If there’s a single word to describe how the market has fared so far in 2024, it would be odd. Fortunately, the market volatility that we’ve seen this year has set up the perfect storm to buy several superb stocks in 2024.
If I could only buy two stocks in 2024, these two would get my vote.
Stock #1: Enbridge
There are few stocks as attractive as Enbridge (TSX:ENB) right now. The energy infrastructure behemoth boasts a well-diversified portfolio of revenue-generating, defensive segments.
That includes the largest and most complex pipeline system on the planet, a growing renewable energy portfolio, and the largest natural gas utility in North America.
If that’s not enough, Enbridge offers investors one of the best dividends on the market. As of the time of writing, Enbridge’s dividend pays out an insane 7.59%, making it one of the best-paying options on the market.
Oh, and let’s not forget that despite that crazy yield, Enbridge has provided investors with annual healthy bumps to that dividend for three decades.
So, what makes Enbridge one of the stocks in 2024 to buy? Apart from that defensive portfolio, crazy yield, and impressive payout history, Enbridge has remained relatively flat this year.
If anything, over a longer two-year period, the stock is down over 6%, making it one of the great stocks in 2024 to buy at a discount.
In short, buy it, hold it, and watch it grow.
Stock #2: BCE
BCE (TSX:BCE) is another great buy for investors shopping for stocks in 2024 to consider. BCE is one of the largest telecoms in Canada, with a bevy of core subscription services that blanket the country.
Those subscription services, which include wireless, wireline, internet, and TV services, are becoming increasingly necessary. In fact, the telecom continues to see strong growth from those segments with each passing quarter.
By way of example, in the most recent quarter, BCE posted the best quarterly wireless activations since 2018 and the best quarterly activations for the internet segment since 2007.
Despite those gains, interest-rate headwinds continue to drag the stock lower. Throughout the past two-year period, the stock has dropped 27%.
Over the same period, that drop has swelled BCE’s quarterly dividend to an insane 8.83%. BCE has provided investors with a dividend for well over a century without fail. The company has also provided investors with juicy annual upticks to that yield going back years.
The most recent uptick for 2024 was a respectable 3.1% bump.
Prospective investors should note that BCE’s reliable (and increasingly necessary) subscription business provides a reliable and recurring source of revenue.
As interest rates eventually drop, BCE’s stock price will rebound. If anything, the current weakness in BCE’s stock is a prime example of stocks in 2024 to buy at a huge discount.
The stocks in 2024 to buy are here
No stock, even the most defensive is without some risk, and that includes both BCE and Enbridge mentioned above. Both stocks trade down yet offer defensive revenue streams with decades of stability.
In my opinion, the current weakness in both stocks should be seen as an opportunity to pick up two great long-term stocks in 2024 at massive discounts.
Buy them, hold them in your long-term, well-diversified portfolio, and watch them grow.
