3 No-Brainer Stocks to Buy in a Correction

Should we enter a correction in the near future, these are the three no-brainer stocks I would buy up first, no questions asked.

| More on:
Woman has an idea

Image source: Getty Images

Canadians have already been hit by a correction in the last year. But, bad news, we may be hit by one yet again. Well, actually that may not be the worst thing in the world. Not if you’re looking for no-brainer stocks to buy and hold for a lifetime.

When I say a lifetime, I mean around 25 years. Basically, you’re giving a life sentence to the choices of stocks you’re buying. And that’s why you want to make sure these are no-brainer stocks you can buy. Ones that you won’t regret buying in another 25 years. In fact, you may buy them again, locking them up for another lifetime.

Today, as we head towards perhaps another correction with the TSX down 7% from 52-week highs, it’s time to start thinking about those buys again. With that in mind, here are the three I’d consider adding to your watchlist.

Nutrien

Nutrien (TSX:NTR) is absolutely one of the no-brainer stocks I would buy and lock up for life. It offers investors exposure to the crop nutrient and agriculture markets. And that may sound boring, but believe me when I say the future market is absolutely exciting.

Nutrien stock has been expanding to become one of the largest crop nutrient providers in the world. During the pandemic, its e-commerce business thrived for farmers needing to continue production even during droughts, floods and the coronavirus. And Nutrien stock was there for support.

Yet now shares are down 6% from 52-week highs. Further, it offers substantial value trading at 5.58 times earnings. And you can lock up a 2.52% dividend yield as well when you buy today.

Brookfield Renewable

Another of the no-brainer stocks I’d buy right now is Brookfield Renewable Partners (TSX:BEP.UN). Brookfield is bound to be a huge winner in the renewable energy transition. And that’s simply because it hasn’t placed its focus on any one type of clean energy product. It’s diversified to cover it all.

And not just in one country either. Brookfield stock can be found all over the world. As the energy transition continues in the next 25 years, investors are bound to see their shares soar. There’s simply too much money being poured into this sector to be ignored. And Brookfield is set to be one of the largest providers on the planet.

Yet again, shares are down 23% from 52-week highs, providing a solid jumping-in point. And with a 4.5% dividend yield to lock up, I would grab it before it’s gone.

WSP Global

Now, in this case, I wouldn’t say that WSP Global (TSX:WSP) is the best deal out there. But if you’re thinking about a potential correction as well as long-term growth, it’s still one of the no-brainer stocks I’d buy right now.

WSP stock is a consulting firm that specializes in large projects, and again with locations around the world. It continues to raise its financial outlook as it expands its projects, many of which are essential and therefore won’t disappear even should we go into a recession.

Shares are on par with where they were a year ago, after falling during the summer by about 22%. That could happen again, so this is one I would add to your watchlist for the near future should we enter a correction. Or not! Locking it up for a lifetime could mean this past dip won’t even be on your radar 25 years from now.

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 has positions in Brookfield Renewable Partners. The Motley Fool recommends Brookfield Renewable Partners, Nutrien, and WSP Global. The Motley Fool has a disclosure policy.

More on Stocks for Beginners

money cash dividends
Stocks for Beginners

Have $500? 3 Absurdly Cheap Stocks Long-Term Investors Should Buy Right Now

If you're looking for cheap stocks, these three have a huge future ahead of them, all while costing far less…

Read more »

edit Woman in skates works on laptop
Dividend Stocks

3 No-Brainer Stocks to Buy Under $30

These three stocks all offer a huge deal for investors looking for dividends, as well as growth that will last.

Read more »

edit Sale sign, value, discount
Stocks for Beginners

These 3 Growth Stocks Are on Sale and Set to Surge

Some growth stocks are on sale right now that offer massive long-term potential for investors. Here's a trio to consider…

Read more »

Plane on runway, aircraft
Stocks for Beginners

Up 53% From its 52-Week Low, Is Cargojet Stock Still a Buy?

Cargojet (TSX:CJT) stock is up a whopping 53%, nearing closer to 52-week highs from 52-week lows, so what's next for…

Read more »

Businessman holding tablet and showing a growing virtual hologram of statistics, graph and chart with arrow up on dark background. Stock market. Business growth, planning and strategy concept
Dividend Stocks

TFSA Magic: Earn Enormous Passive Income That the CRA Can’t Touch

If you're seeking out passive income, with zero taxes involved, then get on board with a TFSA and this portfolio…

Read more »

Man with no money. Businessman holding empty wallet
Dividend Stocks

2 Stocks Under $50 New Investors Can Confidently Buy

There are some great stocks under $50 that every investor needs to know about. Here’s a look at two great…

Read more »

potted green plant grows up in arrow shape
Stocks for Beginners

3 Growth Stocks I’m Buying in April

These three growth stocks are up in the last year, and that is likely to continue on as we keep…

Read more »

Growth from coins
Dividend Stocks

1 Grade A Dividend Stock Down 11% to Buy and Hold Forever 

If you're looking for the right dividend stock at the right price, you're going to want to consider this insurance…

Read more »