There are currently two Canadian stocks that may be good choices for your investment portfolio if you are looking to invest in growth stocks that have the potential to increase your wealth.
However, in 2022, many investors have been hesitant to invest in growth stocks due to the uncertainties in the global financial market. Instead, dividend stocks, as represented by the S&P/TSX Composite High Dividend Index, have performed better than the overall equity market, as represented by the S&P/TSX Composite Index. Inflation is currently at high levels and the Bank of Canada has implemented interest rate increases in an attempt to lower it. However, the effects of these rate increases may take a long time to be seen, leading some investors to consider growth stocks to be a risky investment in this environment of high interest rates and high inflation.
It may be more practical to invest in dividend stocks that consistently provide you with a steady stream of income. However, there are also dividend-paying stocks that offer shareholder dividends, which can potentially provide even more income. This research report will be discussing two Canadian stocks that have the potential to return 100% by 2023 and also pay shareholder dividends.
Sylogist
Sylogist is a software company that provides enterprise resource planning solutions, such as grant management, fund accounting, and payroll solutions, to public service organizations in sectors such as education, non-profits, and government. These clients tend to be long-term and reliable sources of revenue for the company. Sylogist’s stock is currently trading at $8.18 per share and has a high dividend yield of 6.11%.
The company has had strong financial performance and has the potential to generate significant wealth growth through capital gains if it continues to meet its goals. The company currently has a market capitalization of $195.46 million.
ARC Resources
ARC Resources is a Canadian energy company based in Calgary with a market capitalization of $13.41 billion. The company is involved in the exploration, development, and production of oil and natural gas in Western Canada. Its operations produce a range of oil products, including light, medium, and heavy crude, as well as natural gas and natural gas liquids.
The company’s stock is currently trading at $19.63 per share and has a dividend yield of 2.45%. Oil prices are currently high and are expected to continue rising in the near future, which could be beneficial for energy producing companies such as ARC Resources. If oil prices remain strong, ARC Resources could potentially be a good growth stock.
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