Let’s take a closer look at some of the top Canadian stocks that could be excellent additions to your investment portfolio and that are trending on Reddit.
Enbridge (TSX:ENB)
Enbridge is a leading energy infrastructure company based in Calgary, Alberta. It operates the world’s longest crude oil and liquids pipeline system and has a robust natural gas transmission and distribution network. In the fourth quarter of 2024, Enbridge reported adjusted earnings of $1.2 billion, or $0.59 per share, reflecting a slight increase from the previous year’s earnings of $1.17 billion, or $0.58 per share.
The company also posted a distributable cash flow of $2.5 billion, up from $2.44 billion year-over-year. Enbridge announced a quarterly dividend of $0.8875 per share ($3.77 annually), marking its 30th consecutive year of dividend increases.
Enbridge’s stability can be attributed to its fee-based business model, generating steady revenue from long-term contracts, even during market fluctuations. With a secured capital program of $29 billion aimed at expanding and modernizing its infrastructure, Enbridge is well-positioned for future growth as energy demand evolves.
Royal Bank of Canada (TSX:RY)
Royal Bank of Canada (RBC) is one of the largest and most well-established financial institutions in Canada. Recently, RBC reported strong quarterly earnings, surpassing expectations, driven by growth in wealth management and capital markets.
Wealth management income rose by 48%, and capital markets income grew by 24%, showcasing RBC’s ability to thrive under challenging economic conditions. RBC’s diversified business model, strategic growth initiatives like the acquisition of HSBC’s Canadian operations, and continued focus on innovation and customer service make it a top choice for investors looking for stability and growth in the financial sector.
Shopify (TSX:SHOP)
Shopify is a fast-growing e-commerce company that provides a platform for businesses to create online stores. The Canadian stock has surged as more businesses embrace online retail. Shopify’s most recent earnings report revealed significant revenue growth, driven by an increase in merchants using its platform and higher gross merchandise volume.
Shopify’s ongoing innovation and expansion into new markets have propelled its financial success. As more businesses and consumers shift to online commerce, Shopify is poised to benefit from this ongoing retail transformation, making it an attractive investment in the growing digital economy.
Canadian Natural Resources (TSX:CNQ)
Canadian Natural Resources is one of the largest oil and gas producers in Canada, with operations in Western Canada, the North Sea, and offshore Africa. The company reported strong financial results, with increased production and net earnings growth year-over-year.
Canadian Natural’s disciplined capital allocation, efficient operations, and focus on cost-effective production have positioned it well to navigate the energy market. Its commitment to environmental sustainability and industry-leading practices enhances its reputation in the sector, making it a solid long-term investment choice for those looking to capitalize on the energy sector.
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