In this article, we discuss the 5 best TSX stocks to buy right now. If you want to read about some more TSX stocks, go directly to 10 Best TSX Stocks To Buy Right Now.
5. Canadian Natural Resources Limited (TSX:CNQ.TO)
Canadian Natural Resources Limited (TSX:CNQ.TO) is an oil and gas firm. The stock has gained more than 90% in the past twelve months as oil and gas prices soar across the world due to high demand and supply chain issues. If oil continues to remain above $100, the company could grow free cash flows to more than $20 billion this year. Canadian Natural Resources Limited (TSX:CNQ.TO) has also achieved net debt targets. This indicates it can use the free cash flow for share buybacks in the coming months.
Canadian Natural Resources Limited (TSX:CNQ.TO) stock touched an all-time high of $68 this month. The high operating leverage and competitive fiscal terms on which the firm operates positions it to outperform global peers in the near-term.
4. Royal Bank of Canada (TSX:RY.TO)
Royal Bank of Canada (TSX:RY.TO) is a diversified financial services firm. On March 31, the company announced that it acquired investment management firm Brewin Dolphin, subject to shareholder approval, in a deal worth C$2.6 billion. The latter has more than $59 billion in assets under management and a network of over 30 offices. Over the long term, the bank expects the purchase to contribute nearly 9% to the annual growth rate. The transaction for the purchase is expected to be complete by the third quarter of 2022.
Royal Bank of Canada (TSX:RY.TO) posted earnings for the first quarter of 2022 in late February, reporting earnings per share of C$2.84, beating estimates by C$0.14. The revenue over the period was C$13 billion, beating expectations by over $1 billion.
3. Air Canada (TSX:AC.TO)
Air Canada (TSX:AC.TO) provides domestic and international airline services. It owns 175 aircraft under the Air Canada mainline brand name comprising 97 Boeing and Airbus narrow-body aircraft and 78 Boeing and Airbus wide-body aircraft. On April 18, the company announced that it had flown more than 100,000 customers to different destinations in a single day for the first time in over two years. In 2019, before the pandemic, the airline had averaged over 150,000 customers per day. The record for this figure is around 180,000.
On March 22, Air Canada (TSX:AC.TO) announced that it would be acquiring 26 extra-long range versions of the Airbus A321neo aircraft. The new aircraft will only serve North American and transatlantic routes with deliveries beginning in 2024.
2. Nuvei Corporation (TSX:NVEI.TO)
Nuvei Corporation (TSX:NVEI.TO) provides payment technology solutions. On March 6, the firm posted earnings for the fourth quarter of 2021, reporting earnings per share of $0.47, beating estimates by $0.02. The revenue over the period was $211 million, up 82% year-on-year and beating expectations by $2.6 million. For the first quarter of 2022, the firm expects revenue to be around $214 million against consensus estimates of $213 million. For the full year, the revenue was guided to $980 million against estimates of $947 million.
On April 25, Nuvei Corporation (TSX:NVEI.TO) announced that it was expanding a partnership with sports betting and online casino operator Novibet. As part of the partnership, the latter can offer users different payment options through a single point of integration with the former.
1. Shopify Inc. (TSX:SHOP.TO)
Shopify Inc. (TSX:SHOP.TO) provides commerce-related services. The stock has lost value in the past few months as inflation batters growth stocks in general. Reports indicate the firm is gearing up for a stock split to steady the situation. The earnings of the company also remain strong. The firm beat market estimates on earnings per share and revenue for the fourth quarter of 2021 by $0.06 and $40 million, respectively. The company is one of the largest and most well positioned competitors to ecommerce giant Amazon in North America.
On April 20, Shopify Inc. (TSX:SHOP.TO) announced that it would be expanding fulfillment services with a deal to purchase shipping firm Deliverr. The latter is valued at more than $2 billion and uses machine learning to optimize operations.
You can also take a peek at 10 Best Healthcare Dividend Stocks to Buy Now and 10 Dividend Stocks with Over 20 Years of Dividend Increases.
