With the TSX Index near record levels, there are plenty of stocks that are soaring these days. In this article, I'd like to highlight two that I believe continue to have good upside.

Suncor: 33% return

Suncor (TSX:SU) is Canada's leading integrated oil and gas giant, with a long history of shareholder value creation. Today, Suncor stock is soaring as the company has been on a mission to improve operational execution and efficiency. In fact, the stock has soared 33% so far this year and 73% in the last three years.

The driver of this price action has been clear: it has a new management team and a focus on safety and efficiency. The results of this have been nothing short of impressive.

In Suncor's latest quarter (Q3/2024), earnings per share (EPS) came in at $1.59, and free cash flow came in at $2.2 billion. The results were driven by record refinery utilization of 105% and strong production. They compare favourably to last year and reflect increases of 34% and 9%, respectively.

With this, Suncor has finally reached its debt target, which means that the company will now return 100% of free cash flow to shareholders. As a result, management increased Suncor's quarterly dividend per share by 5% to $0.57.

The bullish quarter reflects Suncor's continued momentum. Yet the stock still trades at a pretty significant discount — a mere 11 times this year's expected earnings. Looking ahead, Suncor is well-positioned to continue to provide shareholders with attractive returns.

Well Health Technologies: 30% return

Another stock that's soaring high is Well Health Technologies (TSX:WELL). This stock is not as well established as Suncor, but it's one that I would also buy now.

Well Health stock has rallied an impressive 30% so far this year. This has been driven by consistent record-breaking results and continued strong demand. In fact, in its latest quarter (Q3 2024), Well Health continued this trend with its 23rd consecutive quarter of record-breaking results.

It's also being driven by Well Health's improving cash flow generation and profitability. In Well Health's latest quarter, its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased to $32.7 million — its best-ever quarterly EBITDA.

Because these results exceeded expectations once again, management increased its guidance. This reflects the continued momentum that the company is experiencing.

Looking ahead, Well Health is positioned to continue to grow at a healthy pace. This will coincide with continued debt reduction and increased cash flows and profitability. In fact, the company's long-term goal is to capture $4 billion in revenue, which is 10 times the current level and would still only be a mere 5% market share. Also, of the 20,000 clinics in Canada, Well Health owns only 200. This market is prime for consolidation, and Well Health has its sights set on it.

The bottom line

Both Suncor and Well Health stocks have soared recently, and for good reasons. I expect that both will continue to be driven higher by the strong momentum in their respective businesses.