Canada is blessed with an abundance of great long-term stocks that can provide growth and income-earning potential which lasts decades. Some of those great Canadian stocks can form part of an easy portfolio with just $7,000, making them options to buy and never sell right now.
Here’s a trio of options that will appeal to all investors and portfolios.
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You need a Dividend King in your portfolio
Utility stocks are great options that can provide a recurring and stable revenue stream that will last for decades. That stability is thanks to the reliable business model that utilities adhere to.
In short, utilities provide a service. That service is compensated for, and the terms of that compensation are set out in long-term, regulated contracts that span decades. That means as long as the utility continues to provide service, it generates revenue.
And that utility to consider right now is Canadian Utilities (TSX:CU).
The reliable revenue stream generated allows Canadian Utilities to invest in growth and pay out a very handsome dividend. As of the time of writing, Canadian Utilities offers an appetizing yield of 4.8%.
For those investors with $7,000 to kick off a portfolio, that works out to an income of just over $330. That’s not enough to retire on, but it is enough to generate more than a handful of shares through reinvestments.
Adding to that appeal is the fact that Canadian Utilities has provided investors with annual upticks to that dividend for well over 50 consecutive years without fail.
This makes the stock one of just two Dividend Kings in Canada and a stellar option for investors looking for Canadian stocks to own.
Growth and income come with this stellar stock
Another fine investment that should be in the portfolio of every investor is Enbridge (TSX:ENB). Enbridge is an energy infrastructure giant, offering investors a bevy of diversified segments that can satisfy the appetites of growth and income-seeking investors alike.
Enbridge’s business segments include a growing renewable energy segment, one of the largest natural gas utilities in North America, and its well-known pipeline business.
Collectively, those segments provide ample revenue for Enbridge to continue investing in growth while paying one of the best dividends on the market.
Speaking of income, Enbridge boasts a dividend yield of 5.6%, making it one of the tastiest dividends on the market. This means that even just a $7,000 investment will generate a handful of shares each year through reinvestments.
Adding to that appeal is the fact that Enbridge has provided investors with generous annual upticks to that dividend going back three decades without fail.
That fact alone makes Enbridge one of the Canadian stocks to never sell.
Canada’s big banks are always an option
It would be hard to compile a list of Canadian stocks to buy and never sell without mentioning at least one of Canada’s big bank stocks.
Today, the big bank for investors to strongly consider is Bank of Nova Scotia (TSX:BNS).
Not only does Scotiabank carry the highest yield among its peers (6%), but it also screams growth potential right now.
That’s because the bank is shifting its international growth focus outside of more volatile markets in Latin America to parts of North America. In fact, the bank already solidified its stake in the U.S. through its stake in KeyCorp last year.
Like Enbridge and Canadian Utilities, Scotiabank has an established cadence of providing annual increases to its tasty dividend. The bank has also impressively paid out dividends, without fail, for nearly two centuries.
In short, on any list of Canadian stocks to never sell, Scotiabank ranks near the top for investors.
What are your Canadian stocks to never sell?
No stock, even the most defensive, is not without some risk. That’s why the importance of diversifying cannot be stated enough.
That’s also why the trio of Canadian stocks to never sell noted above are great options for any well-diversified portfolio. They can offer growth and income while boasting defensive appeal.
Buy them, hold them, and watch your income grow.
