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Best Canadian stocks to buy in July 2022

These are the 10 best TSX stocks to buy right now in Canada.

Finder’s list of the best TSX stocks is updated monthly based on the results of our proprietary ranking system. These 10 best Canadian stocks to buy right now (also known as the best TSX stocks) are starting points for your own research and should not be taken as advice to buy any particular stock.

Stock trading platforms to buy the best Canadian stocks

How to invest in the TSX

Best Canadian Stocks to buy in July 2022

BayTex Energy Corp logo

1. Baytex Energy Corp. (BTE.TO)

Baytex Energy Corp. is an oil and gas corporation based in Calgary, Alberta. The company acquires, develops and produces crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States.

  • Market cap: C$3.558 billion
  • YTD performance: 59.85%
  • 1 Year performance: 161.51%
  • 5 Year performance: 329%
  • P/E Ratio: 2.24
Buy BTE.TO on CIBC Investor's Edge

NuVista Energy Ltd. logo

2. NuVista Energy Ltd. (NVA.TO)

NuVista is an oil and natural gas company that explores for, develops and produces oil and natural gas reserves in Western Canadian Sedimentary Basin. NuVista’s primary focus is on the scalable and repeatable condensate-rich Montney formation in the Wapiti area of the Alberta Deep Basin.

  • Market cap: C$2.381 billion
  • YTD performance: 48.28%
  • 1 Year performance: 159.30%
  • 5 Year performance: 335%
  • P/E Ratio: 7.82
Buy NVA.TO on CIBC Investor's Edge

Birchcliff Energy logo

3. Birchcliff Energy Ltd. (BIR.TO)

Birchcliff Energy is an intermediate oil and natural gas company that acquires, explores for, develops and produces natural gas, light oil, condensate and natural gas liquids in Western Canada.

  • Market cap: C$2.316 billion
  • YTD performance: 35.45%
  • 1 Year performance: 68.27%
  • 5 Year performance: 249%
  • P/E Ratio: 5.79
Buy BIR.TO on Interactive Brokers

Cardinal Energy Ltd. logo

4. Cardinal Energy Ltd. (CJ.TO)

Cardinal Energy Ltd. acquires, explores for and produces low decline light, medium and heavy quality oil as well as natural gas in Western Canada. It has operations in Alberta and Saskatchewan.

  • Market cap: C$1.16 billion
  • YTD performance: 69.32%
  • 1 Year performance: 107.16%
  • 5 Year performance: 350%
  • P/E Ratio: 3.03
Buy CJ.TO on Interactive Brokers

Canadian Natural Resources logo

5. Canadian Natural Resources Limited (CNQ.TO)

Canadian Natural Resources Limited acquires, explores for, develops, produces, markets and sells crude oil, natural gas, and natural gas liquids (NGLs). The company offers synthetic crude oil (SCO), light and medium crude oil, bitumen (thermal oil), primary heavy crude oil and Pelican Lake heavy crude oil.

  • Market cap: C$79.846 billion
  • YTD performance: 29.41%
  • 1 Year performance: 53.71%
  • 5 Year performance: 212%
  • P/E Ratio: 8.72
Buy CNQ.TO on Interactive Brokers

Crescent Point Energy logo

6. Crescent Point Energy Corp. (CPG.TO)

Crescent Point Energy Corp. explores, develops and produces light and medium crude oil and natural gas reserves in Western Canada and the United States.

  • Market cap: C$5.24 billion
  • YTD performance: 35.56%
  • 1 Year performance: 63.10%
  • 5 Year performance: 317%
  • P/E Ratio: 1.50
Buy CPG.TO on Interactive Brokers

Cenovus Energy logo

7. Cenovus Energy Inc. (CVE.TO)

Cenovus Energy Inc. develops, produces and markets crude oil, natural gas liquids and natural gas in Canada, the United States and the Asia Pacific region. The company operates through the following segments: Oil Sands, Conventional, Offshore, Canadian Manufacturing, US Manufacturing and Retail.

  • Market cap: C$5.24 billion
  • YTD performance: 35.56%
  • 1 Year performance: 63.10%
  • 5 Year performance: 317%
  • P/E Ratio: 1.50
Buy CVE.TO on Interactive Brokers

Enerplus Corporation logo

8. Enerplus Corporation (ERF.TO)

Enerplus Corporation explores and develops crude oil and natural gas in the United States and Canada. The company’s oil and natural gas properties are located primarily in North Dakota, Montana, Colorado and Pennsylvania; and Alberta, British Columbia and Saskatchewan.

  • Market cap: C$4.423 billion
  • YTD performance: 27.51%
  • 1 Year performance: 90.91%
  • 5 Year performance: 326%
  • P/E Ratio: 13.36
Buy ERF.TO on Interactive Brokers

Imperial Oil logo

9. Imperial Oil Limited (IMO.TO)

Imperial Oil Limited explores for, produced and sells crude oil and natural gas in Canada. The company operates through 3 segments: Upstream, Downstream and Chemical segments.

  • Market cap: C$38.633 billion
  • YTD performance: 33.01%
  • 1 Year performance: 60.61%
  • 5 Year performance: 199%
  • P/E Ratio: 12.91
Buy IMO.TO on Interactive Brokers

Athabasca Oil Corporation logo

10. Athabasca Oil Corporation (ATH.TO)

Athabasca Oil Corporation explores for, develops and produces light and thermal oil resource plays in the Western Canadian Sedimentary Basin in Alberta, Canada. The company operates through Thermal Oil and Light Oil segments.

  • Market cap: C$1.426 billion
  • YTD performance: 109.24%
  • 1 Year performance: 154.08%
  • 5 Year performance: 243%
  • P/E Ratio: 3.85
Buy ATH.TO on Interactive Brokers

10 more TSX stocks to look at

Canadian General Investments Limited logo

11. Canadian General Investments, Limited (CGI.TO)

Canadian General Investments is a closed-end equity mutual fund launched and managed by Morgan Meighen & Associates Limited. It invests in the public equity markets of Canada.

  • Market cap: C$702.184 million
  • YTD performance: -11.89%
  • 1 Year performance: 0%
  • 5 Year performance: 124%
  • P/E Ratio: 2.62
Buy CGI.TO on Interactive Brokers

Franco-Nevada Corporation logo

12. Franco-Nevada Corporation (FNV.TO)

Franco-Nevada Corporation operates in the United States, Latin America, Canada, Australia, Europe, Africa and other markets through 2 segments: Mining and Energy. The mining segment focuses on precious metals such as gold, silver, and platinum group metals. The energy segment focuses on oil, gas and natural gas liquids.

  • Market cap: C$33.875 billion
  • YTD performance: -3.21%
  • 1 Year performance: -5.88%
  • 5 Year performance: 59%
  • P/E Ratio: 33.86
Buy FNV.TO on Interactive Brokers

Labrador Iron Ore Royalty Corporation logo

13. Labrador Iron Ore Royalty Corporation (LIF.TO)

Labrador Iron Ore Royalty Corporation, through its subsidiary, Hollinger-Hanna Limited, holds an equity interest in Iron Ore Company of Canada (IOC), which produces and processes iron ores in Newfoundland and Labrador.

  • Market cap: C$1.814 billion
  • YTD performance: -24.46%
  • 1 Year performance: -39.64%
  • 5 Year performance: 133%
  • P/E Ratio: 5.09
Buy LIF.TO on Interactive Brokers

MEG Energy logo

14. MEG Energy Corp. (MEG.TO)

MEG Energy Corp. is an energy company that focuses on sustainable in situ thermal oil production in the southern Athabasca oil region of Alberta, Canada. It develops oil recovery projects that use steam-assisted gravity drainage extraction methods to improve the recovery of oil and lower carbon emissions.

  • Market cap: C$5.474 billion
  • YTD performance: 52.31%
  • 1 Year performance: 98.66%
  • 5 Year performance: 315%
  • P/E Ratio: 8.91
Buy MEG.TO on Interactive Brokers

Suncor Energy logo

15. Suncor Energy Inc. (SU.TO)

Suncor Energy, which owns Petro-Canada, is an integrated energy company that primarily focuses on developing petroleum resource basins in Canada’s Athabasca oil sands. It operates 4 segments: Oil Sands, Exploration and Production, Refining and Marketing and lastly Corporate and Eliminations.

  • Market cap: C$64.381 billion
  • YTD performance: 42.69%
  • 1 Year performance: 52.11%
  • 5 Year performance: 184%
  • P/E Ratio: 10.53
Buy SU.TO on Interactive Brokers

Dollarama logo

16. Dollarama Inc. (DOL.TO)

Dollarama operates a chain of dollar stores in Canada. Its stores offer general merchandise, consumables, and seasonal products. The company also sells its products through online store.

  • Market cap: C$21.629 billion
  • YTD performance: 17.07%
  • 1 Year performance: 30.63%
  • 5 Year performance: 90%
  • P/E Ratio: 32.13
Buy DOL.TO on Interactive Brokers

GoGold Silver and Gold logo

17. GoGold Resources Inc. (GGD.TO)

GoGold Resources Inc. explores, develops and produces gold and silver primarily in Mexico.

  • Market cap: C$605.279 million
  • YTD performance: -32.34%
  • 1 Year performance: -33.44%
  • 5 Year performance: 134%
  • P/E Ratio: N/A
Buy GGD.TO on Interactive Brokers

MCAN Mortgage Corporation logo

18. MCAN Mortgage Corporation (MKP.TO)

MCAN Mortgage Corporation is a mortgage investment corporation in Canada. The company offers single-family residential mortgages; residential construction, non-residential construction and commercial loans and real estate and securitization investments.

  • Market cap: C$526.268 million
  • YTD performance: -2.79%
  • 1 Year performance: -2.39%
  • 5 Year performance: 107%
  • P/E Ratio: 7.35
Buy MKP.TO on Interactive Brokers

ARC Resources logo

19. ARC Resources Ltd. (ARX.TO)

ARC Resources Ltd. explores, develops and produces crude oil, natural gas and natural gas liquids in Canada. As of December 31, 2020, it had proved plus probable reserves of 929 millions of barrels of oil equivalent.

  • Market cap: C$11.051 billion
  • YTD performance: 41.13%
  • 1 Year performance: 53.84%
  • 5 Year performance: 165%
  • P/E Ratio: 24.97
Buy ARX.TO on Interactive Brokers

Points.com logo

20. Points.com Inc. (PTS.TO)

Points.com Inc. provides technology solutions to the loyalty industry in the United States, Europe and other international markets. Its services enable customers to earn and redeem rewards when spending on travel and everyday purchases.

  • Market cap: C$485.182 million
  • YTD performance: 66.55%
  • 1 Year performance: 49.58%
  • 5 Year performance: 182%
  • P/E Ratio: 169.26
Buy PTS.TO on Interactive Brokers

What you should know before buying the best TSX stocks

There’s no single winning strategy to finding what experts might call the best Canadian stocks on the TSX by performance, because the most important considerations are your own goals and circumstances. It’s not personal financial advice, and your personal objectives and financial situation have not been taken into consideration. Do your own research, and speak with an investment professional if in doubt.

Whether you care more about short-term capital gains or long-term dividend growth, it’s important to know whether a stock is performing well, making a profit, paying dividends or going backwards. Always remember that past performance does not guarantee future results. Investments can increase and decrease in value.

This list and data was compiled July 1, 2022. The algorithm was last updated 27 January 2021.

Buy the best Canadian stocks through an online broker

To invest in any of these stocks, you’ll need a brokerage account. Compare online stock trading platforms below and click “Go to site” to get started.

1 - 6 of 6
Name Product Finder Rating Stock Trading Fee Account Fee Available Asset Types Offer
OFFER
CIBC Investor's Edge
Finder Rating:
★★★★★
4 / 5
$4.95–$6.95
$0 if conditions met, otherwise $100 a year
Stocks, Bonds, Options, Mutual Funds, ETFs
Young investors 18 to 24 can get free online trades and a $0 annual account fee. Conditions apply.
Interactive Brokers
Finder Rating:
★★★★★
4.1 / 5
Min. $1.00, Max. 0.5%
$0
Stocks, Bonds, Options, ETFs, Currencies, Futures
Scotia iTRADE
Finder Rating:
★★★★★
3.8 / 5
$4.99–$9.99
$0
Bonds, Options, Mutual Funds, ETFs, GICs, International Equities
Questrade
Finder Rating:
★★★★★
4.2 / 5
$4.95 - $9.95
$0
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs, International Equities, Precious Metals
Get $50 in free trades when you fund your account with a minimum of $1,000.
FREE TRADES
Wealthsimple
Finder Rating:
★★★★★
3.9 / 5
$0
$0
Stocks, ETFs
Get $25 when you open a Wealthsimple account and fund at least $150.
OFFER
Qtrade Direct Investing
Finder Rating:
★★★★★
4.1 / 5
$6.95 - $8.75
$0 if conditions met, otherwise $25/quarter
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs
Get almost $500 in commission free trades when you fund your new account with a minimum of $10,000. Conditions apply. Ends August 31, 2022.
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Compare up to 4 providers

Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.

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