2022 was a year that saw the S&P/TSX Composite Index hit the highest point it has ever been at 22,213.07 basis points. However, the low-interest-rate environment finally began catching up with the economy, leading to record inflation.

To combat the inflationary environment, the Bank of Canada (BoC) was forced to begin a series of aggressive interest rate hikes. Mid-2022 also saw the Canadian benchmark index slip down to 17,873.18 basis points.

Since the enormous rise and fall, many TSX stocks have recovered to much better levels. However, there are several individual stocks still trading at dirt-cheap prices on the stock market right now. Provided there are positive developments in the market, these arguably undervalued stocks can soar and deliver stellar returns in 2023.

Today, I will discuss two stocks you should keep on your radar if you are interested in investments potentially slated for exceptional growth this year.

Crescent Point Energy ( TSX:CPG ) might be a good pick if you are bullish on energy stocks . After putting up an excellent performance in 2022, the Canadian energy sector saw significant losses across the board. Various reasons contributed to the decline, including the inflationary environment and interest rate hikes by central banks.

As of this writing, Crescent Point stock trades for $9.58 per share, and while it is down to almost a third of its 52-week high, the energy stock can be an excellent investment at its current price.

The company’s management has announced solid projections for its five-year performance on account of its stellar performance in the third quarter of fiscal 2022.

Its net income increased five-fold on a year-over-year basis to hit $466.4 million, and its excess cash flow rose to $233.7 million. For this year, management anticipates generating up to $1.5 billion in excess cash flow, which will translate to superior returns for its shareholders.

Foolish takeaway

As of this writing, Verde AgriTech stock is down by almost 43%, and Crescent Point stock is down by over 30% from the stocks’ respective 52-week highs. Frankly speaking, the two stocks are too cheap to ignore right now. Between the two companies’ earnings potential this year and outsized gains last year, Verde AgriTech and Crescent Point stock can be excellent assets to invest in right now.

The post 2 Dirt-Cheap Stocks That Could Skyrocket appeared first on The Motley Fool Canada .

Fool contributor Adam Othman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy .

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