Double Your Wealth With These 3 Affordable Stock Picks


  • These companies offer investors substantial upside.
  • Costamare (CMRE): revenue growth and a new leasing platform have helped to propel its share price.
  • Galiano Gold (GAU): its share price has been rising, and gold prices are growing.
  • NewLake Capital Partners (NLCP): beat on recent earnings and offer a solid dividend yield.
Affordable stocks to buy - Double Your Wealth With These 3 Affordable Stock Picks

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Investors should definitely trade their fair share of larger companies offering stable returns. But it is also important to find cheap stock picks that have a strong chance to grow fairly rapidly. These cheaper stocks typically have a small market cap, making them a more volatile trading option than much larger companies. But with a calculated risk, investors should invest in cheaper stocks that may offer outstanding returns.

Below, I have chosen multiple stocks that are trading three relatively cheap stocks that have a fair value based on their forward P/E ratio and could experience major growth throughout 2024.

Costamare (CMRE)

Costamare Inc. website zoomed in on the logo
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Costamare (NYSE:CMRE) is a marine shipping company that chartered containerships, dry bulk vessels and other similar cargo globally. It owns and operates over 100 vessels.

Its share price has risen by 71% throughout the last year, partly due to a first-quarter earnings beat and a strong liquidity position.

On May 10, CMRE reported earnings for the first quarter of 2024, stating that total revenue increased by 89% and adjusted earnings per share rose by 66% to sixty-three cents per share year-over-year.

CMRE has liquidity of approximately $1.1 billion and entered into chartering agreements with 30 of its owned dry bulk vessels in Q1 2024.

CMRE’s leasing platform for purchasing new vessels has helped fund 24 shipping assets for $258 million.

Costamare offers a decent dividend yield of 3.14% on an annual basis. Its most recent dividend distribution was twelve cents per share on May 6.

Despite its recent share price appreciation, CMRE is trading at an affordable price. Its forward P/E ratio is 4.91, while the average amongst other companies within the sector is 19.11. It’s still a great pick for investors seeking a cheap stock with potential growth.

Galiano Gold (GAU)

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Galiano Gold (NYSE:GAU) explores gold properties. Its flagship, Asako Gold Mine, is located in Ghana.

On May 2, Galiano Gold reported earnings for the first quarter of 2024, stating that total revenue increased by 1% and adjusted net income rose by 14% compared to the previous year.

Gold produced and sold in the first quarter of 2024 was down 7% and 9% year-over-year, respectively. GAU anticipates that overall gold production will increase following the completion of the waste-stripping initiative regarding the Abore deposit.

Galiano Gold acquired Gold Fields’s (NYSE:GFI) 45% interest in the Asako Mine location. Now, GAU holds approximately 90% ownership of its flagship gold mine.

Gold futures are hovering around all-time highs of $2,400 per troy ounce. Many different gold mining companies have performed well during this surge in the price of gold. GAU is no different, growing by over 180% just within the last year.

It is trading at a forward P/E ratio of 7.38, while the sector average is 17.13. GAU should still be considered a solid investment opportunity.

NewLake Capital Partners (NLCP)

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NewLake Capital Partners (OTCMKTS:NLCP) is an industrial REIT that leases real estate locations to operators in the legal cannabis industry primarily through triple-net leases.

NLCP’s share price has risen by 61% within the last year due primarily to growth surrounding its earnings.

On May 9, NLCP announced its earnings release for the first quarter of 2024, stating that total revenue increased by 10% and net income rose by 17% year over year.

NewLake Capital provides investors with a substantially similar to most REITs. Its dividend yield is 8.16% on an annual basis. The most recent distribution was for 41 cents per share on April 15.

NewLake Capital beat analyst expectations on its most recent earnings release.

The regulatory environment is improving for the cannabis industry as a whole. News such as the U.S. Drug Enforcement Administration (DEAreclassifying marijuana as a Schedule III substance compared to its previous rating as a Schedule I substance. This news could be a growth opportunity for companies such as NLCP.

NewLake Capital has a forward P/E ratio of 17.03, while the median sector forward P/E is 33.55. NLCP is still a cheaper stock with plenty of room to grow.

As of this writing, Noah Bolton did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Noah has about a year of freelance writing experience. He’s worked with Investopedia dealing with topics such as the stock market and financial news.

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