3 Standout Stocks to Buy in March 2023 

March is a standout month for a particular sector. Here are three stocks to buy as they have the potential to generate double-digit returns.

| More on:
Car, EV, electric vehicle

Image source: Getty Images

The stock market has a different story every month, and March is the month of electric vehicles (EVs). So if you are following a strategy to invest $500 every month in the top stocks of the month, here are three stocks with a good chance of fetching you more than 20% in annual returns in a market recovery. 

Two standout EV stocks on the buy radar 

Did you know Lithium Americas’ stock surged 32% in the first two months of 2023? It is riding the EV rally along with Tesla (up 93%) and BlackBerry (up 15.6%). Tesla is the world’s largest EV maker, so its rally is understood. But why are Lithium Americas and BlackBerry stocks surging? Because they are working behind the scenes to get those EVs running. 

Lithium Americas 

Lithium Americas is developing the Thacker Pass Project in Nevada. The project is believed to hold enough lithium to build 1 million EVs annually. On a global ranking, it could be the third-largest lithium mine and the largest in North America. The size of the project attracted the largest raw material investment from automaker General Motors

While automakers compete for EV market share, Lithium Americas will benefit from the overall EV production in North America. Its value should grow on EV momentum and the progress of the Thacker Pass Project, expected to commence production in the second half of 2026. 


While LAC is the raw material provider for EV batteries, BlackBerry’s QNX software is powering the dashboard of more than 215 million vehicles. The QNX software is used by 24 of the top 25 EV original equipment manufacturers (OEMs) and more than 45 automakers. It earns revenue in two phases; design and production. The production revenue is a royalty BlackBerry gets on the number of QNX-equipped cars produced. 

In 2022, EV sales slowed due to supply chain issues. Entering 2023, there were fears that a recession could delay this pent-up demand. But recovery from the recession could pull back EV demand and send the stock on a rally.

Even after a 15% jump, BlackBerry stock is trading at a 34% discount from its 200-day moving average of $9. It could grow on EV momentum and the recovery of tech stocks

A standout dividend stock on the buy radar 

The above two mid-cap stocks are pure growth stocks and are more volatile than the market. While they can generate significant growth when EV momentum picks up, you could see a pullback in the short term as they are sensitive to macro events. To balance this downside risk is a standout dividend stock, Enbridge. 

This oil and gas pipeline stock moves in the opposite direction of EV stocks. Enbridge stock fell almost 8% from its January high as the oil price fell below US$80/barrel. Economists expect the oil price to hover in the US$70–US$110 range this year, which could see Enbridge stock price hover in the $50–$55 range. 

This dividend aristocrat has had one of the best years in 2022 as the Russia-Ukraine war created a global energy crisis, making North America a key exporter of oil and gas to Europe. Enbridge is tapping this export opportunity and expects to see significant projects coming online by 2026. The growing demand means more dividend growth is on its way. 

Buying the current dip can help you lock in a 6.88% dividend yield, with 5–7% capital appreciation. 

Stock NameStock PriceInvestmentNumber of SharesExpected Returns
Lithium Americas$33.0$198.06$99.0
Expected Returns from $500 investment in three stocks

Investing tip 

A monthly investment in these top picks can help you buy good stocks at the right time. If you plan to invest $500, a good ratio would be $198 in LAC (six shares), $200 in BlackBerry (38 shares), and $104 in Enbridge (two shares). These stocks have a legit chance to earn you $166 in a year or less. 

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 Puja Tayal has no position in any of the stocks mentioned. The Motley Fool recommends Enbridge and Tesla. The Motley Fool has a disclosure policy.

More on Energy Stocks

A solar cell panel generates power in a country mountain landscape.
Energy Stocks

Clean Energy Play: Is Brookfield Renewable a Good Stock for a TFSA?

Add this top renewable energy stock to your self-directed TFSA portfolio for significant long-term and tax-free wealth growth.

Read more »

grow dividends
Top TSX Stocks

Enbridge Stock Pays a Massive 7 Percent Dividend and Now is a Great Time to Buy  

Have you considered buying Enbridge stock lately? If not, you may want to buy this long-term gem to start earning…

Read more »

edit Woman calculating figures next to a laptop
Energy Stocks

Better Buy: Cameco Stock or Brookfield Renewable Stock?

If you're looking for a strong future, clean energy is the answer -- especially if you're looking at a strong…

Read more »

Dice engraved with the words buy and sell
Energy Stocks

Enbridge Stock: Buy, Sell, or Hold in July 2024?

While there might be reasons to sell it, there might be good reasons to hold onto or even buy more…

Read more »

Question marks in a pile
Energy Stocks

What’s Going on With Brookfield Renewable Stock?

BEP stock (TSX:BEP.UN) has been stagnating in share price, but there are still many catalysts that should drive the price…

Read more »

oil and gas pipeline
Energy Stocks

A Dividend Giant I’d Buy Over Enbridge Stock Right Now

Sure, Enbridge (TSX:ENB) stock used to be a dividend giant, but I fear that's no longer the case. Yet this…

Read more »

Nuclear power station cooling tower
Energy Stocks

Should Investors Buy the Dip in Cameco Stock?

Cameco (TSX:CCO) stock recently experienced a slight dip, and with earnings around the corner, it might be time to pick…

Read more »

oil and gas pipeline
Energy Stocks

Pipeline to Prosperity: Invest in Enbridge and Pembina Stock

Here's why pipeline companies such as Enbridge and Pembina should be on the shopping list of income investors in July…

Read more »