Contrary to what many beginner investors might believe, stock market investing is not just for people who are good with crunching numbers. Granted, having a handle on fundamental and technical analyses can give you an edge, but it is not a prerequisite to become a successful stock market investor.
For investors seeking wealth growth without complicating things, the TSX offers plenty of opportunities for no-fuss approaches you can take. The complex financial figures might be helpful with more sophisticated stock market trading activity. However, you can just as easily keep your investments simple and invest in companies likelier to deliver safe and reliable returns.
It is all a matter of identifying high-quality TSX stocks suitable for keeping investing simple. Today, I will discuss two such stocks you can consider.
Fortis
Fortis Inc. (TSX: FTS) is a staple in many long-term Canadian investor portfolios. A $26.8 billion market capitalization utility holdings company, Fortis stock owns and operates several utility businesses in Canada, the US, the Caribbean, and Central America.
Since it operates in a highly rate-regulated market, generating revenue through long-term contracted assets, Fortis creates stable and predictable cash flows.
For certain, its stability might make it a boring investment during market upticks. Yet, it is also what makes Fortis stock a solid asset to own during recessions.
The essential nature of its services and reliable cash flows allow Fortis stock to fund its capital projects comfortably and grow its shareholder dividends. A Canadian Dividend Aristocrat, FTS has introduced dividend hikes for the last 49 years and looks well-positioned to continue doing so for years to come.
As of this writing, Fortis stock trades for $55.74 per share, boasting a juicy 4.05% dividend yield.
Canadian Utilities
Canadian Utilities (TSX: CU) is also an ideal stock to consider if you want to keep investing simple. The $9.8 billion market capitalization company headquartered in Calgary is responsible for supplying electricity, water, and natural gas to customers throughout the country through its extensive energy infrastructure and retail energy solutions.
Canadian Utilities is also a reputable dividend-paying stock. Noteworthy, CU is the only Canadian Dividend Aristocrat to boast a longer dividend-growth streak than Fortis.
Having introduced dividend hikes for over 50 years, the utility giant does not have any plans to slow down anytime soon. As of this writing, Canadian Utilities stock trades for $36.49 per share and boasts a juicy 4.92% dividend yield. While it might not offer much in terms of long-term capital gains, it can be a well-suited asset to buy and hold for reliable and increasing dividend income.
Foolish takeaway
When it comes to dividend stocks and keeping investing simple, it is good to invest in companies with businesses you know and understand. Utility companies like Fortis and Canadian Utilities offer an ideal approach to simplify how you want to put your money to work in the stock market.
Whether you are a seasoned investor or new to stock market investing, you can never go wrong with investing in reputable recession-resistant and defensive companies. Fortis stock and Canadian Utilities stock are two defensive stocks that fit the bill for this purpose.
