Investing your hard-earned savings in Canadian stocks could be even more rewarding if you hold onto high-quality companies for the long term. The key to building a “forever portfolio” lies in choosing rock-solid stocks with proven track records, strong fundamentals, and the ability to grow steadily over time.
In this article, I’ll highlight three rock-solid TSX stocks that you may want to add to your forever portfolio right now.
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Canadian Natural stock
Canadian Natural Resources (TSX:CNQ), the Calgary-based oil and gas producer, is the first stock on my list. This energy giant generates revenue through its diversified portfolio, which includes oil sands, natural gas, and synthetic crude oil operations. Currently trading at $45.39 per share, CNQ stock has a market cap of $95.5 billion and offers an impressive annualized dividend yield of nearly 5%, making it an attractive choice for income-focused investors.
Despite recent market challenges, Canadian Natural has shown financial resilience in recent quarters. In the third quarter of 2024, it reported $8.9 billion in revenue, with strong free cash flow supporting its remarkable streak of 25 consecutive years of dividend increases. This consistent performance reflects the company’s ability to navigate economic fluctuations while still delivering attractive returns to shareholders.
With a disciplined capital budget of $6 billion, Canadian Natural is aiming for 12% production growth in 2025, with expected support from strategic acquisitions and expansion projects. Overall, CNQ’s well-diversified asset base and strong financial foundation make it a rock-solid pick for any forever portfolio.
Enbridge stock
The second stock on my list is Enbridge (TSX:ENB), one of the largest energy transportation and distribution firms across North America. Trading at $64.40 per share, with a market cap of $140.3 billion, Enbridge also offers an attractive 5.8% annualized dividend yield, making it a compelling choice for dividend-seeking investors.
Enbridge’s financial growth remains solid as it registered an 8% YoY (year-over-year) increase in its third-quarter adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) to $4.2 billion. This growth was driven by higher utilization of its pipeline networks and strategic acquisitions like U.S. gas utilities and renewable energy projects. Furthermore, the company recently announced a 3% dividend increase, extending its remarkable 30-year streak of annual dividend growth.
With reliable cash flows, a diversified portfolio, and consistent shareholder returns, Enbridge remains one of the top “forever portfolio” stocks to buy today on the Toronto Stock Exchange.
Dollarama stock
When building a forever portfolio, having a safe stock like Dollarama (TSX:DOL) could be a smart move. Known for its resilient business model, Dollarama thrives even during uncertain economic times. DOL stock currently trades at $138.50 per share with a market cap of $38.5 billion.
In its latest quarter ended in October 2024, Dollarama’s sales grew by 5.7% YoY to $1.56 billion, while comparable store sales rose by 3.3%. The company also achieved a strong quarterly EBITDA margin of 32.6%.
Moreover, Dollarama’s plans to expand its Canadian store count to 2,200 by 2034 and develop a new logistics hub in Western Canada clearly highlight its strong long-term growth strategy. While its dividend yield of less than 1% may not look very appealing, the fact that DOL stock has an excellent track record of surging in nine out of the last 10 years makes it a rock-solid pick for a forever portfolio.
