TD Stock and More Top TSX Stocks Hitting New Highs Today

TD stock is among the top TSX stocks that are hitting new highs today, as their businesses continue to be strong and their dividends keep rising.

2022 has started with a boom for some TSX stocks. Stocks like Toronto-Dominion Bank (TSX:TD)(NYSE:TD), AltaGas (TSX:ALA), and Teck Resources (TSX:TECK.B)(NYSE:TECK) are trading at new highs.

What happened?

The trading day started off with a boom this morning. The TSX is rallying off of strong earnings, and many quality stocks are hitting new highs. TD stock, for example, has rallied 9% in 2022 and appears to be heading higher. In fact, it’s trading at all-time highs today. Similarly, Teck Resources stock has rallied 21% in 2022 and is trading at highs not seen since 2011. Lastly, AltaGas stock has rallied 3.5% in 2022 and is sitting at new 52-week highs.

This TSX stock market action is not without reason. All of the aforementioned stocks have leading positions in their industries. They’ve worked hard to get where they are. And with a little help from the broader environment, they’re seeing their efforts over the last many years pay off.

So what?

Clearly, it’s hard to follow the returns we’ve seen over the last couple of years. Yet here we are in February 2022, and it seems clear that there are some stocks that keep winning. They all have some key attributes in common, most notably that they’re top companies in their respective industries. This goes to show that an investor strategy that emphasizes investing on the “best” companies is a winning strategy.

TD stock is here for a reason. It’s one of the largest Canadian banks. It’s also the fifth-largest North American bank. Through it all, TD Bank stock stands out for its strength south of the border and for its success in driving efficiencies.

AltaGas stock is another TSX stock that’s here for a good reason. It’s a Canadian energy infrastructure company that’s riding high on positive fundamentals. It’s yielding 3.8% and has significant growth ahead in its propane export business. Dividends are on the rise, and valuation is catching up to the stock’s prospects.

Lastly, Teck Resources stock is a great play on the copper market. Copper demand is growing significantly, as it is a key metal used in electric vehicles. Teck is one of the world’s major copper producers. The company is benefitting greatly from this and is “considering supplemental shareholder cash flows.” Dividend increases are coming soon.

Now what?

Like TD Bank stock, all of the TSX stocks that are hitting new highs today are some of the best stocks out there. They’re all benefitting from strong industry fundamentals. Also, they’re all seeing strong and sustainable cash flow and dividend growth. The key point here is that it’s sustainable. The last thing we want to do is buy a stock that’s trading at highs only to see it fall back down again as fundamentals deteriorate.

I would definitely consider buying these TSX stocks today.

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 Karen Thomas owns shares of TD Bank and Altagas. The Motley Fool recommends ALTAGAS LTD.

More on Investing

3 colorful arrows racing straight up on a black background.
Investing

1 Canadian Stock Ready to Surge Into 2025

Canadian Natural Resources (TSX:CNQ) stock is a sleeping dividend giant that may be about to wake up.

Read more »

Tractor spraying a field of wheat
Investing

Is Nutrien Stock a Buy for its 4.7% Dividend Yield?

Nutrien (TSX:NTR) is a well-known defensive commodities play. But is this stock worth buying for its dividend yield alone?

Read more »

Happy shoppers look at a cellphone.
Tech Stocks

So You Own Shopify Stock: Is it Still a Good Investment?

Shopify (TSX:SHOP) stock has had a run, but there's still room to the upside.

Read more »

Paper Canadian currency of various denominations
Investing

The Best Stocks to Invest $2,000 in Right Now

Do you have some extra cash to spare? Here are three Canadian stocks to add to your watch list today.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Friday, November 22

Continued gains in gold, oil, and natural gas prices could give the commodity-focused TSX benchmark a boost at the opening…

Read more »

Train cars pass over trestle bridge in the mountains
Dividend Stocks

Is CNR Stock a Buy, Sell, or Hold for 2025?

Can CNR stock continue its long-term outperformance into 2025 and beyond? Let's explore whether now is a good time to…

Read more »

engineer at wind farm
Energy Stocks

Invest $20,000 in This Dividend Stock for $100 in Monthly Passive Income

This dividend stock has it all – a strong outlook, monthly income, and even more to consider buying today.

Read more »

Hourglass and stock price chart
Stock Market

It’s Not Too Late: Invest in These TSX Growth Stocks Now

Solid fundamentals of these top TSX growth stocks could help them maintain strong upward momentum in the years to come.

Read more »