Primo (PRMW) & H2O (HEO): 2 Canadian water stocks to buy in March

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 Primo (PRMW) & H2O (HEO): 2 Canadian water stocks to buy in March
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Highlights

  • Apart from its grievous impacts on global economy and markets, Russia’s attack on Ukraine has also triggered concerns around climate effects.
  • With the war already stretching out energy and other commodity prices amid supply concerns, experts and investors are turning towards renewable resources like water. 
  • A Canadian pure-play water company improved its net loss by US$ 153.6 YoY to US$ 3.2 million in the latest quarter.

Apart from its grievous impacts on global economy and markets, Russia’s attack on Ukraine has also triggered concerns around climate effects. Environment conscious people worldwide are wondering if this war can slow down the environmental initiatives taken by countries all over to minimize climate change. 

With the war already stretching out energy and other commodity prices amid supply concerns, experts and investors are turning towards renewable resources like water.

Also read: Magna (MG) and Lion Electric (LEV): 2 TSX EV stocks to buy in March

Keeping this in mind, let us discuss two Canadian water stocks.

Primo Water Corporation (TSX: PRMW)

Tampa-based Primo Water saw its revenue swell six per cent year-over-year (YoY) to US$ 2.07 billion in Q4 FY2021. The pure-play water company improved its net loss by US$ 153.6 YoY to US$ 3.2 million in the latest quarter.

Primo stock closed at US$ 18.01 apiece on Tuesday, March 1, down by over two per cent. This water stock plunged by about eight per cent in the last one week.

H2O Innovation Inc (TSXV: HEO)

Quebec City-based H2O Innovation increased its total revenues to C$ 42 million in Q2 FY2022 compared to C$ 34.96 million a year ago.

Its second-quarter net profit increased to C$ 762 million in fiscal 2022 compared to C$ 268 million a year ago.

HEO stock closed at C$ 2.32 apiece on Tuesday. The water tech stock spiked by over two per cent in three months.

H2O Innovation Inc (TSXV: HEO) Q2 FY2022 results

Bottomline

Investors looking to add the renewable stock to their portfolio can invest in water stocks based on their investment goals and risk regime.

Also read: Is Pembina (TSX: PPL) stock a buy as it merges business with KKR?

Please note, the above content constitutes a very preliminary observation based on the industry, and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.

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