Here are the Motley Fool, we are constantly looking for the best stocks to buy right now. That’s our job! However, when it comes to the absolute best stocks to buy right now, you need to look beyond what just a few people are seeing and develop a few themes.
So, I’m going to look at three industries that are set up for massive growth in the next decade and beyond and the best stocks to buy right now within those industries.
It’s no secret that the oil and gas sector is on the rebound. It could be argued (and has by many at the Motley Fool) that the best stocks to buy right now are in this sector. And I can’t disagree! After five years of declining share prices matched only by declining production, finally there is some growth.
With the pandemic finally on its way to a close, production is ramping up. And that’s why many at the Motley Fool continue to recommend Enbridge (TSX:ENB)(NYSE:ENB). Enbridge stock is a great way to get in on the oil and gas rebound and take advantage in the boost of production. Rather than looking to an energy company, you get access to one of the few companies able to ship and store oil and gas.
Enbridge stock recently reaffirmed its future outlook of around $14 billion in 2022. Enbridge stock is also on track to have $10 billion in new growth projects online this year. It also offers a 7.16% dividend yield as of writing, which is practically unheard of right now. All considered, this is definitely one of the best stocks to buy right now.
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Canada’s Big Six banks have proven time and again that they can weather almost any storm. While each of the Big Six banks weren’t immune to either the pandemic or market crash, they were prepared for a potential recession. So, each one came out swinging in the last year and are now above pre-pandemic prices.
Toronto-Dominion Bank (TSX:TD)(NYSE:TD) was no exception, and it remains one of the best stocks to buy right now, according to Motley Fool writers. TD stock has seen shares rise to all-time highs during the pandemic, as many Canadians continued to save and pay down debt. In fact, TD stock recently reported an incredible increase of 144% year over year in earnings compared to the same time last year! But it’s also been investing in online growth and U.S. expansion.
This puts it well on the way to possibly becoming the largest of the Big Six banks by market capitalization. TD stock offers investors a 3.6% dividend yield as of writing, with shares up 55% this year alone.
Another strong investment recommended by many Motley Fool writers these days is in utilities. This sector provides stable, secure income supported much of the time by a safe dividend yield. Many of the companies take a growth-through-acquisition approach, increasing revenue and dividends along the way.
Algonquin Power & Utilities (TSX:AQN)(NYSE:AQN) is no exception, except in one thing. The company has also started investing in renewable energy projects. This creates a further opportunity for growth for investors looking to get in on the future of clean energy. However, you still get access to the stable compound annual growth rate (CAGR) of 17.6% as of writing.
On top of that, you also can latch onto the stock’s 4.52% dividend yield as of writing. So, you get safe and secure funds, while still building long-term wealth. That’s why it definitely belongs in the top three of the best stocks to buy right now.
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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.
Fool contributor Amy Legate-Wolfe owns shares of ENBRIDGE INC and TORONTO-DOMINION BANK. The Motley Fool owns shares of and recommends Enbridge.