Not all of us have a ton of cash floating around these days. If you’re on a small budget, you might think investing just isn’t for you. That’s not true at all! Just because you can’t reach the Tax-Free Savings Account (TFSA) contribution limit doesn’t mean you shouldn’t be contributing at all! Every little bit counts, after all.
In fact, it’s possible to make a killing by simply investing smaller chunks over a long period of time; it’s called drip-feeding. So, if you have even just $100, these are the perfect TSX stocks to add to your portfolio. Each has the opportunity for high growth at a very reasonable price.
Suncor Energy
Let’s start with the priciest but easiest choice. Suncor Energy (TSX:SU)(NYSE:SU) has an excellent growth outlook for the next several years. The stock plummeted with the rest of the energy sector, reaching all-time highs back in 2018. Yet it’s the largest fully integrated oil and gas company in Canada, doing everything from exploring and drilling to marketing its own product.
Yet the company continues to find new places to drill, setting up for a huge comeback once the pandemic ends and energy rebounds. And you can be sure it will rebound. We will continue needing oil and gas for decades at least. That makes Suncor a kingpin in the industry and in a price position to benefit.
To reach the all-time highs it hit in 2018, you would see a recovery of 50% as of writing! For $23.75 per share as of writing, that makes this stock an absolute steal. If you were to invest $100 today and see that 50% growth, you’d be looking at $231 with a solid dividend yield of 3.52%.
Goodfood
Another top TSX stock to consider has to be one of the biggest high-growth picks right now. Goodfood Market (TSX:FOOD) has been rising steadily since its initial public offering. Yet the pandemic proved the worth of the company. It now has a $651 million market capitalization, which means it has plenty of room to grow when you look at competitors.
After strong earnings last month, the company is now looking to grow even more, as it recently expanded its bank financing to $21 million. That comes after the company bought back $600 million in common shares just two weeks ago! So, clearly, management sees even more future growth for this company.
This TSX stock has already climbed high in the last year, with shares of Goodfood stock up 273% in the last year as of writing. If that were to happen again, $100 in this company today could be worth $278.
WELL Health
Now here’s the stock to really get excited about. WELL Health Technologies (TSX:WELL) is one of the best TSX stocks out there in my opinion. It’s in the tech and healthcare industry — two industries that are booming right now. The company provides telehealth services around the world and continues to expand through acquisitions.
Its this solid growth strategy that shows there is so much future potential for WELL Health stock. The company is expanding at a rapid pace in an industry that frankly will likely stay as it has been during the pandemic. We now see telehealth as a necessity. This will lead WELL Health to be a leader in the industry.
Shares of this TSX stock are up a whopping 328% in the last year but 2,110% in the last three years alone! If that were to happen again, just $100 in this stock would be worth $2,107 in just three years!
