3 Essential Stocks I’d Buy No Matter the Price

These essential stocks aren’t just good options right now; they’re stable choices for decades for investors looking to set up their investments and forget all about them.

Essential stocks are those companies within industries that will remain essential no matter what happens in the market. But just because they’re within these industries doesn’t mean every stock is a winner.

That’s why today, I’m going to look at three essential stocks that should continue to do well. What’s more, whether they’re at 52-week highs or lows, I’ll continue to buy them up, no matter the price.

Loblaw

Loblaw (TSX: L) is a great option in the essential sector of food. The company has become the largest grocery chain in Canada, becoming the banner behind numerous chains. This includes high-priced options like Loblaw stores themselves and frugal choices like No Frills.

But perhaps the biggest win for this company is its loyalty program. Loblaw stock has created partnerships with Shoppers Drug Mart as well as gas locations for its loyalty program customers. No matter what you’re shopping for when it comes to essential items, you can choose a Loblaw location first and foremost.

In fact, shares of Loblaw stock are actually up this year, reaching 18% year to date as of writing. Even so, it remains a good price trading at 19 times earnings. Plus, you can add on a 1.38% dividend yield. Given its solid ground and future growth, this is a stock I’ll buy no matter the price.

NorthWest REIT

While Loblaw stock is up, NorthWest Healthcare Properties REIT (TSX:NWH.UN) is quite down. Shares have dropped to around $10 per share — a fall of about 22% year to date. The reason behind this isn’t just poor market performance, but also the rise in interest rates. It’s left many fearful that its properties will wait for better rates before re-signing with NorthWest once more.

But guess what? There was a surge of renewed lease agreements during ultra-low rates during the pandemic. Because of this, NorthWest continues to have 97% occupancy with an average 14-year lease agreement around the world. And given it’s one of the essential stocks in the healthcare sector, it’s properties simply aren’t going anywhere.

So, yes, shares are down, but they won’t be for long. This is one I’m scooping up while it trades at 8.77 times earnings. And, honestly, I’ll continue to scoop it up no matter the price, if only for that 7.67% dividend yield.

Brookfield Renewable

Finally, if there’s one industry that’s bound to be the biggest growth opportunity in the years to come, it’s renewable energy. This is going to take over the oil and gas sector to be the top of essential stocks. And of those essential stocks, Brookfield Renewable Partners (TSX: BEP.UN) looks to be a stellar option.

Brookfield is similar to NorthWest in that it has a diverse range of assets, all located in countries around the world. It continues to create more partnerships with countries looking to expand into the sector, with only a pause in growth because of interest rates.

That pause won’t last forever, as Brookfield looks to be one of the biggest beneficiaries of the renewable energy transition. So, it’s certainly one of the essential stocks I would pick up while shares are down 12% year to date, with a 4.41% dividend yield.

Fool contributor Amy Legate-Wolfe has positions in Brookfield Renewable Partners, LOBLAW CO, and NORTHWEST HEALTHCARE PPTYS REIT UNITS. The Motley Fool recommends Brookfield Renewable Partners and NORTHWEST HEALTHCARE PPTYS REIT UNITS. The Motley Fool has a disclosure policy.

More on Dividend Stocks

person with spyglass looks at ocean horizon
Dividend Stocks

This 5.9% Dividend Stock Is One I’ll Never Sell — Here’s Why

This Canadian dividend stock has a great combination of a 5.8% dividend yield, resilient cash flow, and billions of dollars…

Read more »

concept of growth
Dividend Stocks

The Dividend Stock I’d Never Sell, Even in a Downturn

Fortis is a dividend stock I'd hold through a downturn. Its regulated utilities and dividend growth support a patient approach…

Read more »

frustrated shopper at grocery store
Dividend Stocks

2 Dividend Stocks Retirees Can Count on for Decades

These two Canadian dividend stocks offer a great mix of essential businesses, regular dividends, and long-term growth investments that could…

Read more »

customer comparison shops in liquor store
Dividend Stocks

How Much TFSA Income Triggers an OAS Clawback?

The OAS clawback is based on net world income, with a 2025 minimum recovery threshold of $93,454, not on a…

Read more »

ETF is short for exchange traded fund, a popular investment choice for Canadians
Dividend Stocks

Create a Set-And-Forget Portfolio With Just 3 ETFs

Build a set-and-forget portfolio with VCN, XUU, and XEF, three ETFs offering broad exposure to Canadian, U.S., and international stocks.

Read more »

voice-recognition-talking-to-a-smartphone
Dividend Stocks

1 Canadian Dividend Stock Down 22% I’d Buy Right Now

The Canadian dividend stock has witnessed a notable pullback, creating a buying opportunity for investors looking for steady income.

Read more »

Colored pins on calendar showing a month
Dividend Stocks

How to Build a Canadian Portfolio That Pays You Monthly

If you like monthly income, this mix of five real estate, industrials, and energy stocks can pay you attractive monthly…

Read more »

Concept of rent, search, purchase real estate, REIT
Dividend Stocks

The Best Monthly-Paying Dividend Stock on the TSX Right Now

This monthly dividend stock offers an attractive mix of nearly 5% yield, monthly distributions, and a deeply discounted unit price…

Read more »