3 White-Hot Stocks Hitting New 52-Week Highs

Tired of declines? This trio of momentum stocks, including Brookfield Infrastructure Partners LP (TSX:BIP.UN)(NYSE:BIP), might have the rocket fuel you need.

Hello again, Fools. I’m back to call your attention to three stocks trading at new 52-week highs. Why? Because after a given stock rallies over a short period of time, one of two things usually happens:

Buying and holding stocks is still the most reliable way to build wealth. But knowing how to play short-term swings can also help maximize your returns.

Let’s get to it.

Babbling brook

Leading off our list is infrastructure company Brookfield Infrastructure Partners (TSX:BIP.UN)(NYSE:BIP), which is up 9% over the past year and trading at its 52-week highs of $58 per share.

Brookfield’s impressive portfolio of energy infrastructure assets, exposure to major markets, and ever-increasing cash flows should continue to fuel the stock. In the most recent quarter, revenue spiked 57% while funds from operations (FFO) clocked in at a whopping $351 million.

On that strength, management increased its quarterly distribution 7% to $0.5025 per unit.

“Brookfield Infrastructure had a strong start to 2019, delivering 10% organic growth,” said CEO Sam Pollock. “We also invested $430 million into two previously announced transactions and progressed the integration of recently acquired assets.”

Brookfield currently offers a healthy dividend yield of 4.4%.

Open for business

Next up, we have automation software technologist Open Text (TSX:OTEX)(NASDAQ:OTEX), whose shares have risen 17% over the past year and trade near their 52-week highs of $42.88 per share.

Open Text’s price appreciation has been supported by solid growth, steady production expansion, and ever-increasing cloud service penetration. In the most recent quarter, revenues improved 5% while operating cash flow increased 6% to $286 million.

As a result, management felt confident enough to boost the quarterly dividend a significant 15%.

“Building upon our vision of the Intelligent and Connected Enterprise, with a continued focus on customer-driven innovation, we are strategically well positioned to compete and win in the [enterprise information management] marketplace,” said CEO Mark Barrenechea.

Open Text currently offers a dividend yield of 1.5%.

Golden returns

Rounding out our list is gold producer Eldorado Gold (TSX:ELD)(NYSE:EGO), which is up 26% over the past year and trading close to its 52-week highs of $8.72 per share.

Debt concerns weighed heavily on the stock in 2018, but the recent strength in gold prices is giving aggressive investors plenty of reason to tune in. In the most recent quarter, gold production totaled 82,877 ounces, including 19,678 ounces of pre-commercial production from its key Lamaque mine.

“It was another solid operating quarter with production ramping up at Lamaque and steady operating performance at Kisladag, Efemcukuru and Olympias,” said CEO George Burns.

For the full year, management expects to meet its annual production guidance of 390K-420K ounces of gold.

The bottom line

There you have it, Fools: three red-hot stocks hitting new 52-week highs worth checking out.

As always, they aren’t formal recommendations. Instead, look at them as a starting point for further research. Momentum stocks are especially fickle, so plenty of your own due diligence is required.

Fool on.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Brookfield Infrastructure Partners and Open Text are recommendations of Stock Advisor Canada.

More on Investing

A data center engineer works on a laptop at a server farm.
Tech Stocks

3 No-Brainer Data Centre Stocks to Buy With $500 Right Now

Data centres are going to be a huge growth opportunity in the next decade. And these are the top buys.

Read more »

Paper Canadian currency of various denominations
Bank Stocks

1 Magnificent Canadian Dividend Stock Down 28% to Buy and Hold for Decades

This top Canadian dividend stock is underperforming its large peers this year, but a turnaround could be on the horizon.

Read more »

TFSA (Tax-Free Savings Account) on wooden blocks and Canadian one hundred dollar bills.
Dividend Stocks

Where to Invest Your $7,000 TFSA Contribution

The TFSA is attractive for investors who want to generate tax-free passive income.

Read more »

The TFSA is a powerful savings vehicle for Canadians who are saving for retirement.
Dividend Stocks

TFSA Investors: 3 Dividend Stocks Worth Holding Forever

These TSX stocks have the potential to grow their dividends over the next decade, making them top investments for TFSA…

Read more »

hand stacks coins
Investing

Secure a Wealthy Future With These 3 Canadian Stocks

These Canadian stocks have the potential to appreciate substantially over time and may also enhance returns through dividend payments.

Read more »

Tractor spraying a field of wheat
Dividend Stocks

Is Nutrien Stock a Buy for its Dividend Yield?

Nutrien is down more than 50% form the 2022 highs. Is NTR stock now oversold?

Read more »

analyze data
Investing

3 Blue-Chip Stocks Every Canadian Should Own

These blue-chip stocks are backed by large-cap companies with well-established businesses, solid fundamentals, and a growing earnings base.

Read more »

dividends grow over time
Stocks for Beginners

The Smartest Growth Stock to Buy With $2,000 Right Now

Do you have $2,000 to invest for the long term? These three TSX stocks have and will continue to deliver…

Read more »