Canadian Stocks: Top Four Stocks To Buy As The New COVID Omicron Variant Fear Rises

The S&P/TSX Index has seen a drop of over 2% from 21,610 on November 26 to 21,110. The reason for it is the rise of the new COVID variant which has caused chaos across financial markets. 

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Markets are expected to be volatile for some time now and investors will look for safe havens as they tumble, fall and rise. Here are four stocks that have proven their resilience over markets.

Waste Connections

COVID or not, people’s waste still has to get disposed of. Waste Connections stock has gained almost 31% in 2021 after remaining stable for the whole of 2020. 2022 could be a breakout year for the stock with analysts setting the target for the stock at $191.64, an upside of almost 9.5%.

When the company reported its numbers for the third quarter of 2020, it said, “Strong execution, accelerating solid waste pricing growth and continued strength in both resource recovery values and acquisition activity again drive outsized results and increased full-year outlook.”

Revenue came in at $1.6 billion, up almost 15% compared to the corresponding period last year when it clocked $1.4 billion, beating estimates. Waste Connections also closed acquisitions worth around $240 million in annualized revenues. It increased the quarterly dividend by 12.2%

Guidance for the full year 2021 included revenue outlook of “…approximately $6.1 billion, net income of approximately $633 million, adjusted EBITDA(b) of approximately $1.910 billion, net cash from operating activities of approximately $1.689 billion and adjusted free cash flow of approximately $1.025 billion.”

After the company reported its numbers for Q3, analysts raised their estimates for the stock. All numbers in the link are based on the company’s price in USD, listed on the NYSE. The stock closed at $137.19 at the time of this article. 

Fortis

Fortis is one of Canada’s biggest utility players, and just like Waste Connections, a lockdown will have little impact on its finances. Companies like these outperform in volatile markets. The stock has gained 9.4% in 2021 so far. 

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Disclaimer: All the information in this article - is published in good faith and for general information purpose only. Hashtag Investing does not make any warranties about the completeness, ...

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