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Just Released: 5 Top Stocks to Buy in March 2024 [PREMIUM PICKS]

Iain Butler
·3 min read
Hourglass projecting a dollar sign as shadow
Source: Getty Images

Written by Iain Butler at The Motley Fool Canada

Premium content from Motley Fool Stock Advisor Canada

The market’s attention right now is seemingly focused purely on buzzwords like “AI,” “the Magnificent Seven” and “crypto.”

To us, this means opportunity — but not where the masses are playing. It’s where they aren’t.

Once again, we find that a relative few are paying attention to the energy sector.

This means we think that you should be paying attention to the energy sector. Namely, this stock.

Foolishly yours,
Iain Butler, CFA
Advisor, Stock Advisor Canada

“Best Buys Now” Pick #1:

Parex Resources (TSX:PXT)

Parex Resources (TSX:PXT) explores for, develops, and produces onshore oil and natural gas in Colombia.

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Why do I like it now?

In addition to Parex’s strong-as-usual results that were reported at the end of February, the company’s operations were hindered earlier this year by social protests that have now ended. The temporary shut-in will have an impact on Parex’s Q1’24 report, but in the grand scheme of things, will be easily forgotten. Meanwhile, the stock price has arguably lost about 20% of its value because of a situation that is no more.

Parex currently offers a cash-flow-supported dividend yield of 7.2% (remember, the higher the yield, the riskier the market thinks the stock is), and the far-too-low 3 times earnings multiple that it currently trades for suggests that a rather dire future awaits. But neither of these metrics are representative of the company’s performance. We think they’re far more a product of the market’s ignorance.

Said more succinctly, Parex shares are very attractive … right now.

“Best Buys Now” Pick #2

Redacted

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The post Just Released: 5 Top Stocks to Buy in March 2024 [PREMIUM PICKS] appeared first on The Motley Fool Canada.

Should you invest $1,000 in Parex Resources Inc right now?

Before you buy stock in Parex Resources Inc, consider this:

The Motley Fool Stock Advisor Canada analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Parex Resources Inc wasn’t one of them. The 10 stocks that made the cut could potentially produce monster returns in the coming years.

Consider MercadoLibre, which we first recommended on January 8, 2014 ... if you invested $1,000 in the “eBay of Latin America” at the time of our recommendation, you’d have $17,988!*

Stock Advisor Canada provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month – one from Canada and one from the U.S. The Stock Advisor Canada service has outperformed the return of S&P/TSX Composite Index by 35 percentage points since 2013*.

See the 10 stocks * Returns as of 1/24/24

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Fool contributor Iain Butler has no position in any of the stocks mentioned. The Motley Fool recommends Parex Resources. The Motley Fool has a disclosure policy.

2024