TFSA Investors: 4 Dirty-Cheap Stocks you Can Buy Now


value for money

The S&P/TSX Composite Index was down 158 points in late-morning trading on April 26. Investors need to be cautious as market volatility ramps up, but this environment also brings opportunity. The annual contribution for the Tax-Free Savings Account (TFSA) rose by another $6,000 in 2022. That brings the cumulative contribution room to a total of $81,500. Today, I want to look at four cheap stocks that are worth targeting in your TFSA today. Let’s jump in.

Here’s why this discounted equity is perfect for your TFSA today

ONEX (TSX:ONEX) is a Toronto-based private equity firm that specializes in acquisitions and platform acquisitions. Shares of this cheap stock have dropped 25% in 2022 at the time of this writing. This has pushed the stock into negative territory in the year-over-year period.

This company released its fourth-quarter and full year 2021 results on February 25, 2022. In 2021, Onex delivered net earnings of $1.40 billion or $15.76 per share — up from $730 million, or $7.63 per share, in the previous year. It achieved this increase on the back of strong growth across its main business segments.

Shares of Onex currently possess a very attractive price-to-earnings (P/E) ratio of 3.7. The stock last had an RSI of 28, which puts Onex in technically oversold territory. TFSA investors on the hunt for discounts should look to this stock today.

Don’t sleep on this cheap stock in late April

Richelieu Hardware (TSX:RCH) is another cheap stock I’d look to snatch up in a TFSA in late April. This Montreal-based company manufactures, imports, and distributes specialty hardware and complementary products in North America. Its shares have dropped 16% in the year-to-date period.

In the first quarter of fiscal 2022, the company posted sales growth of 29% to $384 million. Meanwhile, EBITDA jumped 40% to $53.7 million. This cheap stock last had a favourable P/E ratio of 13. It possesses an RSI of 26, which puts Richelieu in technically oversold levels.

TFSA investors can’t sleep on Hudbay Minerals

Hudbay Minerals (TSX:HBM)(NYSE:HBM) is a mining stock that is engaged in the production of base and precious metals. Shares of this cheap stock have dropped 17% so far this year. TFSA investors hungry for exposure to the mining space should consider this stock right now.

In 2021, the company delivered on its consolidated copper, gold, and silver production guidance for the full year. Meanwhile, it achieved record quarterly revenue of $425 million to close out the fourth quarter. This cheap stock last had an RSI of 25, which means Hudbay is technically oversold at the time of this writing.

One more cheap stock that offers a strong dividend

Corus Entertainment (TSX:CJR.B) is the last cheap stock I’d suggest that TFSA investors look to snag in the final week of April. This Toronto-based media and content company has rebounded nicely from a rough patch during the beginnings of the COVID-19 pandemic. Its shares are still down 10% so far in 2022.

TFSA investors should be attracted to its very favourable P/E ratio of 5.9. Moreover, Corus currently possesses an RSI of 23. That means it is in technically oversold territory. Corus also offers a quarterly dividend of $0.06 per share, representing a strong 5.5% yield.

The post TFSA Investors: 4 Dirt-Cheap Stocks to Buy Now appeared first on The Motley Fool Canada.

Should You Invest $1,000 In Hudbay Minerals Inc?

Before you consider Hudbay Minerals Inc, we think you’ll want to hear this.

Our nearly S&P/TSX market doubling* Stock Advisor Canada team just released their top 10 starter stocks for 2022 that we believe could be a springboard for any portfolio.

Want to see if Hudbay Minerals Inc made our list? Get started with Stock Advisor Canada today to receive all 10 of our starter stocks, a fully stocked treasure trove of industry reports, two brand-new stock recommendations every month, and much more.

See the 10 Stocks * Returns as of 4/14/22

(function() { function setButtonColorDefaults(param, property, defaultValue) { if( !param || !param.includes('#')) { var button = document.getElementsByClassName("pitch-snippet")[0].getElementsByClassName("pitch-button")[0]; button.style[property] = defaultValue; } }

setButtonColorDefaults("#5FA85D", 'background', '#5FA85D'); setButtonColorDefaults("#43A24A", 'border-color', '#43A24A'); setButtonColorDefaults("#fff", 'color', '#fff');>

More reading

2 Canadian Stocks to Buy Trading With P/E Ratios Under 10 Value for Money: 1 Entertainment Stock or Air Canada (TSX:AC)? 3 Oversold Passive-Income Stocks to Buy and Lock In a Dividend 2 Undervalued Canadian Dividend Stocks to Buy Now TFSA Investors: 3 Cheap TSX Stocks to Buy Today

Fool contributor Ambrose O’Callaghan has no position in any of the stocks mentioned. The Motley Fool recommends RICHELIEU HARDWARE LTD.

https://www.fool.ca/2022/04/26/tfsa-investors-4-dirt-cheap-stocks-to-buy-now/

Comments

Post a Comment

Popular posts from this blog

Get Rich With These High-Yield Canadian Dividend Stocks

Image
Dividend stocks are one of the smartest ways to create wealth in the long term. By investing in dividend-paying stocks, one can generate returns in two ways: dividends and capital appreciation. As top dividend-paying companies generally have well-established businesses and a growing earnings base, they generate steady capital gains in the long term. Further, the reinvestment of dividends allows investors to accumulate more shares and create wealth in the long term.  With this background, let’s zoom in on three high-yield Canadian stocks that can help you get rich over time.  Enbridge  Enbridge (TSX:ENB) is a must-have dividend stock, and there are solid reasons behind that. Besides offering a lucrative yield of 6.7% (based on its closing price of $53.14 on May 10), the company has a resilient business that consistently delivers steady growth.  Enbridge owns extensive midstream assets and transports oil and gas. In addition, Enbridge has interests in renewable energy faci...
Read more

How much dividend income can you earn?

Image
Passive income. It’s one of the most common financial goals for Canadian investors. Everybody likes making money on a stock trade, but what could be better than a stock that pays you income year in and year out? Such are the kinds of stocks that Warren Buffett and other long-term investors made their fortunes on. This raises a question: Is it possible to make a truly substantial amount of money – let’s say $1,000 per month – with just dividend stocks? Such a thing would be very helpful if it could be done. Consider that, $1,000 per month is more than what the average Canadian gets from the Canada Pension Plan (CPP). If you take the average CPP payment ($811) and add $1,000 per month in dividend income to it, you get to a sum of money that could potentially pay all of your bills. In this article, I will explore the topic of making money with dividend stocks. I will show how much money you’d need to invest to get $1,000 a month in dividend income. I will reveal a stock that...
Read more

RRSP Wealth - Two Top TSX Dividend Securities to Buy Now or Own for 25 Year

Image
The market pullback is giving Registered Retirement Savings Plan (RRSP) investors a chance to buy top Canadian dividend stocks at undervalued prices for a self-directed portfolio focused on long-term total returns. TC Energy TC Energy (TSX:TRP)(NYSE:TRP) has raised its dividend in each of the past 22 years, and investors should see the distribution continue to grow at a steady pace. The energy infrastructure giant operates natural gas pipelines, oil pipelines, and power-generation facilities in Canada, the United States, and Mexico. The $28 billion capital program is largely focused on expanding the natural gas pipeline business, which already boasts 93,000 km of infrastructure. TC Energy has assets that connect the Marcellus and Utica shale plays in the United States to the Gulf Coast, where liquified natural gas (LNG) facilities cool the gas to the point where it becomes liquid and can be shipped to international buyers. In Canada, TC Energy is building the Coastal GasLink pi...
Read more