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Cheap Canadian Stocks to Buy in November 2021

Cheap Canadian Stocks To Buy
Canadian stocks are known to be cheap and can offer investors a lot of opportunities. After all, the most affordable stock sometimes has the highest growth potential!

November 2021 is an exciting month for Canadian stocks because it offers so many great options. The best part? All these companies are trading at prices that are well below their book value!

Are you interested in learning more about this topic? Keep reading to find out what other cheap Canadian stocks you should buy now!

1.   Algonquin Power (TSX: AQN)

The renewable energy sector has been an excellent place for investors, which is why Algonquin Power & Utilities Corp is an incredible investment opportunity. The company provides power and utility solutions mainly focused on clean energy sources like wind, solar, hydroelectric, and biomass power.

At the moment, Algonquin Power & Utilities Corp trades at a price only slightly above its book value. This makes it one of the cheapest stocks available in all of Canada! They are up 60% in the past five years and are currently trading at CAD 18.46.

It’s a good idea to invest in renewables right now because the demand for cleaner power sources is only growing. The company’s profits are also increasing, with EBITDA rising to $698 million compared to $651 million last year.

2.   Manulife Financial Corporation (TSX: MFC)

Manulife Financial Corporation was founded in 1887 and had been providing financial services ever since. They offer a wide range of insurance and wealth management products to individuals and businesses, investment advice, and asset management.

The company is currently trading at CAD 24.65 per share, up more than 50% in the past five years, and has an impressive track record of dividend growth.

Manulife Financial Corporation has also made some smart acquisitions to boost its business, like buying Standard Life for CAD 4 billion in 2015. It’s a great company, which led them to acquire John Hancock Financial for CAD 3.9 billion in 2018.

3.   Suncor (TSX: SU)

Suncor has been one of Canada’s best-performing companies in the past years, with its stocks increasing by more than 74%! The company is part of the energy sector and provides oil sands products like synthetic crude to their customers. They also have retail locations throughout Canada where customers can buy fuel for their vehicles.

What makes Suncor’s stock even more interesting is that it currently trades at only CAD 28.81 per share, which is slightly higher than its book value of 24.30 CAD per share.

The company has also made smart moves to boost production and increase its bottom line, like investing CAD 2 billion in a new oil sands project at Fort Hills. Suncor is one of the best Canadian stocks to buy now!

4.   Equinox Gold Corp (TSX: EQ)

Equinox Gold is a gold mining company that has seen significant returns in the past five years. Right now, Equinox Gold is one of the cheapest stocks in all of Canada and trades at only CAD 9.18 per share!

Their revenue is expected to increase by a solid 57% in the next year, and a stock price under CAD 10 per share will not last forever. The company has been losing money over the past year, but they are due for a comeback anytime now!

Investing now is a great idea because the company is still trading at a low price, but it has massive potential for growth! After acquiring multiple new mines, Equinox Gold has been growing by leaps and bounds, with revenue increasing from $1.18 million in 2017 to a projected CAD 1.13 billion in 2020.

That’s phenomenal growth for a company that was only trading at $9.18 per share in October 2021!

5.   Telus Corp (TSX: T)

Telus Corp is one of Canada’s most well-known communications companies, providing telephone, cellular, TV, internet, and wireless services. They are also involved in media with their ownership of the Vancouver Canucks NHL team.

Right now, Telus Corp is trading at $27.61 per share and has seen its stocks increase by 30% in the past five years! Investors who bought into the company’s stock five years ago would see a steady and safe return on their investments.

What makes Telus Corp a must-buy for those looking to invest in Canadian stocks now is that the company has been expanding internationally and continues to grow.

Investors might also be drawn in by the company’s growth, with Telus Corp revenue expected to increase by 14% this year and another 10% next year.

Why Invest In Cheap Canadian Stocks?

Investing in cheap Canadian stocks is an excellent option for those looking to get into the market now. The companies mentioned in this blog post are some of the best choices, and investors who buy them now could see their investments grow exponentially in the next few years!

Investing in cheaper stocks allows you to diversify your portfolio, which means you can invest in multiple companies instead of putting all your money in one basket.

While these stocks might be overvalued compared to other international companies, they are the cream of the crop here in Canada. They should be considered by those investing in Canadian stocks now.

It’s important to note that investing in any stock right now comes with a certain degree of risk. You need to do your research and invest carefully! If you’re interested in reading more articles like this one, I recommend checking out some of the rest of our blog.

Conclusion

The best Canadian stocks to buy now are certainly not limited to what’s presented in this blog post, but these top five represent great deals for investors looking to find value in the market.

Whether you’re looking for a safe place to put your money or you’re looking for an investment that will really start to grow in the future, these five stocks are great options.

The companies mentioned have been growing steadily and have seen significant returns over the past five years. Be sure to consider these stocks if you’re looking to invest in Canadian stocks now!

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