Top 10 good Canadian stocks to invest in right now and hold

Top 10 Canadian Stocks to Buy and Hold For Long Time

The economy of Canada is a strong economy among the best economies in the world. According to the World Bank, the annual gross domestic product of the country in 2022 was $2.24 trillion, making it the 9th largest economy in the world.

Its economy mainly depends on real estate, manufacturing, and gas extraction. 
The country's potential makes it a good ground for investment, especially when it is home to an e-commerce Shopify Inc., Royal Bank of Canada, and energy transportation and distribution major Enbridge Inc.

Here are the best Canadian stocks to buy and hold for the long term:

1. Enbridge Inc.(ENB.TO):

It is a Canadian energy infrastructure company. It transports hydrocarbons in Canada and the US. Its pipeline networks comprise the Canadian Mainline system, regional oil sands, and Natural gas pipeline. 

  1. It is an established company that has continuously paid dividends to the shareholders. 
  2. The investment in Enbridge has seriously made the wealth of the investors. The investment of $10,000 would have grown to $315,000. This makes the average annual return of over 14.6%. 
  3. In 1991, the stock price was around $0.5036, which currently is hovering around $36. In June 2022, the stock made its all-time high at $43.74.
  4. The company has excellent potential in the long term. 
  5. The price of Stock has the potential to rise to $46.86 at the end of next year. The median estimates show that it could rise to $40.09; on the lower side, the stock could rise to 36.58%.

2. Shopify Inc.(SHOP.TO).

The company provides a platform for businesses to grow in a digital marketplace. It is a great Canadian e-commerce company.

  • The services provided by the company include website building, payment processing, shipping, and other marketing tools. 
  • It has a track record of consistent growth. Analysts even predict the company will produce $14.9 billion in revenue in 2027. 
  • The stock has hiked about 108% over the past years. 
  • When the stock debuted in May 2015, the price of the stock was $28. 
  • In November 2021, the stock reached its all-time high at $169.06 and a low of $23.63 in October 2022.
  • Currently, the stock price is around $53.52.
  • Analysts suggest that the average stock price could be around $68.02, the high price could be $80.00, and the low price could be around $45.22 next year.

3. Royal Bank of Canada(RY.TO):  

The firm is known for its reliability, stability, and splendid market performance. Risk management and diversification make the firm stand out from others. 

  1. It works across various sectors like personal banking, wealth management, and capital markets, and hence, investors prefer it for long-term investments.
  2. The bank focuses on solid fundamentals, ensuring stability during severe economic situations.
  3. With the traditional foundation, the bank also incorporates new technology that keeps it ahead of its competitors.  
  4. In 1995, the share price of RBC was $31.13. In 2020, the stock made its high at $134.25
  5. Analysts suggest that the stock's average price could be around $139.89, while its low price could hover near $126.00. Its high price in the coming year would be $180.61.

4. Brookfield Assest Management Inc.(BAM-A.TO):

It is a huge Canadian company with a strong presence in the market. It has proved itself as a major player in asset management. 

  • Its smart investment and diverse portfolios set it apart from others. It is better known for taking advantage of opportunities in real-world situations.
  • It is active in about 30 countries. 
  • In the year 1997, the stock price was around $3. Currently, the price is at $44.60.
  • The stock price in the coming year can provide a gain of 48.2% by rising to $48.00. The average price could remain around $39.00, while the stock could reach $26.00 on the downside.

5. Canadian National Railway Company (CNR.TO):  

It is a top player in the railway business of the country. It has established its name by providing efficient transportation services. They have a strong presence in North America and stick towards growth and reliability. 

  1. They have integrated transportation with advanced technology.
  2. In 1997, the stock's price was $2.0214 and is currently trading at $123.1.
  3. The analyst estimates the stock's high price for the coming year to be $139.28, while the average price would be $121.11. The low price of the stock could be $109.18.

6. Fortis Inc. (FTS.TO):

It is a well-known Canadian company. It provides dependable energy and is a major player in North America. Its products also include gas and electric utilities. 

  • In 1996, the stock's price was around $6, currently trading at around $60.
  • The analysts suggest that the price of Fortis in 2024  can go up to $61.25 with an average move. The high potential analysis suggests that it could even make a high of $65; on the lower end, the stock could hover around $60.5.

7. Pollard Banknote(TSE: PBL):

A lottery business run by Pollard might sound like a gamble rather than an investment. But the actual beneficiaries of the lotteries are the government. It is an important player in creating a space in lottery. It stands in the second position in producing instant lottery tickets worldwide.

  1. The business with a monopoly and limited players makes it a good option for long-term investment. 
  2. In 2006, the stock started trading at $12.11 and is currently $26.58. The stock even made its all-time high at $60 in 2021.
  3. The analyst predicts $36.00 as its high, average, and low price for the coming year.

8. Toronto-Dominion Bank(TD.TO).

The company is a significant financial institution in Canada. It is known for its retail banking operations. It provides various financial products and services to individual and business customers. 

  • It also has an international presence by operating in the US. 
  • In 1997, the stock price was around $4.88, which hiked to $80.35 in 2023.
  • The price of the stock could reach $94.00 by 2024. The average price could remain around $87.75, while the lower price could be $82.00.

9. Canadian Natural Resource Limited(CNQ):

It is one of the largest energy companies in Canada. It is involved in crude oil exploration, production, and marketing. It operates in Canada and outside it. 

  1. It aims to minimize its environmental impacts and hence invested in technologies to reduce environmental impact. 
  2. In 1999, the stock started at $3, and currently, the price is at $91.
  3. Analysts suggest the high rise in price at $81.56. Its average price is around $69.93, and the low price is $63.44.

10. Telus(TSE: T):

It is a Canadian telecommunications company that offers mobile and wireless communication services, intranet, television, etc. It has a substantial customer base. It continuously works to improve connectivity and customer experiences. 

  • In 1999, the stock price was $10.00, currently trading at $22.82.
  • Telus's price prediction chart suggests that in 2024, the stock price could rise to $36.94. The average price could be around $28.94, and the lower price could be $ 23.26.

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Olivia Johnson 13 Aug, 2023

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