5 Best Canadian Stocks Under $10

In this article, we discuss 5 best Canadian stocks under $10. If you want to read our detailed discussion on the Canadian economy, head directly to 10 Best Canadian Stocks Under $10. 

5. B2Gold Corp. (NYSE:BTG)

Number of Hedge Fund Holders: 20

Share Price as of July 25: $3.665

B2Gold Corp. (NYSE:BTG) operates as a gold producer with mines in Mali, the Philippines, and Namibia. B2Gold Corp. (NYSE:BTG) was incorporated in 2006 and is headquartered in Vancouver, Canada. It is one of the top Canadian stocks to buy. to B2Gold’s CEO, Clive Johnson, said on July 17 that the company remains open to exploring further possibilities for acquiring additional gold assets to expedite its growth, despite recently acquiring Sabina Gold. B2Gold Corp. (NYSE:BTG) possesses a strong cash position, which also enables it to contemplate options like partnering with smaller producers. The CEO mentioned that there are currently no specific timelines set for making any new acquisitions.

According to Insider Monkey’s first quarter database, 20 hedge funds were bullish on B2Gold Corp. (NYSE:BTG), compared to 15 funds in the prior quarter. Jean-Marie Eveillard’s First Eagle Investment Management is the largest stakeholder of the company, with 22.7 million shares worth $89.6 million. 

4. Hudbay Minerals Inc. (NYSE:HBM)

Number of Hedge Fund Holders: 25

Share Price as of July 24: $5.79

Hudbay Minerals Inc. (NYSE:HBM) is a diversified mining company that operates in North and South America. The company is involved in the exploration, development, and optimization of mineral properties. Hudbay Minerals Inc. (NYSE:HBM) produces copper concentrates containing copper, gold, and silver, and zinc. It is one of the best Canadian stocks to watch. 

On July 6, Hudbay Minerals Inc. (NYSE:HBM) entered into a memorandum of understanding (MoU) with Marubeni, a Japanese company, for a multi-year exploration partnership focused on current processing facilities in Flin Flon, Manitoba. As per the MoU, Marubeni will finance the exploration expenses of around $10 million to $15 million, with Hudbay Minerals Inc. (NYSE:HBM) operating and conducting the exploration activities. The agreement also outlines the potential for a future joint venture between Hudbay Minerals and Marubeni in case of successful discovery of new deposits in the Flin Flon region.

According to Insider Monkey’s first quarter database, 25 hedge funds were bullish on Hudbay Minerals Inc. (NYSE:HBM), compared to 21 funds in the prior quarter. Thomas E. Claugus’ GMT Capital is the largest stakeholder of the company, with 30.7 million shares worth $161.2 million. 

3. Kinross Gold Corporation (NYSE:KGC)

Number of Hedge Fund Holders: 26

Share Price as of July 25: $5.01

Kinross Gold Corporation (NYSE:KGC) focuses on acquiring, exploring, and developing gold properties primarily in the United States, Brazil, Chile, Canada, and Mauritania. The company is involved in extracting and processing gold-containing ores, reclaiming gold mining properties, and producing and selling silver. It is one of the best Canadian stocks to invest in. On May 9, Kinross Gold Corporation (NYSE:KGC) reported a Q1 GAAP EPS of $0.07, beating market estimates by $0.02. The revenue increased 32.6% year-over-year to $929.3 million. However, revenue fell short of Wall Street consensus by $28.01 million. 

According to Insider Monkey’s first quarter database, 26 hedge funds were bullish on Kinross Gold Corporation (NYSE:KGC), compared to 24 funds in the earlier quarter. Ali Motamed’s Invenomic Capital Management is the largest stakeholder of the company, with 5.3 million shares worth $25.3 million. 

2. Algonquin Power & Utilities Corp. (NYSE:AQN)

Number of Hedge Fund Holders: 27

Share Price as of July 25: $8.22

Algonquin Power & Utilities Corp. (NYSE:AQN) is a renewable energy and utility company that offers energy and water solutions in North America and internationally. The company has two main segments – Regulated Services Group and Renewable Energy Group. On May 11, Algonquin Power & Utilities Corp. (NYSE:AQN) reported a Q1 non-GAAP EPS of $0.17 and a revenue of $778.6 million, outperforming Wall Street estimates by $0.01 and $44.9 million, respectively. 

According to Insider Monkey’s first quarter database, 27 hedge funds were long Algonquin Power & Utilities Corp. (NYSE:AQN), compared to 18 funds in the prior quarter. Keith Meister’s Corvex Capital is the largest stakeholder of the company, with 11.8 million shares worth $100 million. 

1. Bausch Health Companies Inc. (NYSE:BHC)

Number of Hedge Fund Holders: 32

Share Price as of July 25: $9.51

Bausch Health Companies Inc. (NYSE:BHC) is a diversified pharmaceutical company that focuses on gastroenterology, hepatology, neurology, dermatology, international pharmaceuticals, and eye health. Bausch Health Companies Inc. (NYSE:BHC) is one of the top Canadian stocks to consider. 

On July 7, the company announced a financing agreement via its subsidiary, Bausch Receivables Funding LP, securing a $600 million facility with investment firm KKR. The facility provides additional liquidity for Bausch Health Companies Inc. (NYSE:BHC) over approximately five years and will be utilized for general corporate purposes. This financing comes as Bausch Health Companies Inc. (NYSE:BHC) prepares to complete the spin-out of Bausch + Lomb Corporation (NYSE:BLCO), its eye health company which went public in 2020.

According to Insider Monkey’s first quarter database, Bausch Health Companies Inc. (NYSE:BHC) was part of 32 hedge fund portfolios, compared to 41 in the prior quarter. John Paulson’s Paulson & Co is the largest stakeholder of the company, with 26.4 million shares worth $214.15 million. 

Here is what Miller Value Partners Opportunity Trust Fund has to say about Bausch Health Companies Inc. (NYSE:BHC) in its Q2 2022 investor letter:

“Bausch Health Companies Inc. (NYSE:BHC) declined during the quarter as the company consummated its Bausch+Lomb IPO at valuations far below expectations, reported disappointing Q1 2022 results, and delayed its plan to spin out its Solta (aesthetics) business due to difficult market conditions. While the company spun off 10% of Bausch+Lomb (BCLO) they retained 90% of the company which they intend to distribute once they have met their target leverage ratio of 6.5-6.7x. The future spin-off value of the Bausch+Lomb piece represents a value of $12.55 per share, 39% above where Bausch Health is currently trading. The company recently appointed John Paulsen as Chair of the Board, which should accelerate value realization.”

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