2 Soaring Stocks I’d Buy Now With No Hesitation

Here are two stocks that could continue to soar.

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Now, usually, when it comes to investing in stocks, I would certainly enter with some hesitation. Every investor needs to do their own research and dig into whether a company is a good idea for their long-term portfolio. However, in my case, I already own these two soaring stocks — and for good reason.

So, let’s get into those reasons today and look at two stocks that are continuing to soar. And why I’ll continue to drip-feed into them.

Royal Bank

It was the first stock I bought and will be one of the last I sell. Royal Bank of Canada (TSX:RY) continues to outperform the market and has seen its shares rise beyond all-time highs. That continued after its most recent quarterly report. 

RBC has a history of delivering consistent earnings growth. Their net income for the second quarter (Q2) 2024 was $4.0 billion, up 7% year over year. They also boast a strong return on equity (ROE) of 14.5%. Plus, the acquisition of HSBC Canada expands RBC’s reach and strengthens its market position. While there were some short-term integration costs, this could lead to future growth.

What’s more, RBC has a presence in various business sectors like personal & commercial banking, wealth management, insurance, and capital markets. This diversification helps mitigate risk and provides growth opportunities across different economic conditions.

Add in that RBC recently increased its quarterly dividend by 3%, reflecting confidence in its future earnings potential, and it continues to be a strong investment for me, especially as the market and economy continue to recover.

Brookfield Renewable

Then there’s Brookfield Renewable Partners (TSX:BEP.UN), a company that I’m into for the long haul. This was further realized after the company’s record earnings results. BEP reported solid funds from operations (FFO) growth of 8% year over year despite a net loss due to non-cash accounting expenses. This indicates healthy cash flow generation from their assets.

Furthermore, have a robust 7,000-megawatt development pipeline of new renewable energy capacity coming online this year, along with a target of delivering over 7,000 megawatts annually through the end of the decade. This positions them for significant future growth.

Then there is the recent heavy hitter. The landmark agreement with Microsoft to deliver over 10.5 gigawatts of clean energy showcases its ability to provide large-scale solutions and strengthens its position as a leading provider to the digitalizing economy. There’s also potential for similar partnerships with other major tech players.

With US$4.4 billion in available liquidity and a successful track record of extending maturities at attractive rates, BEP is well-positioned to capitalize on growth opportunities. Their asset sales strategy is expected to generate US$3 billion this year, providing additional capital for investments. Add in the recent announcement that BEP targets a sustainable distribution with increases of 5-9% annually, providing a steady stream of income for investors, and I’m sold.

Bottom line

Of course, these two investments are my own choice, they might not be right for you. But as both continue to climb higher and offer a substantial dividend to boot, I’ll continue to pick them up with zero hesitation.

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, Microsoft, and Royal Bank Of Canada. The Motley Fool recommends Brookfield Renewable Partners and Microsoft. The Motley Fool has a disclosure policy.

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