In this article, we will list the 5 Best Performing Canadian Stocks So Far in 2026. Please visit 10 Best Performing Canadian Stocks So Far in 2026 if you would like to see the extended list and the methodology behind it.
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5. Methanex Corporation (NASDAQ:MEOH)
On May 5, 2026, Scotiabank raised the firm’s price target on Methanex Corporation (NASDAQ:MEOH) to $80 from $70 and maintained an Outperform rating on the shares. The firm said the stock could continue to move higher over time, given management’s disciplined capital allocation strategy and the potential for sustained upside in methanol pricing.
Meanwhile, CIBC analyst Hamir Patel raised the firm’s price target on Methanex Corporation (NASDAQ:MEOH) to $69 from $66 and kept a Neutral rating on the shares. CIBC said the stronger methanol pricing environment should help accelerate deleveraging. While the firm still expects commodity prices to normalize over time, it noted that the Middle East accounts for roughly 20% of global methanol production, and prolonged supply disruptions could support an upside scenario where Methanex shares reach $83.
Earlier in the month, JPMorgan analyst Jeffrey Zekauskas downgraded Methanex Corporation (NASDAQ:MEOH) to Neutral from Overweight while raising the firm’s price target to $65 from $56. JPMorgan said the company’s EBITDA is likely to more than double sequentially from Q1 to Q2 as methanol prices improve, though the firm believes the stock is fairly valued at current levels.
Methanex Corporation (NASDAQ:MEOH) produces and sells methanol and ammonia across Asia Pacific, North America, Europe, and South America.
4. Xenon Pharmaceuticals Inc. (NASDAQ:XENE)
On May 12, 2026, JPMorgan analyst Tessa Romero raised the firm’s price target on Xenon Pharmaceuticals Inc. (NASDAQ:XENE) to $80 from $77 and maintained an Overweight rating on the shares.
Wells Fargo analyst Benjamin Burnett also raised the firm’s price target on Xenon Pharmaceuticals Inc. (NASDAQ:XENE) to $69 from $68 while keeping an Overweight rating. The firm said it continues to see a high probability of approval for azetukalner in focal onset seizures, though recent Phase 3 data from Praxis Precision Medicines for vormatrigine could create some near-term competitive pressure for Xenon.
On May 7, 2026, Xenon Pharmaceuticals Inc. (NASDAQ:XENE) reported Q1 EPS of ($1.17), versus the consensus estimate of ($1.20). President and CEO Ian Mortimer said the company’s X-TOLE2 study delivered positive results that exceeded expectations and further strengthened the outlook for azetukalner as a potential treatment option for patients with uncontrolled focal onset seizures. Management said the X-TOLE2 data support plans to submit a New Drug Application to the FDA in the third quarter of 2026, with commercial launch preparations already underway. The company also noted that its cash position is expected to support operations into 2029. Mortimer added that Xenon continues to advance several additional Phase 3 studies involving azetukalner across epilepsy and neuropsychiatry indications. The company also expects to complete first-in-human studies later this year for new pain-focused programs targeting NaV1.7 and KV7.
Xenon Pharmaceuticals Inc. (NASDAQ:XENE) is a neuroscience-focused biopharmaceutical company developing treatments for neurological and psychiatric disorders.
3. Hudbay Minerals Inc. (NYSE:HBM)
On May 4, 2026, Canaccord lowered the firm’s price target on Hudbay Minerals Inc. (NYSE:HBM) to C$40 from C$41 previously and maintained a Buy rating on the shares after the company released its Q1 financial and operating results.
On May 1, 2026, Hudbay Minerals Inc. (NYSE:HBM) reported Q1 adjusted EPS of 40c, versus the consensus estimate of 34c. Revenue totaled $757.3M, versus the consensus estimate of $687.05M. Consolidated copper production reached 27,929 tons while gold production totaled 61,700 ounces during the quarter. CEO Peter Kukielski said the company delivered record revenue, adjusted EBITDA, and adjusted earnings, supported by stable operations, strong exposure to copper and gold prices, and disciplined cost management. Management also highlighted record-low consolidated cash costs and continued strong free cash flow generation during the period. Hudbay said all operations remain on track to meet 2026 production and cost guidance. The company ended the quarter with more than $1B in cash and cash equivalents, which management said strengthens its flexibility to advance the Copper World project, invest in high-return operational opportunities, and continue de-risking the Cactus project following the planned acquisition of Arizona Sonoran Copper Company.
Hudbay Minerals Inc. (NYSE:HBM) reaffirmed its 2026 production guidance, including projected copper production of 110,000 to 138,000 tons and gold production of 217,000 to 272,000 ounces.
Hudbay Minerals Inc. (NYSE:HBM) is a diversified mining company focused on the exploration, development, and operation of mining assets across North and South America.
2. Enbridge Inc. (NYSE:ENB)
On May 11, 2026, RBC Capital raised the firm’s price target on Enbridge Inc. (NYSE:ENB) to C$79 from C$76 and maintained an Outperform rating on the shares. The firm said the evolving backdrop for energy infrastructure is creating additional growth opportunities for Enbridge with what it views as attractive risk-adjusted returns.
Scotiabank also raised the firm’s price target on Enbridge Inc. (NYSE:ENB) to C$78 from C$77 while reiterating an Outperform rating on the shares.
On May 8, 2026, Enbridge Inc. (NYSE:ENB) reported Q1 adjusted EPS of C$0.98, compared to C$1.03 in the prior-year period. President and CEO Greg Ebel said recent months have brought some of the most volatile and complex conditions the global energy industry has faced in decades, citing commodity price swings, geopolitical uncertainty, and supply disruptions. Despite that environment, Ebel said Enbridge and the broader North American energy sector have continued delivering critical energy supplies to homes and businesses.
Enbridge reaffirmed its FY26 adjusted EBITDA guidance range of C$20.2B to C$20.8B. The company also maintained its distributable cash flow per share outlook of C$5.70 to C$6.10 for the year.
Enbridge Inc. (NYSE:ENB) operates energy infrastructure assets through its Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, and Renewable Power Generation segments.
1. Baytex Energy Corp. (NYSE:BTE)
On May 11, 2026, RBC Capital analyst Greg Pardy raised the firm’s price target on Baytex Energy Corp. (NYSE:BTE) to C$7 from C$6.50 and maintained a Sector Perform rating on the shares.
Scotiabank also increased its price target on Baytex Energy Corp. (NYSE:BTE) to C$7.50 from C$6.50 previously, while reiterating an Outperform rating on the shares.
On May 7, 2026, Baytex Energy Corp. (NYSE:BTE) reported first-quarter results that were supported by stronger-than-expected performance from its heavy oil assets. Production averaged 69,478 boe/d, with oil and NGLs accounting for 88% of volumes, exceeding the high end of the company’s guidance range of 68,000 to 69,000 boe/d. Exploration and development spending totaled $145M during the quarter, in line with the company’s annual plan, while 54 gross wells were brought online. Baytex generated adjusted funds flow of $151M, or $0.20 per basic share, during the quarter. The company posted a net loss of $67M, or $0.09 per basic share, primarily due to unrealized losses tied to financial derivatives. President and CEO Chad Lundberg said the quarter reflected the strength of Baytex’s Canadian asset base and operational execution. Management added that strong heavy oil performance and improving returns supported the company’s decision to raise both its 2026 production outlook and its three-year growth targets. Lundberg also said Baytex remains focused on disciplined capital allocation and technical execution as key drivers of long-term shareholder value.
Baytex Energy Corp. (NYSE:BTE) is an energy producer focused on crude oil and natural gas development in the Western Canadian Sedimentary Basin.
While we acknowledge the potential of BTE to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than BTE and that has 100x upside potential, check out our report about the cheapest AI stock.
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