It’s not often we come across current growth stocks that are actually long-term buys. Those we can buy and hold and rest easy knowing that even if they drop in the future, we’ll still have our investments well in hand.
Today, two of the growth stocks that fall into this category are goeasy (TSX:GSY) and Teck Resources (TSX:TECK.B). Both have been on the climb in the last while but remain strong choices for investors looking to buy and hold.
goeasy stock
goeasy stock is a strong investment for those wanting a tech stock that’s due for growth in the years to come. This comes from goeasy stock being a part of the loans market. In fact, even with interest rates up, the company continued to produce not just solid earnings but record earnings reports.
That’s pretty unbelievable when you consider that goeasy stock has been around since 1990. In the last decade alone, goeasy stock has climbed an incredible 1,547%! That comes to a compound annual growth rate (CAGR) of 32.37%.
Granted, this has slowed during the current downturn. Shares are down 13.45% in the last year. However, since the beginning of 2023 those shares have climbed back up by 18%. So, it could be an excellent time to grab goeasy stock on the rebound and see it keep on climbing.
Teck stock
Another growth stock I would consider these days is Teck stock. Teck stock climbed before falling at an incredible rate during 2021. But after making some sales, it was able to make an enormous turnaround.
But it’s not just the recent price movement that makes me want to recommend Teck stock to investors. Teck stock is in the basic materials sector. Basic materials are essential to daily life. They include silver, copper, and even fertilizer. However, because of its investment in essential parts of the power sector, it could see even more long-term growth from the transition to clean energy.
So, while shares haven’t climbed at as high of a pace of goeasy stock, it’s still significant, up 118% in the last decade. That’s a CAGR of 8.02%, which is still quite impressive. Furthermore, it’s been a growth stock to beat in the last year. Shares are up 28% in the last year and up 12% since the beginning of 2023.
Bottom line
While it’s certainly true that investors shouldn’t pick up a company simply because it’s a growth stock, it can be a catalyst to looking into why a company is doing so well. In the case of goeasy stock and Teck stock, these growth stocks fall into that solid “why” category.
Teck stock and goeasy stock have both been around for decades, growing substantially during that time. They’re also in two stable industries of being a loans provider and basic materials provider. These not only won’t be going anywhere but could see immense growth in the years to come. So, make sure to add these to your watchlist in the near future.
