5 Best Canadian Stocks To Buy and Hold In 2024

In this article, we discuss 5 best Canadian stocks to buy for 2024. If you want to read our discussion on the Canadian economy, head directly to 14 Best Canadian Stocks To Buy and Hold In 2024. 

5. Canadian Pacific Kansas City Limited (NYSE:CP)

Number of Hedge Fund Holders: 49

Canadian Pacific Kansas City Limited (NYSE:CP) owns and operates a transcontinental freight railway network in Canada and the United States. The company specializes in transporting bulk commodities like grain, coal, potash, fertilizers, and sulphur, as well as merchandise freight like energy products, chemicals, plastics, metals, minerals, consumer goods, automotive, and forest products. Canadian Pacific Kansas City Limited (NYSE:CP) is one of the best Canadian stocks to monitor. 

On January 30, Canadian Pacific Kansas City Limited (NYSE:CP) reported a Q4 non-GAAP EPS of C$1.18 and a revenue of C$3.78 billion, up 53.7% on a year-over-year basis. The company also declared a C$0.19 per share quarterly dividend, in line with previous. The dividend is payable on April 29, to shareholders on record as of March 28. 

According to Insider Monkey’s fourth quarter database, 49 hedge funds were long Canadian Pacific Kansas City Limited (NYSE:CP), compared to 52 funds in the prior quarter. 

Pershing Square Holdings made the following comment about Canadian Pacific Kansas City Limited (NYSE:CP) in its first half 2023 investor letter:

Canadian Pacific Kansas City Limited (NYSE:CP) is a high-quality business with significant earnings growth potential that operates in an oligopolistic industry with considerable barriers to entry and significant pricing power due to its high quality competitive transportation offering. After receiving regulatory approval from the Surface Transportation Board on March 15, Canadian Pacific closed the acquisition of Kansas City Southern on April 14th and renamed the combined company Canadian Pacific Kansas City.

CPKC is a high-quality business with significant earnings growth potential that operates in an oligopolistic industry with considerable barriers to entry and significant pricing power due to its high quality competitive transportation offering. After receiving regulatory approval from the Surface Transportation Board on March 15, Canadian Pacific closed the acquisition of Kansas City Southern on April 14th and renamed the combined company Canadian Pacific Kansas City. …” (Click here to read the full text)