5 Canadian Stocks To Consider For Canada Day

Earlier this year, Canada was named No. 1 country in the world in the 2021 Best Countries Report published by U.S. News & World Report. Obviously, all of those Anne Murray records were not a disqualifying factor.

For those trading on the New York Stock Exchange and Nasdaq, there are plenty of Canadian stocks to consider — and, truth be told, the cannabis sector would be considerably smaller and much less vibrant without Canadian corporate input.

To celebrate the July 1 Canada Day national holiday, here are five Canadian stocks that should be at home in portfolios on both sides of the 49th parallel.

Air Canada ACDVF

Air Canada is still trying to move beyond the COVID-19 pandemic. The carrier’s first-quarter earnings showed operating revenues of $583.7 million, a decline from $2.99 billion one year earlier, and negative EBITDA, excluding special items, of $614.7 million compared to EBITDA of $52.7 million in the same quarter in 2020.

Nonetheless, it's ready to move forward. In April, the carrier and the Canadian federal government agreed on a $4.7 billion liquidity package. The government gets a $399 million stake in the airline, but the cash infusion has already helped as seen in the recent announcements of new routes to the U.S., Caribbean and the EU nations.

Air Canada President and CEO Michael Rousseau optimistically opined, “We have seen elsewhere, notably in the U.S., that travel rebounds sharply as COVID-19 recedes and restrictions are lifted, and we fully expect this can be replicated in Canada.”

Air Canada shares took off on Canada Day at $20.58, closer to its 52-week high of $24.82 than to its 52-week low of $10.88.

Canadian Western Bank CBWBF

This Edmonton-headquartered financial institution, which also operates as CWB Financial Group does not have a retail presence in the U.S., which makes it something of an under-the-radar presence for many American investors.

However, the bank is more than holding its own with its exclusive focus on the Canadian market.

For its second-quarter earnings report, the bank recorded revenue of $199.2 million, up 15% from approximately $178.2 million one year earlier. It also generated $14.5 billion in branch-raised deposits, up 18% year-over-year and no mean feat at a time when many industry experts view brick-and-mortar banking as increasingly obsolete. The bank also runs the Motivation Financial online bank for those who prefer digital transactions.

Its 67-cent adjusted earnings per share is a 40% year-over-year increase.

Canadian Western Bank’s stock arrived at Canada Day at $28.11, closer to its 52-week high of $31.47 than its 52-week low of $15.28.

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Granite Real Estate Investment Trust (NYSE: GRP-UN)

REIT aficionados will appreciate this Toronto-headquartered company focused on the acquisition, development, ownership and management of industrial, logistics and warehouse properties across North America and Europe.

Granite's net operating income in the first quarter was $65.7 million, up from $54.4 million one year earlier. The company has been on an acquisition spree recent, picking up a 1 million-square-foot warehouse distribution facility in the Atlanta metro market for $68.6 million while currently negotiating for six income-producing properties and four development properties in the U.S. and Canada for $296.9 million, which will add a total of 4.6 million square feet to its portfolio.

Granite’s shares welcomed Canada Day at $66.38, closer to its 52-week high of $69.67 than to its 52-week low of $51.46.

IMAX Corp: IMAX

When it comes to enjoying movies on the very, very big screen, nothing beats an IMAX presentation. The Mississauga-based company faced an existential challenge during the coronavirus pandemic that still resonates: its first-quarter revenue was up 11% to $38.8 million but the quarterly net loss attributable to shareholders was $14.8 million.

Still, CEO Rich Gelfond offered assurances during the company’s recent first-quarter earnings report call, promising that “as global markets reopen, we're able to bounce back quickly to generating box office, essentially flipping a switch without significant start-up costs or lead time.”

Canada Day opened with IMAX’s stock at $21.50, closer to its 52-week high of $25.05 than to its 52-week low of $10.50.

Mogo Inc: MOGO

This Vancouver fintech has been quite busy lately: It acquired the broker-dealer Fortification Capital Inc. and the investing app Moka, and its payments platform program Carta Worldwide was rewarded Visa Inc V ready certification. The company is expanding its presence in the cryptocurrency world by increasing its ownership stake in Coinsquare Ltd. while diversifying its crypto portfolio with corporate investment in Ethereum ETH/USD as well as its existing investment in Bitcoin BTC/USD.

The company’s first earnings report was disappointing: $9.2 million in revenue, compared with $11.2 million one year earlier, with a net loss of $2.2 million and an adjusted EBITDA loss of approximately $887,000.

But founder and CEO David Feller insisted Mogo was “building the most comprehensive digital wallet to address the needs of Canadian consumers, and the transactions we completed in the first quarter — both strategic and financial — accelerate our growth plans and vision significantly.”

Mogo shares came to Canada Day at $7.85, sandwiched between its 52-week high of $12.29 and its 52-week low of $0.88.

And, yes, we were only kidding about Anne Murray — Happy Canada Day!

Photo: Alirod Ameri / Flickr Creative Commons.