Though the future of the Canadian economy remains uncertain in the current macroeconomic condition, we bring to your notice five stocks that are expected to remain strong through this downturn. These Canadian stocks have a favorable Zacks Rank #1 (Strong Buy) or #2 (Buy), which is indicative of their strong fundamentals. NovaGold Resources Inc. NG is an explorer and developer of mineral properties based in Canada and the U.S. The Vancouver, Canada-based firm primarily explores gold, silver, and copper deposits.In the last reported quarter, the company beat the Zacks Consensus Estimate by a penny. Upward estimate revisions for both the current quarter as well the current year suggest further bullishness ahead. This Zacks Rank #1 stock is also expected to deliver year-over-year growth of 15.4%. This is a significant positive given that the industry is expected to witness a decline of 9.7%. Asanko Gold Inc. AKG, which is also based in Vancouver, explores and develops gold. The firm holds a Zacks Rank #2 as well as a favorable Growth Score of ‘B’. In terms of earnings, the company surpassed the Zacks Consensus Estimate in the last reported quarter. It is expected to perform well in future too, as is indicated by the upward revision of its current quarter as well as full-year earnings estimates. Asanko Gold is also expected to deliver solid year-over-year earnings growth of about 43%. Another Vancouver-based firm, Endeavour Silver Corp. EXK, is also a favorable pick. The company, which holds a Zacks Rank #2 and a growth style score of ‘B’, produces silver-gold from its mines. On the earnings front, the company handily beat the Zacks Consensus Estimate by a massive 80% in the last reported quarter. Moreover, Endeavour is anticipated to deliver year-over-year earnings growth of about 3%. This is also favorable with the possibility of the industry average declining about 5%. Suncor Energy Inc. SU, based in Calgary, Alberta, is Canada’s premier integrated energy company. Suncor's operations include oil sands development and upgrading, conventional and offshore crude oil and gas production, petroleum refining, and product marketing. It has an impressive portfolio of growth opportunities, a unique asset base and high return potential for the long run. The Zacks Rank #2 firm also performed well on the earnings front and has a four-month average positive surprise of 13.2%. Precision Drilling Corporation PDS is an oil and natural gas drilling and services provider based in Calgary. The company operates through two of its segments, Contract Drilling Services and Completion and Production Services. The Zacks Rank #2 stock had reported strong earnings that beat the Zacks Consensus Estimate in two consecutive quarters. Also, Precision Drilling carries a favorable Value as well as Momentum style score of ‘A’. Don’t Throw Caution Away Though the recent increase in commodity prices boosted Canadian stocks, the rally is unlikely to sustain unless broader economic conditions improve. Having said that, companies with strong fundamentals always remain in favor and make safer bets in uncertain times like these. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SUNCOR ENERGY (SU): Free Stock Analysis Report NOVAGOLD RSRCS (NG): Free Stock Analysis Report PRECISION DRILL (PDS): Free Stock Analysis Report ASANKO GOLD INC (AKG): Free Stock Analysis Report ENDEAVOUR SILVR (EXK): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
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