Finding that perfect mix of investments can make a huge difference to your long-term portfolio. Fortunately, the market is full of soaring stocks to consider adding to any well-diversified portfolio.
Here’s a handful of soaring stocks that I would consider buying into in a heartbeat.
Banking on growth and a juicy income
Bank of Nova Scotia (TSX: BNS) is one of the soaring stocks that should be on every investor’s radar. Scotiabank is one of Canada’s big banks and can offer stellar growth and a very handsome dividend.
As of the time of writing, Scotiabank has surged nearly 20% in the past 12-month period. While this makes it one of the soaring stocks I’d buy more of, there’s plenty more to love from this bank stock.
Scotiabank also offers one of the best dividends among the big banks. The quarterly dividend on offer works out to an appetizing 5.82%. This means that a $30,000 investment will generate an income of over $1,740.
Long-term investors not yet ready to draw on that income can reinvest those dividends, allowing any nest egg to grow further on autopilot.
Scotiabank is also a strong growth pick. Apart from its stable domestic arm, Scotiabank boasts a growing international segment focused on Latin America and the U.S.
A juicy yield and three decades of increases
Another one of the soaring stocks to buy right now is Enbridge (TSX: ENB). Enbridge is one of the largest energy infrastructure stocks on the planet. Apart from operating a massive pipeline network, Enbridge also boasts a growing renewable energy portfolio and a natural gas utility.
What makes Enbridge one of the soaring stocks for your portfolio?
Collectively, those segments generate a growing and reliable source of revenue for the company, which leaves ample room for growth and a tasty dividend.
That dividend is one of the main reasons why investors continue to flock to Enbridge. As of the time of writing, that dividend pays a lucrative 6.67% yield. Using the same $30,000 example above will generate a tasty income of nearly $2,000.
Adding to that appeal is the fact that Enbridge has provided annual upticks to that dividend for three decades without fail. This fact alone makes Enbridge one of the buy-and-forget stocks for any portfolio.
Prospective investors should note that Enbridge is one of the soaring stocks that has seen its stock price surge 18% over the past year.
Counter volatility with a great defensive pick
While the market has performed well this year, there have been bouts of volatility in recent weeks. And there’s still the famed “sell in September” quote ringing into our ears based on the history of the market.
To counter that potential for volatility, let’s take a quick look at Fortis (TSX: FTS). Fortis is one of the soaring stocks that should be on the radar of investors everywhere. There’s a good reason for that view.
Utilities are a necessity, and unlike consumer goods, we can’t trade down to a less-expensive option when times are tough. This means that Fortis continues to generate a reliable revenue stream irrespective of how the market fares. The revenue stream is backed by long-term, regulated contracts that span decades.
To put it another way, for as long as Fortis provides utility services, it generates a recurring and stable revenue stream. It’s that revenue stream that allows Fortis to invest in growth and pay out a handsome dividend.
As of the time of writing, Fortis has surged 11% over the past year while offering a tasty 3.89% yield. Prospective investors should take note that Fortis has provided investors with generous annual upticks to that dividend going back 50 consecutive years.
That fact alone makes Fortis one of the soaring stocks for any well-diversified portfolio.
