TSX growth stocks to buy for long term: TRQ, OBE & WSP

Regardless of your investment horizon, stock markets offer you numerous possibilities. There is room for investors who desire rapid growth and investors who want less risky options. If you want to increase the value of your investment more quickly through the stock market, you can think about growth stocks. 

Highlights

• ·         Statistics Canada report revealed that inflation was highest in May over the last four decades.
• ·         Shares of businesses predicted to develop faster than the market average are known as growth stocks.
• ·         It is expected that the Bank of Canada might soon hike the interest rates by 0.75 per cent.

 

Regardless of your investment horizon, stock markets offer you numerous possibilities. There is room for investors who desire rapid growth and investors who want less risky options. If you want to increase the value of your investment more quickly through the stock market, you can think about growth stocks.

Shares of businesses predicted to develop faster than the market average are known as growth stocks. Your capital can rise significantly over time if you invest in growth strategies. However, there is also more danger associated with investing in them.

Your money can outperform inflation by investing in TSX growth stocks. According to some analysts, the true growth of your money is the growth rate minus inflation. In other words, your money should rise significantly above inflation.

A recent Statistics Canada report revealed that inflation was highest in May over the last four decades as it stood at 7.7 per cent. Due to the growth in the prices of goods and services across sectors like energy and food, it is expected that the Bank of Canada might soon hike the interest rates by 0.75 per cent.

If you are looking to beat inflation by investing in the stock market, then you might consider exploring the following stocks listed on the Toronto Stock Exchange.

Turquoise Hill Resources Ltd. (TSX:TRQ)

The company is engaged in developing and exploring copper, coal, and gold. Despite uncertain market conditions in 2022, the TRQ stock gave returns of around 64 per cent year-to-date (YTD).

At market close on June 23, the metals and mining stock price was C$ 34.05 per share. On June 6, the TRQ stock clocked a 52-week high of C$ 38.92 apiece.

Turquoise said that it had US$ 0.6 billion of available liquidity at the end of the first quarter, enough to meet the company's expected requirements. Meanwhile, the company's income increased to US$ 394.3 million in Q1 2022 from US$ 332.1 million in Q1 2021.

Obsidian Energy Ltd. (TSX:OBE)

The Alberta-based oil and gas producer generates its maximum revenue from selling crude oil. Obsidian's financial results were strong in Q1 2022 as it achieved strong average production of 29,407 barrels of oil equivalent per day.

Obsidian's cash flow from operating activities jumped to C$ 83.9 million in Q1 2022 from C$ 28.4 million in Q1 2021. The oil and gas company also raised its 2022 production range target to between 30,300 boe/d to 31,300 boe/d.

The energy sector has performed well compared to various other sectors since the start of 2022. Over the past year, the OBE stock surged 119 per cent and gave returns of 84.3 per cent YTD.

WSP Global Inc. (TSX:WSP)

WSP works with clients in the transportation, infrastructure, real estate, and other sectors. In the first quarter, the company achieved robust results as its revenues and net revenues jumped 28.8 per cent and 26 per cent YoY.

In Q1 2022, the adjusted EBITDA grew to $324.6 million compared to $241 million in the first quarter of 2021. Meanwhile, the adjusted earnings were $136.4 million in the first quarter of this year.

The WSP stock surged 0.7 per cent during the trading hours on June 23 and closed at C$ 141.36 apiece.