In this article, we take a look at the 10 Best Canadian Stocks to Buy According to Billionaires.
Against the backdrop of trade war concerns and retaliation against Trump’s tariff hikes on Canadian imports, investors are closely monitoring the impact on cross-border trade. The uncertainties threaten to disrupt economic growth and corporate earnings in both countries. Recently, Trump finalized a 25% hike on the import of goods from Canada and Mexico, causing the US and Canadian stocks to fall and sparking threats of a trade war. The tariffs are expected to affect more than $918 billion worth of US imports from Canada and Mexico. According to Reuters, the move could upend nearly $2.2 trillion in annual U.S. trade with its top three trading partners. Additionally, 20% tariffs against Chinese goods have doubled the levy on China from last month. In retaliation to the tariff hikes, Canadian Prime Minister Justin Trudeau has now announced a 25% tariff on C$30 billion (US$20.7 billion) worth of U.S. imports. BBC has reported that the US tariffs are likely to push up prices for consumers in the US and abroad soon.
Morningstar predicts that the US tariffs now in place indicate that the Bank of Canada may need to implement aggressive interest rate cuts to counter the economic fallout and stabilize the economy. The BoC has been one of the most aggressive central banks in cutting rates. Earlier this year, the Bank trimmed its key policy rate by 25 basis points to 3% and scaled down the country’s economic growth outlook to 1.8% in 2025 from the 2.1% predicted in October in anticipation of the tariffs. In its Monetary Policy Report, the BoC has noted that the Canadian economy showed signs of resilience at the end of 2024, contributing to an increase in household spending and housing activity. While inflation has remained at 2% since August 2024, the uptick in economic growth was fueled by a rapid series of interest-rate cuts, which are now threatened by the uncertainties of trade relations.
For American investors, investing in Canadian stocks listed on U.S. stock exchanges offers the opportunity to diversify their portfolios with companies operating in a resilient economy. However, with the headline index for the Canadian equity market dropping 1.7% to close at 24,570 on March 4 and extending the previous session’s 1.5% decline to reach a seven-week low, investors should brace for continued uncertainty as markets adjust to the new trade dynamics. The best Canadian stocks took a hit, especially in sectors such as transportation and energy, calling for a reassessment of investing strategies. While there is no set formula to benefit from billionaire portfolios and stocks billionaires invest in, the UBS Billionaire Ambitions Report 2024 highlights some key themes of extensive diversification that can be beneficially incorporated into investment strategies for long-term resilience. With this key point in mind, we will take a look at the best Canadian stocks that Billionaires invest in.
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Our Methodology
We analyzed Insider Monkey’s exclusive database of billionaire stock holdings to compile our list of best Canadian stocks to invest in according to billionaires. We selected the 10 best stocks to buy based on the highest number of billionaire investors, updated as of Q4 2024. For the stocks with the same number of billionaire holdings, we have used the total value of billionaire holdings as a secondary metric to rank the stocks. These billionaires are founders or managers of some of the world’s leading hedge funds and companies.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
10. Agnico Eagle Mines Limited (NYSE:AEM)
Number of Billionaires: 11
Agnico Eagle Mines Limited (NYSE:AEM) is a prominent Canadian-based gold mining company, recognized as the third-largest gold producer globally. The company operates in Canada, Australia, Finland, and Mexico, focusing on the exploration, development, and production of gold deposits.
Recently, Agnico Eagle Mines Limited (NYSE:AEM) has actively pursued strategic acquisitions to bolster its asset portfolio. In 2022, the company completed its merger with Kirkland Lake Gold. In December 2024, it announced a friendly all-cash offer to acquire O3 Mining and also completed a transaction with ONGold Resources Ltd., acquiring 8.7 million common shares, representing approximately 15% of ONGold’s issued and outstanding shares, in the same month.
Agnico Eagle Mines Limited (NYSE:AEM) is a reliable stock to buy, considering its growth potential. The company boasts an EBITDA CAGR of 35.74%, with sales growth of 12.49% in the current fiscal year.
The gold mining industry has experienced significant shifts, with gold prices surging to record highs, with a surge of over 40% since last February. Goldman Sachs Research has predicted that the rally in gold will continue amid demand from central banks. This surge has positively impacted gold miners, including Agnico Eagle.
Financially, Agnico Eagle Mines Limited (NYSE:AEM) continues to exhibit strength. In 2024, the company reported revenues of $8.29 billion, marking a 25.03% increase from the previous year’s $6.63 billion.
Billionaire investors have shown increased interest in gold mining stocks, considering them undervalued relative to the surge in gold prices. Analysts hold a consensus Buy opinion on the stock, and the average price target represents a 6.91% upside from current levels.
9. Canadian National Railway Company (NYSE:CNI)
Number of Billionaires: 12
Canadian National Railway Company (NYSE:CNI) is a leading North American transportation and logistics provider, offering rail, intermodal, trucking, and supply chain services. Operating a vast network that spans Canada and the United States, CN transports over 300 million tons of natural resources, manufactured products, and finished goods annually, serving a diverse clientele across various industries.
Canadian National Railway Company (NYSE:CNI) and Iowa Northern Railway Company officially joined their operations on March 1, 2025, as previously authorized by the U.S. Surface Transportation Board. With this strategic move, CN and Iowa Northern can begin integrating their two railroads to better serve customers.
Stock-wise Canadian National Railway Company (NYSE:CNI) faced challenges due to recent inflationary tariffs impacting the transportation sector and potential economic recessions in Canada and Mexico that could affect cross-border transportation flows. Despite these challenges, there are positive indicators for CN’s future performance. Analysts have reflected optimism with a Moderate Buy opinion on the stock, indicating potential for recovery. Additionally, the freight recession that has affected the industry over the past three years shows signs of abating, which could benefit companies like CN.
Canadian National Railway Company (NYSE:CNI) expects to deliver 10%-15% EPS Growth in 2025. The average price target for the stock represents a 16.61% upside potential.
8. Cameco Corporation (NYSE:CCJ)
Number of Billionaires: 13
Cameco Corporation (NYSE:CCJ) is a leading Canadian company specializing in the production of uranium and the provision of nuclear fuel services. The company’s tier-one mining and milling operations have the licensed capacity to produce over 30 million pounds of uranium concentrates annually, supported by more than 457 million pounds of proven and probable mineral reserves.
The global nuclear industry is experiencing a resurgence, owing to government support and increasing electricity demands due to electric vehicles and industrial growth. The U.S. aims to triple its nuclear capacity by 2050, indicating a broader revival in the sector. Major industry players in energy and tech are increasingly seeking reliable, carbon-free power for data centers and are contributing to this revival.
Canada is positioned to become the world’s largest uranium producer as demand for nuclear energy surges. In 2024, Cameco increased its uranium production to 33.6 million pounds due to record production at the Key Lake mill. Investments in uranium exploration and appraisal have reached the highest levels in 20 years, driven by commitments from 31 countries to triple nuclear energy deployment by 2050 to combat climate change.
Cameco Corporation (NYSE:CCJ) reported strong financial performance in 2024, across all segments. As of 30 December 2024, the company had shown a 158.59% uptick in free cash flow at $310.96 million. The total revenue increased 19.38% since last year to $2.29 billion. While the company’s net income decreased 53.08% since last year, it showed an increase of 1679.1% since last quarter, suggesting a positive impact on stock value. EBITDA ttm stands at $789.34 million.
Analysts hold a consensus Buy opinion on the stock and their 1-year median price target points to a 39.21% upside from current levels.
7. Waste Connections, Inc. (NYSE:WCN)
Number of Billionaires: 13
Leading integrated solid waste services company, Waste Connections, Inc. (NYSE:WCN) operates across 46 U.S. states and six Canadian provinces. The company offers non-hazardous waste collection, transfer, disposal services, and resource recovery through recycling and renewable fuels generation. Serving approximately nine million residential, commercial, and industrial customers, Waste Connections focuses on secondary and exclusive markets, distinguishing itself from competitors by targeting areas with less competition and stable revenue streams.
Strategic acquisitions have been a cornerstone of Waste Connections, Inc. (NYSE:WCN)’s growth strategy. In 2024, the company completed acquisitions contributing over $700 million in annualized revenue. Notably, the purchase of Royal Waste Services, Inc. for $39 million expanded the company’s footprint in New York City, allowing it to manage up to 15 waste collection zones, the maximum permitted per company, due to overlapping service areas.
Waste Connections, Inc. (NYSE:WCN) generated $8.92 billion in total revenue over the last fiscal year, representing an 11.19% increase compared to the previous year, and reported gains at 11%.
Analysts have shown optimism toward Waste Connections, Inc. (NYSE:WCN). The company’s Relative Strength (RS) Rating was upgraded from 66 to 71, reflecting improved stock performance, although it remains below the preferred benchmark of 80. The company is currently developing a cup-with-handle pattern with an entry point of $191.57, indicating potential for future gains. The average price target represents a forecasted upside of 6.47% from the current price of $190.12.
6. Cenovus Energy Inc. (NYSE:CVE)
Number of Billionaires: 13
Cenovus Energy Inc. (NYSE:CVE) is a leading Canadian integrated oil and natural gas company headquartered in Calgary, Alberta. Cenovus also operates refining and marketing activities in Canada and the United States, positioning itself as a significant player in the North American energy sector.
In its 2025 corporate guidance, Cenovus Energy Inc. (NYSE:CVE) announced a capital investment plan ranging from $4.6 billion to $5.0 billion. This budget aims to support upstream production between 805,000 and 845,000 barrels of oil equivalent per day (BOE/d). Notably, approximately $1.4 billion to $1.8 billion is allocated for advancing upstream growth projects, including the Narrows Lake project, the West White Rose offshore facilities, and optimization at the Foster Creek site. These initiatives are expected to drive a production growth of 150,000 BOE/d by the end of 2028, thereby expanding free funds flow.
Cenovus Energy Inc. (NYSE:CVE) faced challenges in the fourth quarter of 2024, reporting a net income decline of 85.72% from the same period of the previous year. This decrease was primarily due to lower commodity prices and weak refining margins, despite a slight increase in total upstream production to 816,000 BOE/d. The company’s U.S.-listed shares experienced a 1.4% drop before the market opened following this earnings report.
Cenovus Energy Inc. (NYSE:CVE) has demonstrated strong financial growth over the past five years, with a Revenue Growth Rate (5Y) of 21.88% and an EBITDA CAGR (5Y) of 20.78%, indicating consistent expansion in both top-line and operational profitability. The recent bearish flow in the company might suggest that traders or investors are positioning for potential downside risk. However, the Analysts’ consensus Buy opinion on the stock and 1-year median price target expecting 64.78% upside, reflects a positive outlook on the company’s performance.
5. Lululemon Athletica Inc. (NASDAQ:LULU)
Number of Billionaires: 14
Lululemon Athletica Inc. (NASDAQ:LULU) is a Canadian athletic apparel retailer renowned for its high-quality yoga, running, and training gear. The company’s product line emphasizes technical performance and comfort, appealing to fitness enthusiasts and those seeking athleisure wear.
In recent years, Lululemon has strategically expanded its market presence. A notable development is the appointment of seven-time Formula One World Champion Lewis Hamilton as a brand ambassador. Financially, Lululemon Athletica Inc. (NASDAQ:LULU) has demonstrated robust performance. In Q3 2025, the company reported revenues of $2.40 billion, marking an 8.7% increase from the same period in the previous year. The net income surged by 42% to $351.9 million, with profit margins improving from 11% to 15%. Earnings per share increased to $2.87, from $1.97 in the previous year.
Despite these positive indicators, analyst opinions are conflicting, where some have maintained a Sell rating on the stock since July 2022, citing concerns over overvaluation and rising competition. Analysts have expressed caution highlighting potential challenges in international markets and possible declines in U.S. sales and earnings per share in 2025. For LULU, this could also mean difficulties in maintaining product appeal and pricing power. On the other hand, some analysts have rated the company favourably.
The upcoming earnings release of Lululemon Athletica Inc. (NASDAQ:LULU) has managed to garner great interest from investors as the company is expected to report EPS of $5.83, a 10.21% uptick from the previous-year quarter.
4. Canadian Natural Resources Limited (NYSE:CNQ)
Number of Billionaires: 14
Canadian Natural Resources Limited (NYSE:CNQ) is a Canadian energy company engaged in the exploration, development, and production of crude oil, natural gas, and natural gas liquids. With a diverse portfolio that includes oil sands mining, conventional oil and gas operations, and offshore ventures, the company serves markets across North America and internationally.
In October 2024, Canadian Natural Resources Limited (NYSE:CNQ) announced the acquisition of Chevron’s assets in the Athabasca oil sands and Duvernay shale formations for $6.5 billion. This strategic move increased the company’s stake in the Athabasca project to 90% and is expected to enhance its production capacity by approximately 62,500 barrels per day.
In 2024 Canadian Natural Resources Limited (NYSE:CNQ) faced challenges of softened demand from China and extended output cuts by the OPEC+ group. Nevertheless, the company’s oil and gas output rose to 1.47 million barrels of oil equivalent per day during the quarter, reflecting its operational resilience. Despite a challenging market environment with weaker oil prices, the company achieved an annual adjusted net earnings of approximately $7.4 billion and adjusted funds flow of $14.9 billion, including Q4/24 adjusted net earnings of approximately $2.0 billion and adjusted funds flow of $4.2 billion.
Canadian Natural Resources Limited (NYSE:CNQ) announced a 4% increase to its quarterly cash dividend on its common shares. The Company has a leading track record of dividend increases, growth rate (“CAGR”) of 21%.
3. Canadian Pacific Kansas City Limited (NYSE:CP)
Number of Billionaires: 15
Canadian Pacific Kansas City Limited (NYSE:CP), operates a transcontinental freight railway network spanning approximately 20,000 miles across Canada, the United States, and Mexico. The extensive network positions CPKC as a pivotal player in North American trade.
Recently, Canadian Pacific Kansas City Limited (NYSE:CP) has made some strategic investments, such as the newly completed international railway bridge across the Rio Grande. The investments position the company to capitalize on growing trade opportunities across North America. CPKC has also received a go ahead from the Toronto Stock Exchange to buy back up to about 4% of its issued and outstanding shares, which is likely to bolster its shareholder value.
However, external factors like potential trade tariffs and labor disputes threaten to impact operations. Investors should monitor these developments closely, as they could influence CPKC’s performance in the coming months.
In their recent Earnings Report, Canadian Pacific Kansas City Limited (NYSE:CP) has reported a total revenue increase of 14.14% since last year and increased 6.47% since last quarter.
CPKC reported Q4 2024 earnings of 92 cents per share and the bottom line improved 5.8% on a year-over-year basis, aided by improved operational efficiency.
Canadian Pacific Kansas City Limited (NYSE:CP) reported operating revenues of $2.77 billion, though the top line and operating expenses declined on a year-over-year basis. The decline is attributed to synergies from cost savings and efficiencies from its merger with Kansas City Southern. The reported operating ratio improved 210 basis points to 59.7% from 61.8% in the prior year quarter, which is more desirable.
2. Teck Resources Limited (NYSE:TECK)
Number of Billionaires: 16
Teck Resources Limited (NYSE:TECK) is a leading Canadian mining company specializing in the production of essential metals such as copper and zinc. The company’s operations are strategically aligned to meet the increasing demand for these metals, driven by advancements in technology and infrastructure.
In 2024, Teck Resources Limited (NYSE:TECK) underwent a significant transformation by divesting its steelmaking coal business to focus exclusively on energy transition metals. This strategic shift was marked by the sale of a 77% interest in its coal unit to Glencore for $7.3 billion, positioning Teck as a pure-play copper and zinc producer. The company has just announced an agreement with Bunker Hill Mining Corp. for a $40 million equity investment geared towards improving the North American critical minerals supply chain by acquiring high-quality, cost-competitive zinc and lead concentrate from Idaho’s Silver Valley to cater to Teck’s Trail Operations.
Additionally, Teck Resources Limited (NYSE:TECK) is altering its zinc export strategy in response to the US tariffs, with a focus to shift zinc exports to Asia.
Analysts hold a consensus Strong Buy rating on the stock and their 1-year median price target points to a 25.23% upside from current levels. Teck Resources Limited (NYSE:TECK) currently has an EBITDA of $ 2.64B while Revenue (ttm) is at $6.30 billion. The company’s revenue growth stands at 39.98%, and an expected sales growth of 10.37% for 2026.
1. Shopify Inc. (NYSE:SHOP)
Number of Billionaires: 16
Shopify Inc. (NYSE:SHOP) is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario. It provides a proprietary platform for online stores and retail point-of-sale systems, enabling businesses of all sizes to set up, operate, and manage their own online storefronts.
In the fourth quarter of 2024, Shopify Inc. (NYSE:SHOP) reported robust financial performance, with revenue surging 31% year-over-year to $2.81 billion. This growth was driven by a 26% increase in gross merchandise volume (GMV), marking the highest rise since the pandemic-induced spike. Net income for the quarter doubled, reaching $1.29 billion, surpassing analysts’ expectations.
As of March 7, 2025, Shopify Inc. (NYSE:SHOP) is trading at $102.49, reflecting a decrease of approximately 3.5% from the previous close. The decline aligns with a broader trend observed in early 2025, where Shopify’s stock experienced fluctuations due to various factors impacting the e-commerce sector. Notably, in February 2025, despite reporting a 31.2% year-over-year revenue increase to $2.81 billion for Q4 2024, Shopify’s stock dropped by 6% owing to investor concerns over reduced consumption and its impact on future revenue growth.
Shopify Inc. (NYSE:SHOP) has recently experienced a great response to the integration of artificial intelligence (AI) tools under the “Shopify Magic” suite. The AI-driven features automate various tasks, such as generating discounts and product descriptions, providing merchants with efficiencies previously accessible only to major retailers. The innovation has attracted a growing number of North American merchants to the platform, strengthening Shopify’s market position.
Overall Shopify Inc. (NYSE:SHOP) ranks first on our list of the best Canadian stocks according to billionaires. While we acknowledge the potential for SHOP as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SHOP but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 20 Best AI Stock To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.
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