2 of the Best TSX Stocks to Invest $1,000 in Right Now

I would totally get it if you’re not wanting to put a lot in the TSX today. Shares are down but could drop even further as early as this summer, if economists are to be believed. It looks likely that we’ll enter a recession, and that could mean whatever you invest in may only drop further.

That being said, it’s also a great time to bulk up on TSX stocks that offer protection. But if $1,000 is what you’re comfortable with, then that amount of bulk works just fine. In that case, these are the two best TSX stocks I’d invest in right now.

Exchange Income

Exchange Income (TSX:EIF) is a strong choice for a few reasons. First, there’s the actual share performance. EIF stock is up almost 30% in the last year alone and 3.65% year to date. Yet despite that strong performance, it remains a fair trade at 20.62 times earnings as of writing.

Then there’s the dividend. EIF stock offers a 4.64% dividend yield as of writing, with stable dividend growth during the last decade as well. What’s more, its dividend comes out on a monthly basis, providing you with passive income immediately upon making your investment.

Finally, there’s the company business model itself. EIF stock acquires business with a proven profitable track record in the aviation and aerospace, and manufacturing industries. It’s continued to grow even during this downturn, most recently purchasing a company that makes metal components for automated equipment.

Here’s what you could get for investing $1,000 in EIF stock as of writing.

Nutrien

Another company that’s finally over its volatile time is Nutrien (TSX:NTR), which is why it’s an excellent option. Unfortunately for Nutrien stock, it was affected by influences outside its control. When Russia invaded Ukraine, sanctions on potash led to an increase in shares. While the share price should definitely have climbed, it climbed far too much, too fast.

After reaching about $140 per share, Nutrien stock is now down hovering near $100 per share. This has brought it down to a price that investors can handle and should consider. It’s now a valuable stock trading at 5.22 times earnings, with a dividend yield at 2.92%.

Shares are still far down by 33% in the last year as of writing and 3.7% year to date. However, long-term investors are likely to be highly rewarded. The company continues to grow both through acquisitions as well as organically. Part of this latter part was influenced by the pandemic, where the company increased its e-commerce options. Now, it’s a stable stock that long-term investors should love.

Here’s what you could get for investing $1,000 in Nutrien stock as of writing.

Bottom line

Seize the opportunity while you can! These two strong and stable TSX stocks have a lot more room to grow. So, even $1,000 could certainly help your portfolio by choosing one, or both, on the TSX today.