Top Cheap Stocks in 2022 to Grow Your Investment Portfolio

The beginning of a new year is the perfect time for investors to rethink their investment strategies and to take steps to grow their portfolios. Fortunately, investors don’t have to spend a lot of money to make a big impact on their portfolios. They just have to know which stocks to buy. Here’s a look at the top cheap stocks in 2022 that have the potential to rake in high rewards.

Algonquin Power

When it comes to affordable stock options, Algonquin Power is right at the top. Trading at less than $15 per share, this renewable energy investment is ideal for new and long-term investors. It has remained strong throughout the pandemic and its recent acquisition of Kentucky Power is expected to expand its customer base by nearly 20%. Add this to the fact that Algonquin Power has increased dividends 10% over the last 10 years and is committed to increasing net earnings per share by as much as 9% annually through at least 2026.

Brookfield Renewable Partners

Brookfield Renewable Partners is another renewable energy company that has seen success despite the pandemic. Its recent $2.4 billion investment in everything from solar to green hydrogen is expected to help the company realize substantial growth in the upcoming years. While its stock rates are down slightly from the start of 2021, they’re still over 100% higher than 2019 rates. Plus, Brookfield Renewable Partners is committed to increasing dividends by 5-9% annually. Investors should act quickly to grab this stock before its rates start to rise again.

Barrick Gold

Despite its stock rates dropping by more than 25% year-over-year, investors shouldn’t steer away from Barrick Gold just yet. Why? There are strong indicators that the price of gold is set to increase in 2022. In fact, some experts believe that the combination of increased inflation and the pullback in cryptocurrency investments could spike gold prices as high as $2,100 per ounce. This increase would be good news for Barrick Gold and its investors. It’s currently trading under $20 per share and is well worth adding to any investment portfolio.

Goeasy

While goeasy shares are not the cheapest on the list, it’s definitely a stock to consider. This alternative financial company has experienced a 60% increase in revenues over the last three years. While its stock prices have nearly doubled in 2021, its current rate of $133.20 per share is still substantially lower than the predicted future rate of $215.88. If analysts are right and investors buy at the right time, the rewards could be significant.

One thing is certain – investors don't wait too long to jump at the chance to purchase these stocks while they’re still cheap.