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Our Chief Investment Advisor, Iain Butler, and a team of The Motley Fool’s most talented investors from across the globe recently embarked on an unprecedented mission:

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3 Top Stocks to Buy and Never Let Go

As long-term investors, we are always on the lookout for high-quality companies whose stocks are trading at discounted levels. Well, I have come across three very attractive options from three different industries, so let’s take a quick look at each to determine if you should buy one of them today.

1. Canadian Utilities Limited

Canadian Utilities Limited (TSX:CU) is one of the largest utilities and energy companies in North America.

At today’s levels, its stock trades at just 17.1 times fiscal 2015’s estimated earnings per share of $1.88 and only 14.6 times fiscal 2016’s estimated earnings per share of $2.21, both of which are inexpensive compared with its five-year average price-to-earnings multiple of 17.9.

I think Canadian Utilities’s stock could consistently command a fair multiple of at least 18, which would place its shares around $40 by the conclusion of fiscal 2016, representing upside of more than 24% from current levels.

In addition, the company pays a quarterly dividend of $0.325 per share, or $1.30 per share annually, which gives its stock a 4% yield.

2. Toronto-Dominion Bank

Toronto-Dominion Bank (TSX:TD)(NYSE:TD) is the largest bank in Canada with approximately $1.1 trillion in total assets.

At today’s levels, its stock trades at just 10.6 fiscal 2016’s estimated earnings per share of $4.83 and a mere 10 times fiscal 2017’s estimated earnings per share of $5.15, both of which are inexpensive compared with its five-year average price-to-earnings multiple of 13.1.

I think Toronto-Dominion’s stock could consistently command a fair multiple of at least 13, which would place its shares around $67 by the conclusion of fiscal 2017, representing upside of more than 30% from current levels.

Also, the company pays a quarterly dividend of $0.51 per share, or $2.04 per share annually, which gives its stock a 4% yield.

3. Open Text Corporation

Open Text Corporation (TSX:OTC)(NASDAQ:OTEX) is one of the world’s leading providers of enterprise information management.

At today’s levels, its stock trades at just 12.7 times 2016’s estimated earnings per share of US$3.56 and only 12.1 times fiscal 2017’s estimated earnings per share of US$3.73, both of which are inexpensive compared with its five-year average price-to-earnings multiple of 27.2.

I think Open Text’s stock could consistently command a fair multiple of at least 15, which would place its shares around $56 by the conclusion of fiscal 2017, representing upside of more than 24% from current levels.

In addition, the company pays a quarterly of US$0.20 per share, or US$0.80 per share annually, which gives its stock a 1.8% yield.

Should one of these stocks be a core holding in your portfolio?

Canadian Utilities, Toronto-Dominion Bank, and Open Text Corporation represent three of the best long-term investment opportunities in their respective industries. All Foolish investors should strongly consider initiating positions in one or more of them today.

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Fool contributor Joseph Solitro has no position in any stocks mentioned. The Motley Fool owns shares of Open Text. Open Text is a recommendation of Stock Advisor Canada.

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