in the first half of the year.

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However, Deloitte projects that by the middle of 2025, inflation will reach its target level again. Once the route to reaching a 2% target is clear, which is expected to happen in the spring of 2024, the Bank of Canada is expected to start cutting rates, which will cause a bounce later in the year. Real economic growth is therefore predicted to pick up speed, with an average growth rate of 0.4% projected for 2024. This strong pace is expected to continue until 2025, when the economy is expected to grow by 3% due to higher consumer spending and more exports as a result of the British Columbian LNG Canada export facility opening.

A moderate recession followed by a gradual rebound, fueled by elements including growing debt servicing costs and housing corrections, are among Oxford Economics’ key themes for Canada in 2024. It is anticipated that the population boom driven by migration will continue, affecting the housing supply and labor economy. Given the obstacles facing fiscal policy in light of the current economic climate, it is expected that the Bank of Canada will begin an easing cycle once inflation approaches the objective of 2%. Potential interruptions including worker strikes, wildfires, severe weather, supply chain problems, and external risks like decreasing global growth and geopolitical tensions are examples of wildcards.

Even though things are a little rough right now, investors can purchase Canadian stocks today and profit later. Shopify Inc. (NYSE:SHOP), Teck Resources Limited (NYSE:TECK), and Canadian Pacific Kansas City Limited (NYSE:CP) are a few of the top Canadian stocks to purchase.

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Top 14 Canadian Stocks to Buy in 2024

14. Franco-Nevada Corporation

30 people own hedge funds.

Franco-Nevada Corporation (NYSE:FNV) is a Latin American, American, and Canadian royalty and streaming firm with a gold focus. The Toronto, Canada-based corporation was established in 1986 and is responsible for overseeing a collection of precious metals, including platinum group metals, silver, and gold. Franco-Nevada Corporation (NYSE:FNV) announced a 5.9% increase in its quarterly dividend from C$0.34 to C$0.36 per share on January 30. To shareholders with records as of March 14, the dividend is payable on March 28.

30 hedge funds, as opposed to 27 firms in the previous quarter, were positive on Franco-Nevada Corporation (NYSE:FNV), according to Insider Monkey’s fourth quarter database.

Among the greatest Canadian stocks to purchase is Franco-Nevada Corporation (NYSE:FNV), which is comparable to Shopify Inc. (NYSE:SHOP), Teck Resources Limited (NYSE:TECK), and Canadian Pacific Kansas City Limited (NYSE:CP).

13. Bausch Health Companies Inc.

31 people own hedge funds.

Bausch Health Companies Inc. (NYSE:BHC) represents pharmacies with a wide range of applications, including gastroenterology, hepatology, neurology, dermatology, overseas pharmaceuticals, and eye health. On our ranking of the top Canadian stocks, Bausch Health Companies Inc. (NYSE:BHC) comes in at number thirteen. On February 21, Bausch revealed $1.2 billion in revenue for the fourth quarter, up 18% from the previous year. The Vision Care division made a significant contribution by generating $662 million more in sales. The Pharmaceuticals segment brought in $307 million, demonstrating an astounding 67% year-over-year gain. This rise can be partially attributable to higher sales of Xiidra, the dry-eye medication that Novartis just purchased.

GoldenTree Asset Management is the largest shareholder of Bausch Health Companies Inc. (NYSE:BHC), owning 27.6 million shares valued at $221.7 million, according to Insider Monkey’s fourth-quarter database. Thirteen hedge funds were positive on the stock overall.

12. Canadian National Railway Company

35 people own hedge funds.

In both Canada and the US, the Canadian National Railway Company (NYSE:CNI) engages in rail, intermodal, trucking, maritime, and logistics activities. The Canadian National Railway Company (NYSE:CNI) announced a quarterly dividend of C$0.845 per share on January 24. This is a 7% increase over the company’s previous payout of C$0.790. To stockholders who were registered as of March 7th, the dividend is payable on March 28. The Canadian National Railway Company (NYSE:CNI) is a highly recommended Canadian stock for careful observation.

Insider Monkey’s fourth quarter database shows that 35 hedge funds, as opposed to 39 funds in the previous quarter, were long Canadian National Railway Company (NYSE:CNI). With 54.8 million shares valued at $6.8 billion, the largest shareholder in the corporation is the Bill & Melinda Gates Foundation Trust.

11. Suncor Energy Inc.

37 people own hedge funds.

An integrated energy firm with operations in Canada and abroad is Suncor Energy Inc. (NYSE:SU). Oil Sands, Production and Exploration, and Refining and Marketing are the three business segments. Investments in Suncor Energy Inc. (NYSE:SU) are among the best available for Canadian equities. In keeping with past practice, the firm announced on February 21 a quarterly dividend of C$0.545 per share. To shareholders with records as of March 4, the dividend is payable on March 25.

37 hedge funds, as opposed to 34 firms in the previous quarter, had interests in Suncor Energy Inc. (NYSE:SU), according to Insider Monkey’s fourth quarter database. With a $320.6 million stake, Elliott Management, run by Paul Singer, is the company’s largest shareholder.

10. Nutrien Ltd.

39 people own hedge funds.

Providing crop inputs and services is Nutrien Ltd.’s (NYSE:NTR) area of expertise. It is divided into four business segments: Retail, Phosphate, Potash, and Nitrogen. The retail sector distributes crop fertilizers, crop protection products, seeds, and other goods. Granular and regular potash products are available in the Potash sector. Ammonia, urea, urea ammonium nitrate, industrial-grade ammonium nitrate, and ammonium sulfate are among the nitrogen-based products offered by the nitrogen segment. The Phosphate division provides feed and industrial goods, as well as liquid and solid fertilizers. Among the top Canadian stocks to purchase is Nutrien.

A 1.9% increase over its previous payout of $0.53 per share, Nutrien Ltd. (NYSE:NTR) announced on February 21 a quarterly dividend of $0.54 per share. To shareholders with records as of March 28th, the dividend is payable on April 11.

39 hedge funds, as opposed to 33 firms in the previous quarter, were positive on Nutrien Ltd. (NYSE:NTR), according to Insider Monkey’s fourth quarter database. The company’s major stakeholder is Jean-Marie Eveillard’s First Eagle Investment Management.

9. Canadian Natural Resources Limited

41 people own hedge funds.

Canadian Natural Resources Limited (NYSE:CNQ) is responsible for the acquisition, exploration, development, production, marketing, and sales of crude oil, natural gas, and natural gas liquids. Among the best Canadian stocks to purchase is this one. Since at least 2018, Canadian Natural Resources Limited (NYSE:CNQ) has produced the most oil and gas overall from Alberta wells as of December 2023. The company’s total production in the province rose to 703,330 barrels of oil equivalent per day (boe/day), a 2.3% rise. The greatest level of oil output since September, 437,757 barrels per day (bbl/day), and record-breaking natural gas production of 1.593 billion cubic feet per day (cf/day) were the main drivers of this growth.

The same as the previous quarter, 41 hedge funds were bullish on Canadian Natural Resources Limited (NYSE:CNQ), according to Insider Monkey’s fourth quarter database. With over 15 million shares valued at $978 million, Donald Yacktman’s Yacktman Asset Management holds the largest stake in the business.

8. Barrick Gold Corporation

43 people own hedge funds.

Global exploration, development, production, and sales of gold and copper properties are the activities of Barrick Gold Corporation (NYSE:GOLD). The business also investigates and markets energy materials and silver. The business is headquartered in Toronto, Canada, and was established in 1983. Consistent with prior years, Barrick Gold Corporation (NYSE:GOLD) announced a quarterly dividend of $0.10 per share on February 14. To stockholders of record on February 29th, the dividend is payable on March 15th. Additionally, the business unveiled a brand-new $1 billion share repurchase initiative. With this effort, which will run for the next 12 months, the corporation will be able to buy back its ordinary shares at current market prices. Of all the Canadian equities, Barrick Gold Corporation (NYSE:GOLD) is one of the best to keep an eye on.

Insider Monkey’s fourth quarter database shows that 43 hedge funds, as opposed to 36 firms in the previous quarter, were long Barrick Gold Corporation (NYSE:GOLD).

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7. Agnico Eagle Mines Limited

43 people own hedge funds.

A gold mining firm, Agnico Eagle Mines Limited (NYSE:AEM) is involved in the discovery, development, and extraction of precious metals. In addition to conducting exploration and development work in Canada, Australia, Europe, Latin America, and the US, the firm runs mines in Mexico, Canada, Australia, and Finland. AEM, or Agnico Eagle Mines Limited, is a highly recommended Canadian stock for investment purposes.

Agnico Eagle Mines Limited (NYSE:AEM) announced on February 16 that it would continue to pay a quarterly dividend of $0.40 per share. To shareholders with records as of March 1, the dividend is payable on March 15.

43 hedge funds were long Agnico Eagle Mines Limited (NYSE:AEM) as of the fourth quarter, up from 38 funds the previous quarter, according Insider Monkey’s database. First Eagle Investment Management, owned by Jean-Marie Eveillard, holds the largest position in the business with 6.2 million shares, valued at $341 million.

6. Waste Connections, Inc.

45 people own hedge funds.

In the US and Canada, trash Connections, Inc. (NYSE:WCN) is a leader in non-hazardous trash collection, transfer, disposal, and resource recovery services. The business serves the exploration and production (E&P), commercial, residential, municipal, and industrial sectors. As previously announced, Waste Connections (NYSE:WCN) issued a quarterly dividend of C$0.285 per share on February 13. On March 13, the dividend will be paid to shareholders whose records date back to February 28.

In the fourth quarter, 45 hedge funds were long Waste Connections, Inc. (NYSE:WCN), up from 38 funds the previous quarter, according to Insider Monkey’s database. Among the company’s investors, the Bill & Melinda Gates Foundation Trust is the biggest.

Among the best Canadian stocks to keep an eye on are Waste Connections (NYSE:WCN), in addition to Shopify Inc. (NYSE:SHOP), Teck Resources Limited (NYSE:TECK), and Canadian Pacific Kansas City Limited (NYSE:CP). On our list, Waste Connections (NYSE:WCN) is ranked sixth.

5. Canadian Pacific Kansas City Limited

49 people own hedge funds.

In both Canada and the US, Canadian Pacific Kansas City Limited (NYSE:CP) owns and runs a transcontinental freight railway network. The corporation specializes in the transportation of energy products, chemicals, plastics, metals, minerals, consumer goods, automotive, and forest products in addition to bulk commodities like grain, coal, potash, fertilizers, and sulfur. One of the top Canadian equities to keep an eye on is Canadian Pacific Kansas City Limited (NYSE:CP).

Canadian Pacific Kansas City Limited (NYSE:CP) announced on January 30th, FY18 non-GAAP EPS of C$1.18 and C$3.78 billion in sales, representing a 53.7% year-over-year increase. In keeping with past practice, the corporation also announced a quarterly dividend of C$0.19 per share. To shareholders with records as of March 28th, the dividend is payable on April 29.

4. Cenovus Energy Inc.

50 people own hedge funds.

Development, production, refining, marketing, and transportation of natural gas, crude oil, and refined petroleum products are all undertaken by Cenovus Energy Inc. (NYSE:CVE) both domestically and abroad. The corporation runs U.S., Canadian, offshore, conventional, and oil sands refining operations. segment refinement. Cenovus Energy Inc. (NYSE:CVE) is ranked fourth among Canadian stocks that are worth investing in. The business announced a quarterly dividend of C$0.14 per share on February 15, consistent with prior. To shareholders with records as of March 15, the dividend is payable on March 28.

3. Lululemon Athletica Inc.

52 people own hedge funds.

Under the Lululemon brand, Lululemon Athletica Inc. (NASDAQ:LULU) creates, markets, and stores athletic wear, accessories, and footwear for men and women. Among the best Canadian stocks is this one. Lululemon Athletica Inc. (NASDAQ:LULU) beat Wall Street estimates by $0.25 and $10 million, respectively, when it posted Q3 non-GAAP EPS of $2.53 and $2.2 billion in revenue on December 7. Comparing the quarter to the previous year, revenue climbed by 18.3%.

2. Teck Resources Limited

68 people own hedge funds.

The activities of Teck Resources Limited (NYSE:TECK) include resource exploration, acquisition, development, and production throughout North America, Europe, and Asia. The Steelmaking Coal, Copper, Zinc, and Energy segments are where the corporation operates. Of all the Canadian equities, Teck Resources Limited (NYSE:TECK) is a great investment. A quarterly dividend of C$0.125 per share was issued by the firm on February 22. It is due to shareholders who were on record as of March 15 on March 28. The board of the firm has authorized the management to repurchase Class B subordinate voting shares up to a maximum of $500 million.

1. Shopify Inc.

68 people own hedge funds.

Shopify Inc. (NYSE:SHOP) is a Canadian e-commerce firm that enables retailers to use social media, online marketplaces, physical retail locations, mobile and web storefronts, and marketing to promote and sell their items. The top stock on our list of the top Canadian stocks is Shopify Inc. (NYSE:SHOP). The firm exceeded Wall Street projections by $0.04 and $70 million, respectively, when it announced Q4 non-GAAP EPS of $0.34 and $2.14 billion in revenue on February 13.

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