One of the best stocks to buy now comes from Canada's tech industry - and this week it gave us a preview of its potential.
best penny stocks to buy
A number of this year's hot penny stocks have soared by double digits since the New Year.
Their meteoric moves have far outpaced the lukewarm (if any) gains of major benchmarks and their components. The Dow is down roughly 4% and the S&P is off nearly 3% year to date, after gains of 26% and 32% respectively in 2013. The Nasdaq was up 1% until Friday's broad-based selloff left the tech-heavy index down an equal amount for the year.
The Canadian oil and gas industry has endured difficult conditions for the past few years and it is more than reflected in the share price of leading producers in that country.
It appears, however, we may have reached a point where a turnaround is imminent and investors can reap the rewards of this reversal if they know the best stocks to buy.
The problems facing Canadian energy companies have included a pricing differential in favor of the rest of the world, as well as roadblocks in getting their products to the marketplace.
Attempts to develop non-U.S. markets, build new pipelines and increase refining capacity have been met with strong opposition from environmental groups in Canada. Technological advances like fracking in countries like the United States have provided stiff competition for traditional methods and are far cheaper than oil sands projects that are a large part of the Canadian energy landscape.
There is a good chance that many Canadian oil and gas producers have reached what legendary investor John Templeton used to call the point of maximum pessimism.
But Canada is starting to take action to reignite the industry.
Knowing the best stocks to buy, and when to buy them, can be a daunting task.
But looking at the moves of the largest hedge funds enables investors to gain insight into what the big boys are doing.
FactSet Research Systems Inc. (NYSE: FDS), a financial research firm that provides analysis of the markets' biggest players, recently released its quarterly report on the stock positions held by the 50 largest hedge funds.
While the top held stock, Apple Inc. (Nasdaq: AAPL), had its exposure in the overall funds reduced by 1.8 million shares, the list of most added stocks might surprise you.
Best Stocks to Buy: Where Hedge Funds are Investing
In the third quarter, overall the top 50 hedge funds increased their exposure to stocks by 3%.
Here's a rundown of the top 10 stocks that the top hedge funds were buying last quarter, listed in order by the amount of market value added to the funds.