Young Investors: 3 TSX Stocks to Buy Now

Markets are hot, and young investors should look to target exciting TSX stocks like goeasy Ltd. (TSX:GSY) for the long haul.

| More on:

The COVID-19 pandemic forced young investors to navigate the most perilous environment since the 2007-2008 recession and its aftermath. Similarly, it was a wise decision to buy the dip during the February and March 2020 market pullback. A year later, and North American markets have recouped their losses and then some. Today, I want to look at three TSX stocks that are still worth snatching up for the long term.

I’m still bullish on this exciting financial stock

goeasy (TSX:GSY) is a Mississauga-based company that provides alternative financial services through two segments: easyfinancial and easyhome. easyfinancial offers loans to non-prime borrowers, while easyhome sells furniture and other durable goods on a lease-to-own basis. Shares of this TSX stock have surged 63% in 2021 as of early afternoon trading on July 16. The stock is up 193% year over year. Young investors should look to target this promising growth stock.

In Q1 2021, goeasy realized strong growth for its two major segments. Revenue rose 1% to $133 million at easyfinancial. Meanwhile, its secured loan portfolio posted growth of 33% to $162 million. It posted record operating income of $71.7 million. The easyhome segment achieved 4% revenue growth to $36.8 million. It also delivered record operating income of $9 million.

Shares of this TSX stock still possess a favourable price-to-earnings (P/E) ratio of 10. Meanwhile, it last paid out a quarterly dividend of $0.66 per share, representing a 1.7% yield.

Young investors should get in on this telehealth-focused stock

Dialogue Health Technologies (TSX:CARE) is a TSX stock that made its debut in late March. It operates a digital healthcare and wellness platform in Canada. Young investors should be eager to get in on the burgeoning telehealth space. It achieved strong growth in the face of the COVID-19 pandemic. However, this TSX stock has dropped over 20% since its debut. Now is an opportune time to buy the dip.

The company released its first-quarter 2021 results on May 10. Dialogue saw annual recurring and reoccurring revenue grew to $65.3 million. Meanwhile, revenue more than quadrupled to $15.2 million. It posted member growth of 35.9% to 1.3 million. Dialogue’s adjusted EBITDA loss also narrowed to $5 million.

This TSX stock dipped into oversold territory in late June. Young investors should look to scoop up it up for the long haul this summer.

A green energy stock that’s perfect for young investors

Young investors should also look to get in on the green energy space. It is well positioned for growth as the private and public sphere turn their attention to curbing climate change this decade. TransAlta Renewables (TSX:RNW) is a Calgary-based company that develops, owns, and operates renewable power-generation facilities. Shares of this TSX stock have dropped 5.1% so far this year.

In Q1 2021, the company delivered comparable EBITDA growth of 5% to $123 million. Meanwhile, adjusted funds from operations were largely flat at $93 million. Shares of TransAlta are still up 46% year over year. Better yet, this TSX stock offers a monthly dividend of $0.078 per share. That represents a solid 4.3% yield.

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 Ambrose O'Callaghan has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned.

More on Investing

An investor uses a tablet
Stocks for Beginners

If I Could Only Buy 2 Stocks in the Last Half of 2024, I’d Pick These

I’m looking to buy two stocks over the next month. Here’s a look at my picks and why you should…

Read more »

gift is bigger than the other
Investing

Millennials: 1 Growth Stock Set to Shine in 2025

Shopify (TSX:SHOP) stock could be worth betting on as it goes for growth in the new year!

Read more »

up arrow on wooden blocks
Stock Market

2 Stocks I’ll Be Adding to My RRSP — Even With the TSX at All-Time Highs

Calian Group and Pan American Silver are two TSX stocks trading at an attractive multiple that can generate market-beating returns…

Read more »

dividends can compound over time
Investing

Here Are My Top 2 TSX Stocks to Buy Right Now

Shares of these fundamentally strong TSX companies have significant room for further growth, making them compelling investments right now.

Read more »

A worker drinks out of a mug in an office.
Dividend Stocks

Is Brookfield Infrastructure Partners a Buy for its 4.75% Yield?

Brookfield Infrastructure Partners (BIP) has a 4.75% dividend yield. Is it worth it?

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Monday, November 4

In addition to the ongoing corporate earnings season, the U.S. presidential election and the Federal Reserve’s interest rate decision could…

Read more »

calculate and analyze stock
Investing

2 Top Value Stocks I’d Happily Scoop Up in November

Here are two top value stocks I'm seriously considering adding this month. They are likely to continue to accumulate over…

Read more »

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 »