5 Most Profitable Canadian Stocks

In this piece, we will take a look at the five most profitable Canadian stocks. If you want a deeper dive into the Canadian economy, then read 12 Most Profitable Canadian Stocks.

5. Canadian Natural Resources Limited (NYSE:CNQ)

Latest TTM Net Income: C$7.1 billion

Canadian Natural Resources Limited (NYSE:CNQ) is an oil and gas company headquartered in Calgary, Canada. The shares are rated Buy on average and analysts have set an average share price target of $74.41.

By the end of 2023’s third quarter, 41 out of the 910 hedge funds part of Insider Monkey’s database had bought and owned Canadian Natural Resources Limited (NYSE:CNQ)’s shares. Rajiv Jain’s GQG Partners was the firm’s biggest investor as it owned 20 million shares that are worth $1.3 billion.

4. Suncor Energy Inc. (NYSE:SU)

Latest TTM Net Income: C$8.2 billion

Suncor Energy Inc. (NYSE:SU) is another Canadian oil and gas company that is also headquartered in Calgary, Canada. The firm was out with some optimistic guidance for 2024 in December 2023 when it shared that production should grow by 7% annually to sit at between 770,000 and 810,000 barrels per day.

Insider Monkey dug through 910 hedge fund portfolios for their September quarter of 2023 shareholdings and found that 34 were the firm’s investors. Suncor Energy Inc. (NYSE:SU)’s largest hedge fund shareholder is Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital as it owns $929 million worth of shares.

3. The Toronto-Dominion Bank (NYSE:TD)

Latest TTM Net Income: C$10.2 billion

The Toronto-Dominion Bank (NYSE:TD) is a diversified Canadian bank that provides standard banking, wealth management, insurance, and other products and services. December 2023 has been quite an eventful month for the firm as its head of personal banking surprisingly left for another firm. The departure was striking, as the executive, Michael Rhodes, was widely believed to be the next in line CEO.

During this year’s third quarter, 14 hedge funds out of the 910 tracked by Insider Monkey had bought and owned The Toronto-Dominion Bank (NYSE:TD)’s shares. Joseph Sirdevan’s Galibier Capital Management was the biggest investor courtesy of its $27.9 million investment.

2. Manulife Financial Corporation (NYSE:MFC)

Latest TTM Net Income: C$13.2 billion

Manulife Financial Corporation (NYSE:MFC) is a global financial services firm that provides wealth management, asset management, and insurance. December was a very important month for the company as it re insured its $9.6 billion long term care portfolio to assuage investor concerns about risk in a high rate environment.

Insider Monkey scoured through 910 hedge fund holdings for their September quarter of 2023 shareholdings and found that 13 had held a stake in the company. Manulife Financial Corporation (NYSE:MFC)’s largest hedge fund shareholder is Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital courtesy of its $135 million stake.

1. Royal Bank of Canada (NYSE:RY)

Latest TTM Net Income: C$14.8 billion

Royal Bank of Canada (NYSE:RY) is one of the largest banks in Canada with nearly a hundred thousand employees. The firm faced a setback in December 2023 when Canada’s money laundering regulator fined it $5.52 million for failing to meet reporting requirements.

As of September 2023 end, 19 out of the 910 hedge funds covered by Insider Monkey’s research were Royal Bank of Canada (NYSE:RY)’s investors. Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital was the biggest investor as it held a $100 million stake.

Disclosure: None. You can also take a look at 15 Undervalued S&P 500 Stocks Billionaires Are Loading Up On and 30 Largest Pharmaceutical Companies in the World.

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