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

calculate and analyze stock
Stocks for Beginners

The Top 3 Most Shorted Stocks in Canada Today

These TSX stocks may be up now, but short-sellers are betting they're about to tumble in the next few weeks.

Read more »

Growth from coins
Stocks for Beginners

Got $5,000? These 2 Growth Stocks Are Smart Buys

Are you looking for some smart buys for your portfolio? Here are two great options to buy now while you…

Read more »

Young woman sat at laptop by a window
Stocks for Beginners

3 Stocks Beginners Can Buy in 2023 and Hold for Decades

Are you looking for a simple portfolio to get started as an investor? These three stocks are top performers and…

Read more »

railroad
Dividend Stocks

Slow and Steady: Buy this Railroad Stock Now to Win the Race

Investors looking for a solid and growing income should pick up shares in this railroad.

Read more »

A brown bear sitting on a rock
Stocks for Beginners

Where to Invest $10,000 in a Bearish Market

Here are some great options for low-risk and high-risk investors alike.

Read more »

retirees and finances
Dividend Stocks

RRSP Investors: Should You be Worried During a Recession?

RRSP savers might feel like gagging as they watch their investments fall, but stay strong! Especially with these TSX stocks.

Read more »

Businessperson's Hand Putting Coin In Piggybank
Stocks for Beginners

How I’d Build a TFSA if I Had to Start Over

Are you looking to start a TFSA? Here’s how I would build one if I had to start over.

Read more »

Stocks for Beginners

3 Top Stocks to Buy Now in a Once-in-a-Decade Opportunity

Don't wait. These three top stocks are the perfect additions to your portfolio and aren't likely to remain at these…

Read more »