15 Best Stocks To Buy Right Now and Watch in 2024

Are you ready to uncover the hidden gems of the stock market? Brace yourself because I will reveal the secret sauce that could potentially supercharge your investment portfolio. Picture this: a world of endless possibilities where your money works for you, and the rewards are as enticing as they come. 

Now, I know what you’re thinking: “Where do I begin?” With countless companies and funds vying for your attention, it’s easy to feel overwhelmed. Today, I’m here to guide you through the swirling tides of the market, and together, we’ll uncover the best stocks to buy right now.

I must confess I don’t possess a mystical crystal ball that predicts the future and knows which stocks will perform. But worry not, for I’ve done the next best thing. By leveraging my expertise and extensive research, I’ve curated a list of the best stocks to buy right now that hold incredible promise for long-term investors like you.

So, what can you expect from this exhilarating article? In this article, I’ll be your trusty navigator, sharing my insights and analysis on the most promising stocks of the moment. We’ll dive deep into the captivating world of investments, exploring 15 hand-picked stocks that have the potential to deliver astounding returns. 

So, grab your favourite beverage, settle into your comfiest chair, and prepare to embark on an exhilarating adventure. Together, we’ll unveil the hidden treasures of the stock market, uncovering the best stocks to buy right now. 

15 Best Stocks To Buy and Watch Right Now 

Before we get into the list of the best stocks to buy right now, I want to address a few important points. 

First, it’s crucial to understand that the best stocks to buy right now will depend on your unique financial situation. So, take a moment to evaluate where you stand. If you’re unsure, don’t worry—I’ve got you covered. I’ll provide a comprehensive guide on investing in stocks, including essential topics like building emergency funds and identifying opportune moments to make stock purchases.

Secondly, I must emphasise that I consider each stock ideal for long-term investments rather than quick speculations. Short-term market fluctuations are inevitable, and various external factors like inflation, interest rates, and economic uncertainties can sway stock performance in the near term. I’m all about playing the long game and reaping the rewards that come with it.

Also, to offer you a broader level of diversification and minimal risk, I provide stocks across different sectors in the U.S. and Canada. There is something for everyone, from energy and oil to tech, business, finance, and manufacturing.

So let’s dive into my list of the 15 best stocks to buy right now and watch for 2024, from their P/E ratio, market cap, and summary of each stock.

RELATED: 20 Best Canadian Dividend Stocks To Buy in 2024

1. Alphabet (NASDAQ: GOOGL)

• Symbol: GOOGL
• Sector: Tech
• Market Cap: $1.75 Trillion 
• P/E Ratio: 27.02

Alphabet Inc., often called Google’s parent company, is a technology conglomerate encompassing various businesses and subsidiaries. Founded in 1998 by Larry Page and Sergey Brin, Alphabet has grown to become one of the world’s most influential and valuable companies.

As Google’s parent company, Alphabet dominates the digital landscape with its search engine, online advertising platforms, and numerous popular products and services such as YouTube, Google Maps, Google Cloud, and Android. Beyond its core businesses, Alphabet has ventured into areas like autonomous vehicles (Waymo), life sciences (Verily), and smart home technology (Nest), among others.

When it comes to performance, Alphabet has been consistently impressive. The company has enjoyed steady revenue growth over the years, fueled by its dominant position in the online advertising market. Alphabet’s ability to innovate and adapt to changing consumer needs has solidified its position as a key player in the tech industry.

Alphabet has demonstrated its prowess as a technology powerhouse, consistently delivering strong performances and establishing its presence across various industries. Its diverse portfolio of products and services, combined with its ability to innovate and adapt, has contributed to its solid financial standing and growth potential.

2. Apple (NASDAQ: AAPL)

• Symbol: AAPL
• Sector: Tech
• Market Cap: $2.89 Trillion
• P/E Ratio: 30.20

Apple Inc., commonly known as Apple, is a multinational technology company headquartered in Cupertino, California. Founded in 1976 by Steve Jobs, Steve Wozniak, and Ronald Wayne, Apple has become one of the world’s most influential and valuable companies.

Apple is renowned for its innovative products and services, including the iconic iPhone, iPad, Mac computers, Apple Watch, and a range of software and services such as iCloud, Apple Music, and the App Store. The company’s commitment to delivering seamless user experiences and cutting-edge technology has garnered a massive global following.

When it comes to performance, Apple has consistently demonstrated its market dominance. The company has achieved remarkable financial success, generating substantial revenue and profits year after year. As of my knowledge cutoff in September 2021, Apple’s market capitalisation was well over $2 trillion, making it one of the most valuable companies globally.

The performance of Apple stock has been impressive, with significant long-term growth. Over the years, Apple has consistently delivered strong returns for its shareholders. However, it’s important to note that stock performance can vary over shorter periods due to market conditions, competition, and other factors.

3. Microsoft (NASDAQ: MSFT)

• Symbol: MSFT
• Sector: Tech
• Market Cap: $2.78 Trillion
• P/E Ratio: 36.39

Microsoft Corporation (MSFT) is a technology company that needs no introduction. With a rich history dating back to 1975, Microsoft has become one of the giants in the tech industry, offering a wide range of software, hardware, and cloud-based services. 

Led by its visionary CEO, Satya Nadella, Microsoft has consistently demonstrated its ability to adapt and innovate, remaining at the forefront of technological advancements.

In terms of performance, Microsoft has been a powerhouse in the stock market. Over the years, the company has delivered impressive returns to its shareholders. 

With its strong product portfolio, including the Windows operating system, Office productivity suite, Azure cloud platform, and Xbox gaming console, Microsoft has successfully diversified its revenue streams.

Microsoft is a prominent player in the tech industry, known for its strong financial performance, innovative products and services, and ability to adapt to changing market dynamics. Its consistent track record and strategic vision have made it an attractive investment option for many shareholders. 

RELATED: 12 Best Dividend ETFs in Canada For 2024

4. Tesla (NASDAQ: TSLA)

• Symbol: TSLA
• Sector: Manufacturing
• Market Cap: $764.37 Billion
• P/E Ratio: 75.66

Tesla, Inc. is a renowned American electric vehicle (EV) and clean energy company that has taken the automotive industry by storm. Founded in 2003 by Elon Musk, Tesla has quickly become synonymous with innovation and sustainability. 

The company aims to accelerate the world’s transition to sustainable energy by offering compelling electric vehicles and renewable energy solutions.

In terms of performance, Tesla has experienced tremendous growth and has established itself as a key player in the EV market. The company’s stock has seen significant appreciation over the years, making it a favourite among investors seeking exposure to the rapidly expanding electric vehicle industry. 

Tesla’s innovative products, such as the Model S, Model 3, Model X, and Model Y, have captured consumer attention and propelled the company’s success.

5. Realty Income (NYSE: O)

• Symbol: O
• Sector: Real Estate
• Market Cap: $43.06 Billion
• P/E Ratio: 45.03

Realty Income Corporation, often called Realty Income Stock, is a prominent real estate investment trust (REIT) known for its focus on single-tenant retail properties. This company has a rich history dating back to 1969, making it one of the oldest and most well-established REITs in the United States.

Realty Income specialises in owning and leasing freestanding commercial properties to various tenants. Their portfolio includes retail stores, distribution centres, and other commercial properties across various industries. With over 6,500 properties in its portfolio, Realty Income enjoys a strong presence nationwide.

One key factor that makes Realty Income stand out is its unique business model. The company follows a triple-net lease structure, meaning tenants are responsible for paying the property expenses, including taxes, insurance, and maintenance costs. This structure allows Realty Income to generate a steady stream of rental income, making it an attractive option for income-focused investors.

In terms of performance, Realty Income has a solid track record. The company has consistently delivered steady and growing dividends to its shareholders for over three decades. They have a strong tenant base, which includes many well-known companies, and a low historical tenant default rate. This stability has contributed to the company’s ability to generate consistent cash flow and maintain a strong dividend payout.

6. McKesson (NYSE: MCK)

• Symbol: MCK
• Sector: Medical
• Market Cap: $63.42 Billion
• P/E Ratio: 19.02

McKesson Corporation is a leading healthcare services and information technology company based in the United States. With a history of over 190 years, McKesson has established itself as a trusted partner in the healthcare industry, providing a wide range of services to hospitals, pharmacies, healthcare providers, and manufacturers.

McKesson Corporation has had a solid performance in the stock market. Over the years, the company has demonstrated its resilience and adaptability in navigating the complexities of the healthcare landscape. It is worth noting, however, that stock performance can be subject to market fluctuations and external factors.

7. Progressive Corp. (NYSE: PGR)

• Symbol: PGR
• Sector: Insurance
• Market Cap: $96.75 Billion
• P/E Ratio: 36.16

Progressive Corp. is an insurance company that provides a wide range of insurance products, including automobile, motorcycle, RV, commercial auto, and homeowners insurance. The company was founded in 1937 and has grown to become one of the largest auto insurance providers in the United States.

In terms of performance, Progressive has demonstrated consistent growth over the years. The company has benefited from its innovative approach to insurance, leveraging technology and data analytics to streamline operations and offer competitive pricing to customers. Progressive’s focus on customer satisfaction and claims handling has also contributed to its success.

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8. Shopify (TSE: SHOP)

• Symbol: SHOP
• Sector: Business
• Market Cap: $133.71 Billion
• P/E Ratio: —

Shopify is a leading e-commerce platform that empowers businesses of all sizes to create, manage, and grow online stores. It provides comprehensive tools and services, including website design, payment processing, inventory management, and marketing solutions. 

With its user-friendly interface and robust features, Shopify has gained immense popularity among entrepreneurs and established brands.

In terms of performance, Shopify has shown remarkable growth over the years. The company’s revenue has consistently increased, reflecting its ability to attract a growing number of merchants to its platform. 

Shopify’s success can be attributed to its focus on providing a seamless and intuitive user experience, resonating well with businesses looking to establish a strong online presence.

Shopify has emerged as a key player in the e-commerce industry, consistently delivering innovative solutions that empower businesses to thrive in the digital landscape. Its strong performance and growth potential make it an intriguing stock to watch for investors interested in the e-commerce sector.

9. Lowe’s Companies, Inc. (NYSE: LOW)

• Symbol: LOW
• Sector: Business
• Market Cap: $124.88 Billion
• P/E Ratio: 16.72

Lowe’s Companies, Inc. (ticker symbol: LOW) is a renowned American retail company specialising in home improvement products. Founded in 1946, Lowe’s has become one of the leading players in the industry, operating a vast network of retail stores across the United States and Canada. 

The company offers a wide range of products, including appliances, building materials, tools, decor, and gardening supplies, catering to do-it-yourself (DIY) enthusiasts and professional contractors.

In terms of performance, Lowe’s has demonstrated consistent growth and resilience in the market. The company has benefited from the strong demand in the home improvement sector as homeowners continue to invest in their properties. Lowe’s has established itself as a trusted brand in the industry with a customer-centric approach and a focus on providing quality products and excellent service.

Lowe’s Companies, Inc. is a prominent player in the home improvement retail sector, offering a diverse range of products to cater to customers’ needs. The company has demonstrated consistent growth and success, capitalising on the demand for home improvement projects.

10. Lamb Weston Holdings, Inc. (NYSE: LW)

• Symbol: LW
• Sector: Business
• Market Cap: $15.5 Billion
• P/E Ratio: 13.97

Lamb Weston Holdings, Inc. is a leading global supplier of frozen potato products and a major player in the food industry. The company specialises in producing and distributing a wide range of high-quality potato products, including french fries, appetisers, and other innovative potato-based offerings, catering to retail and food service sectors. 

With a rich heritage spanning over 70 years, Lamb Weston is recognised for its commitment to excellence, customer satisfaction, and sustainable practices.

The company’s performance in recent years has been impressive. Lamb Weston has consistently delivered strong financial results driven by its commitment to innovation, operational excellence, and customer satisfaction. 

11. EOG Resources Inc. (NYSE: EOG)

• Symbol: EOG
• Sector: Oil
• Market Cap: $68.68 Billion
• P/E Ratio: 8.62

EOG Resources, Inc. is an American energy company engaged in developing, developing, producing, and marketing crude oil and natural gas. Founded in 1999 and headquartered in Houston, Texas, EOG Resources has established itself as one of the largest independent oil and gas companies in the United States.

EOG Resources operates in several key shale plays, including the Permian Basin, Eagle Ford, Bakken, and Delaware Basin. The company utilises advanced drilling techniques and technologies to extract hydrocarbons efficiently and maximise their production potential.

In terms of performance, EOG Resources has demonstrated a strong track record in the industry. The company has consistently delivered solid financial results and has shown resilience even in challenging market conditions. EOG Resources’ success can be attributed to its strategic asset portfolio, operational expertise, and disciplined approach to capital allocation.

RELATED: Best Canadian ETFs: 22 Top-Performing Funds for 2024

12. Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE: TSM)

• Symbol: TSM
• Sector: Manufacturing
• Market Cap: $487.78 Billion
• P/E Ratio: 18.34

Taiwan Semiconductor Manufacturing Company (TSMC) is a global leader in semiconductor manufacturing and one of the most prominent players in the industry. Founded in 1987, TSMC has established itself as a key supplier for many well-known technology companies worldwide.

The company specialises in producing integrated circuits (ICs) and provides advanced foundry services, offering a wide range of semiconductor manufacturing processes and technologies. TSMC’s cutting-edge facilities and expertise enable the production of highly complex and innovative chips in various applications, including smartphones, high-performance computing, automotive electronics, and more.

Regarding performance, TSMC has consistently demonstrated impressive results over the years. As a crucial player in the semiconductor industry, the company has capitalised on the growing demand for advanced chips, benefiting from the proliferation of technologies such as 5G, artificial intelligence, and the Internet of Things (IoT). 

TSMC’s ability to deliver high-quality products and maintain strong client relationships has contributed to its continued success and market dominance.

13. Citigroup Inc. (NYSE: C)

• Symbol: C
• Sector: Finance
• Market Cap: $90.02 Billion
• P/E Ratio: 6.59

Citigroup Inc., commonly known as Citigroup, is a multinational financial services corporation based in the United States. It is one of the largest banking institutions globally, offering various financial products and services to individuals, corporations, governments, and institutions. With a rich history of over 200 years, Citigroup has established a strong presence in the global financial market.

When evaluating the performance of Citigroup stock, it’s important to consider various factors. Like most stocks, Citigroup’s performance can fluctuate based on market conditions, economic factors, and the overall performance of the financial sector. Conducting thorough research and analysis is important to make informed investment decisions.

14. DTE Energy  (NYSE: DTE)

• Symbol: DTE
• Sector: Energy
• Market Cap: $23 Billion
• P/E Ratio: 18.36

DTE Energy (NYSE: DTE) is a diversified energy company based in Detroit, Michigan. With a history of over a century, DTE Energy is deeply rooted in providing reliable and sustainable energy solutions to its customers. The company operates through two main segments: Electric and Gas.

In the Electric segment, DTE Energy generates, purchases, and distributes electricity to over 2.2 million customers in Michigan. They have diverse power generation sources, including coal, natural gas, nuclear, and renewable energy, such as wind and solar. DTE Energy is committed to reducing its carbon footprint and has set ambitious goals to achieve net-zero carbon emissions by 2050.

The Gas segment of DTE Energy is involved in purchasing, storing, and distributing natural gas to around 1.3 million customers in Michigan. Their robust infrastructure network ensures a reliable natural gas supply for residential, commercial, and industrial use.

When it comes to the performance of DTE Energy stock, it’s essential to analyse various factors, including its historical performance, financial indicators, and market trends.

15. Diageo PLC (LON: DGE)

• Symbol: DGE
• Sector: Wine and Beverages
• Market Cap: £61.69 Billion
• P/E Ratio: 16.99

Diageo plc is a multinational alcoholic beverages company headquartered in London, United Kingdom. With a rich history dating back to 1759, it is one of the leading global producers and distributors of spirits, beer, and wine. The company owns an extensive portfolio of well-known brands, including Johnnie Walker, Smirnoff, Guinness, Baileys, Captain Morgan, Tanqueray, and many more.

In terms of performance, Diageo has demonstrated resilience and consistent growth over the years. The company has a strong global presence and benefits from a diverse range of products catering to various consumer preferences. This has helped Diageo navigate through different market conditions and maintain a solid financial position.

Overall, Diageo is a prominent player in the alcoholic beverages industry, boasting a strong brand portfolio and a history of solid performance. The company’s continued focus on innovation, marketing, and global expansion positions it well for future growth and success.

What You Need To Look For When Buying Stocks

When it comes to buying stocks, it’s crucial to approach the process with careful consideration and a thorough understanding of the factors that can influence a company’s performance. Here are some key aspects to keep in mind as you evaluate potential investments:

• Fundamentals: Start by delving into the company’s financial statements to grasp its overall financial health. Analyse revenue, earnings, profit margins, and debt-to-equity ratio metrics. These figures provide insights into the company’s stability and whether its stock is worthwhile.
• Competitive Advantage: Look for companies with a competitive edge over their peers. This could be in the form of strong brand recognition, unique intellectual property, or a dominant market position. A competitive advantage can provide stability and growth potential, contributing to long-term stock appreciation and consistent dividend payouts.
• Industry Trends: Stay informed about the trends shaping the industry in which the company operates. Research reports, news updates, and analyst predictions can offer valuable insights into the industry’s direction. Understanding the broader landscape can help you assess the company’s potential for growth and success.
• Dividend Yield: Consider the dividend yield offered by the stock. A decent dividend yield can contribute to your overall return on investment, especially over the long term. Look for companies with a track record of consistent dividend payments and the potential for future growth in dividend payouts.
• Management: Evaluate the experience and track record of the company’s management team. Assess their decision-making history, leadership skills, and overall strategy. A capable and visionary management team can significantly impact a company’s performance and prospects for the future.
• Risks: Understand that every investment carries inherent risks. Assess the specific risks associated with the stock you are considering. Look at factors such as the company’s debt level, industry volatility, and geopolitical risks that could impact its performance. A comprehensive understanding of the risks involved will help you make a more informed investment decision.
• Valuation: Assess the stock’s valuation relative to similar companies in the industry. Utilise metrics such as the price-to-earnings ratio, price-to-sales ratio, and price-to-book ratio to determine whether the stock is overvalued or undervalued. A thorough valuation analysis can help you make informed decisions about the stock’s potential for future price appreciation.

How To Buy Stocks in Canada

There are different ways you can invest in stocks in Canada. The easiest and most common way to buy stocks in Canada is through online discount brokerages.

There are several discount brokerages in Canada, but our top picks are Wealthsimple Trade, Questrade, and Qtrade.

Final Thoughts on Best Stocks To Buy Right Now

After careful analysis and extensive research, I am confident in recommending the best stocks to buy right now. These stocks have demonstrated strong potential for growth and stability, making them excellent choices for investors seeking lucrative opportunities. 

Don’t miss out on the chance to optimise your portfolio and maximise your returns. Take action today and invest in the best stocks to buy right now. 

Start building your financial future by making informed investment decisions. Invest wisely and reap the rewards. Begin your journey now and secure your financial success!

FAQs on Best Stocks To Buy Right Now

Do I need a broker to buy stocks?

Yes. You need a broker to buy stocks in Canada. Candian discount brokerages are licensed professionals who can buy and sell stocks on your behalf. Researching and comparing different brokers to find the one that best suits your needs and investment goals is important.

How can I buy stocks online?

You can buy stocks online by opening an online brokerage account like Wealthsimple Trade or Questrade. While there are traditional brick-and-mortar brokers in Canada, online brokerages offer commission-free trading and low fees.

How much should I invest in stocks?

The amount of money you should invest in stocks depends entirely on your personal financial goals and risk tolerance. Investing between 5% and 10% of your total portfolio value in individual stocks and the rest in diversified funds is generally advisable.