When it comes to investing in the best Canadian stocks to buy right now, even $1,000 can achieve amazing results. That’s why, today, I’m going to look at three of the best Canadian stocks to buy right now. Ones that aren’t going anywhere, and have a solid past and future for investors to check out.
So let’s not waste a moment.
Brookfield Infrastructure
Infrastructure stocks are some of the best places for investors to put their money. These types of stocks have been recommended by analysts and economists for their steady revenue streams. These come from creating the essential systems that we use on a regular basis, from the gas or electricity to turn on your stove to the roads to drive to work.
Yet rising costs have hurt the bottom line for some of these companies, which is why some shares are down. Even so, this to me provides an opportunity to take advantage of the downturn and buy a stock like Brookfield Infrastructure Partners LP (TSX: BIP.UN).
Brookfield stock is a well-diversified infrastructure company with assets in practically every corner of the globe. It’s also invested in everything from gas production to data storage. This makes it a solid stock with multiple sources of revenue.
Yet shares are down 6% in the last year, pushing its dividend yield to 4.23% as of writing. And you can possibly lock up immense growth, as shares of Brookfield stock are up 237% in the last decade. So it’s definitely one of the best Canadian stocks to buy right now with as little as $1,000.
TD stock
Another top choice has to be a top bank. But among the Big Six, perhaps the best option to buy while it’s down is Toronto Dominion Bank (TSX: TD). TD stock is down mainly for its investment in the United States, where it remains a top 10 bank. However, the company is just itching to expand in the U.S. through acquisitions, which could certainly bring more revenue down the line.
For now, of course, TD stock will have to face loan issues that plague the country. Yet it remains solid thanks to its status in Canada, as well as its many investments into credit cards, wealth and commercial management, and beyond. TD stock is still the second-largest bank in Canada as well as by market capitalization, with plenty of provisions for loan losses to help it through this downturn.
And the company has rebounded before. Even during the Great Recession when shares fell by about 40% from peak to trough, shares rose from rock bottom to pre-fall prices within a year’s time. So with shares down about 18% in the last year, you could be getting a great deal. Especially with a dividend yield of 4.92% to consider, this is definitely one of the best Canadian stocks to buy right now.
Nutrien
Finally, we have Nutrien (TSX: NTR), and this one gets a bit more tricky. That’s simply because Nutrien stock doesn’t have the history behind it that these others do. What’s more, it has been in a volatile situation over the last few years thanks to outside pressures.
These pressures included the invasion of Ukraine by Russia, pushing up prices of potash before falling during this recent downturn. It also included the explosion of growth during the pandemic, when Nutrien stock used its ecommerce sources to help farmers feed cities.
Nothing has really changed for the company itself, but really it’s the price of potash that caused Nutrien stock to bring down its guidance over the next year. Even so, its steady acquisitions and organic growth should see it climb for decades to come.
Right now, you can lock in one of the best Canadian stocks to buy while it’s down 28% in the last year, trading at just 4.6 times earnings. This brings along with it a 3.58% dividend yield as well.
