Have a Spare $1,000? My Top 3 Stocks to Invest in at the Moment

These three stocks are some of the best options out there for investors wanting growth, dividends, and an all-around solid stock.

| More on:
A close up image of Canadian $20 Dollar bills

Image source: Getty Images

If you have $1,000 just sitting around, waiting to be invested. There are certainly some strong stock options to pick up right now. Whether it’s growth, dividends, or stability, these are the best three to pick up on the TSX today.

Kinross Gold

You’d have to be under a rock for the last year or so not to know that gold prices have surged. The price of gold tends to rise during economic uncertainty. This creates a hedge against inflation, with tightening central bank policies such as interest rate adjustments creating a better time for gold buyers — and gold miners — hence why Kinross Gold (TSX:K) has surged in share price.

The company has beaten out earnings estimates quarter after quarter. Kinross stock may be Canadian based, but its production operates across North and South America, West Africa, and Russia. The company holds high production levels of gold as well as a significant portfolio of gold reserves and resources.

Shares climbed once again this month as the company performed quite well during its first quarter. The company produced 527,399 of gold equivalent ounces, a 13% year-over-year increase. With the price of gold so high, Kinross increased its margins by 20% to US$1,088 per gold ounce. So, as gold prices continue to remain high, Kinross stock will as well.

Brookfield Renewable

If you’re looking for a solid long-term buy, then I would consider Brookfield Renewable Partners (TSX:BEP.UN). The company offers another rising share price, with the company seeing a climb of 36% since announcing its first-quarter earnings were coming out.

Even though Brookfield Renewable stock reported a net loss, funds from operations climbed to US$296 million, an 8% year-over-year increase. What’s more, it continued to move forward with strong partnerships. This includes a partnership with Microsoft (NASDAQ:MSFT), with Brookfield Renewable aiming to deliver over 10.5 gigawatts of renewable energy to the company. This will help it create more power behind its artificial intelligence growth.

The stock remains a leading renewable energy supplier, while also being a strong dividend provider. Brookfield Renewable stock currently holds a 5.15% dividend yield. However, it aims to have annual increases between 5% and 9% over the next few years. This makes it an all-around attractive buy.


Another great option for a long-time hold while also providing you with stable and growing dividends is Manulife Financial (TSX:MFC). Manulife stock currently holds a 4.55% dividend yield, which has been supported by its strong and growing insurance and asset management business.

Manulife stock has proven over the last year to be one of the most stable stocks on the TSX today. Shares are up 38% in the last year, climbing to all-time highs. This occurred most recently after the company reported earnings.

During the first quarter, Manulife stock reported revenue up 67% to $8.65 billion, with net income down 40% to $811 million. While these numbers were down from last year, it showed the company is forecast to grow revenue by 17% per year on average during the next three years. And that’s more than double the rest of the insurance industry. So, if you want a stable stock with even more stable dividends, Manulife is the stock for you.

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 and Microsoft. The Motley Fool recommends Brookfield Renewable Partners and Microsoft. The Motley Fool has a disclosure policy.

More on Dividend Stocks

investment research
Dividend Stocks

2 TSX Stocks to Buy in 2024 and Hold for the Next 10 Years

Are you looking for some great TSX stocks to buy in 2024? The market is full of options, but these…

Read more »

Dividend Stocks

Pensioners: 2 Stocks That Cut You a Cheque Each Month

Monthly pay dividend stocks like First National Financial (TSX:FN) cut you a cheque each month.

Read more »

money cash dividends
Dividend Stocks

Want Decades of Passive Income? 2 Energy Stocks to Buy Now and Hold Forever

Are you wondering what TSX energy stocks could pay and grow their dividends for decades ahead? Here are two for…

Read more »

The sun sets behind a power source
Dividend Stocks

2 No-Brainer Utilities Stocks to Buy Right Now for Less Than $200

These two utilities stocks can be some of the best picks for investors if you want to shell out some…

Read more »

financial freedom sign
Dividend Stocks

Million-Dollar TFSA: 1 Way to Achieve to 7-Figure Wealth

Achieving seven-figure TFSA wealth is doable with two large-cap, high-yield dividend stocks.

Read more »

analyze data
Dividend Stocks

How Much Will Manulife Financial Pay in Dividends This Year?

Manulife stock's dividend should be safe and the stock appears to be fairly valued.

Read more »

food restaurants
Dividend Stocks

Better Stock to Buy Now: Tim Hortons or Starbucks?

Starbucks and Restaurant Brands International are two blue-chip dividend stocks that trade at a discount to consensus price targets.

Read more »

Hand arranging wood block stacking as step stair with arrow up.
Dividend Stocks

1 Growth Stock With Legit Potential to Outperform the Market

Identifying the stocks that have outperformed the market (in the past) is relatively easy, but selecting the ones that will…

Read more »