2 TSX Stocks That Could Return 100% by 2023

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Investing in growth stocks has not been a major trend this year because of all the uncertainty in global financial markets. However, dividend stocks have become quite popular in 2022, as evidenced by a stark difference in the performance of the S&P/TSX Composite High Dividend Index and the broader S&P/TSX Composite Index.

Investing in growth stocks right now could be a riskier approach than investing in dividend stocks. The TSX boasts several high-quality growth stocks you could consider investing in if you are willing to assume the risk of investing in growth stocks.

Today, I will discuss two Canadian dividend stocks that have the potential to deliver 100% returns by this time next year, making them ideal investments for growth-seeking investors who can stomach the risk that comes with it.

Calian Group

Calian Group (TSX:CGY) is a $795.66 million market capitalization company based in Ottawa. Founded as a consulting firm in 1982, it grew and became a publicly traded company in 1993 that practically does everything.

The company has operations in various segments, including healthcare, cybersecurity solutions, training, and specialized hardware technologies. It boasts a high-quality client base that includes the European Space Agency, Canadian Defence Department, and NATO.

Defence spending will likely increase due to the rising issues in Ukraine. Likewise, spending on technology is slated to increase as time passes. Calian Group will benefit from the growth in defence spending and various other business verticals that could support strong growth for years to come. Calian Group stock trades for $70.20 per share at writing, and it boasts a 1.60% dividend yield.

ARC Resources

If you want to add growth stocks to your investment portfolio under the current circumstances, the Canadian energy sector could be a great bet. Oil prices are soaring and slated to rise further in the coming weeks. Energy producers are swimming in free cash flows on the back of strong oil and natural gas prices.

ARC Resources (TSX:ARX) is an $11.99 billion market capitalization Canadian energy company headquartered in Calgary. The company has operations in Alberta and northeast British Columbia. ARC Resources stock trades for $17.60 per share at writing, and it boasts a 2.27% dividend yield.

The stock could deliver a substantial upside in the coming months if oil prices remain as strong as they are right now or rise further.

Foolish takeaway

The dividend stock segment of the TSX is entering a slightly expensive territory. However, not all dividend stocks reaching new all-time highs are too risky. Provided that you can find and invest in high-quality companies that reflect attractive opportunities, you could stand to generate significant returns on your investment through these growth stocks.

Calian Group stock and ARC Resources stock might not be the biggest names on the TSX — and that could be the exact reason these two companies could be attractive growth stocks for your investment portfolio. If you do not mind taking on some risk for substantial upside potential, Calian Group stock and ARC Resources stock could be viable investments for you to consider right now.

The post 2 TSX Stocks That Could Return 100% by 2023 appeared first on The Motley Fool Canada.

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More reading

13 Top TSX Stocks to Buy in May 2022
3 Canadian Dividend Stocks That Could Double by 2023
1 Overlooked Stock Analysts Can’t Stop Talking About
3 Growth Stocks to Add to Your TFSA This Week

Fool contributor Adam Othman has no position in any of the stocks mentioned. The Motley Fool recommends Calian Group Ltd.

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