6 Undervalued Canadian Stocks to buy in 2024

In this article, we will discuss the 6 undervalued Canadian stocks to buy in 2024. These 6 undervalued Canadian stocks make you profitable. 

Canada stands as one of the world's major economies, with data from the International Monetary Fund (IMF) indicating that the Canadian GDP presently stands at $2.0 trillion.

6 Undervalued Canadian Stocks to Invest

Here, are the 6 undervalued Canadian stocks to buy in 2024.

1. Canadian Solar Inc. (NASDAQ: CSIQ)

Price: $25.38

Canadian Solar Inc., along with its subsidiaries, is engaged in the design, development, manufacturing, and sale of solar ingots, wafers, cells, modules, and various other solar power and battery storage products. 

This operation spans across Asia, the Americas, Europe, and international markets.

The market cap is $1.641 Billion. This company expanding its products in America and Europe. Recently, Canadian Solar Inc. sold 226 MWH battery storage to the UK. 

They are also going to launch e-storage that is SOLBANK 3.0. It is used for utility energy storage systems. 

Definitely, this company has a good future in Canada. 

2. Tech Resources Limited (NYSE: TECK)

Price: $42.60

Teck Resources Limited (NYSE: TECK) is a mining firm specializing in the production of commodities like coal, lead, zinc, and silver. During Q2 2023, hedge fund White Falcon Management augmented its ownership interest in the company.

In its investor letter, the fund highlighted the anticipation of robust demand for metals, particularly copper, as a potential catalyst for Teck Resources Limited.

This stock is recommended for strong buying in the first quarter of 2024.

3. Crescent Point Energy Corporation (NYSE: CPG)

Price: $7.20

This company has a 4.511 Billion market cap. Crescent Point Energy Corp. (NYSE: CPG) is an oil and gas company with active operations in both the United States and Canada.

Despite facing challenges in Alberta, where operations were impacted by wildfires, the company affirmed in May that its annual production guidance remains unchanged, thanks to a robust performance in the early months of the year.

The predicted price of this stock will be $15.10 in 2024. This stock has a strong recommendation for buying in 2024.

4. Imperial Oil Limited (NYSE: IMO)

Price: $57.77

The market cap of this company is $30.955 Billion. It is located in Calgary, Canada. Imperial Oil Limited is involved in the exploration, production, and sale of crude oil and natural gas within Canada. 

The company is structured into three segments: Upstream, Downstream, and Chemical. In the Upstream segment, Imperial Oil explores for and produces crude oil, natural gas, synthetic crude oil, and bitumen.

The next earning date of this stock is Feb 04, 2024. The predicted price of this stock will be $92.15 in 2024. 

5. Algoma Steel Group Inc. (NASDAQ: ASTL)

Price: $10:14

The market cap of this company is $1.051 Billion. Algoma Steel Group Inc. (NASDAQ: ASTL) is a steel manufacturing company that supplies its products to various industries, including car manufacturing, rail manufacturing, and construction.

The company experienced a notable decline in both revenue and net income for its fiscal year 2023, grappling with the challenges of decreasing steel prices and elevated inflation. Despite these challenges, the shares are given an average Buy rating.

The predicted price of this stock will be $19.00. So, It is highly recommended for buying in 2024.

6. Enerplus Corporation (NYSE: ERF)

Price: $15.84

Enerplus Corporation, along with its subsidiaries, engages in the acquisition, development, and exploration of crude oil and natural gas in the United States.

The company's properties in oil and natural gas are primarily situated in North Dakota, Colorado, and Pennsylvania. Founded in 1986, Enerplus Corporation is headquartered in Calgary, Canada.

The next earning date of this stock is Feb 21-26 2024. The predicted price of this stock will be $24.50 in 2024.

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So, these are 6 undervalued Canadian stocks recommended to buy in 2024.

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