There’s no shortage of great stocks to buy on the market right now. And for investors with $1,000 to drop, some of the best Canadian stocks can be purchased for long-term growth and income.
Here’s a look at three of the best Canadian stocks to buy right now.
Source: Getty Images
Option 1: Telus
Telus (TSX:T) is one of Canada’s big telecom stocks. The company generates the bulk of its revenue from its subscriber-based operations. That operation includes segments for wireless, wireline, TV and internet services.
Those segments have grown increasingly defensive in recent years, making Telus a strong candidate for any defensive portfolio.
Adding to that appeal is Telus’ quarterly dividend. That defensive revenue generation allows the company to pay out one of the best dividends on the market and regularly provide investors with upticks to that dividend.
As of the time of writing, Telus offers a tasty 8.1% yield. This means that the $1,000 investment in Telus will generate ample income through reinvestments alone to reinvest into a few shares each year.
If that’s not enough, Telus has provided semi-annual increases to that dividend going back two decades without fail.
That fact alone makes this one of the best Canadian stocks to buy now
Option 2: Fortis
Another one of the best Canadian stocks to consider right now is Fortis (TSX:FTS). Fortis is a utility stock. In fact, Fortis is one of the largest utility stocks in North America.
The company boasts 10 operating regions that serve customers across the U.S., Canada and the Caribbean.
This bolsters the already impressive defensive appeal of the utility even further. Utilities like Fortis generate a reliable revenue stream backed by long-term regulated contracts that span decades.
The result is a reliable revenue stream that is stable and growing. This allows the company to invest in growth and pay out a handsome dividend.
In the case of Fortis, that dividend is very attractive. As of the time of writing, Fortis’ quarterly dividend works out to an attractive 3.5% yield. That’s not the highest yield on the market, but for what Fortis lacks in yield, it makes up in stability and growth.
That’s because Fortis is one of just two Dividend Kings in Canada, with an incredible 52 consecutive years of increases. The company plans to continue that cadence, providing investors with a steady stream of increases.
Combined with that defensive appeal, this makes Fortis one of the best long-term options and among the best Canadian stocks to buy for any portfolio.
Option 3: Slate Grocery REIT
The third of the best Canadian stocks to own right now is Slate Grocery REIT (TSX:SGR.UN). Slate is a grocery-anchored REIT that comes with its own massive defensive moat.
Slate’s portfolio is focused on the U.S. market, specifically metro areas. Groceries are incredibly defensive as they provide necessities to the markets they serve.
Across the over 110 properties that Slate operates, its grocery anchors are augmented by smaller secondary businesses that are next to those anchors. That includes restaurants, doctor offices, and banks.
One of the main reasons why Slate is viewed as one of the best Canadian stocks to buy is for its distribution. As of the time of writing, Slate offers an impressive yield of 8%.
Not only is this one of the highest yields on the market, but it is also well-covered and pays out monthly.
For investors ready to drop $1,000, that’s a great start to generate a new share every few months from reinvestments alone. Over time, that snowballs into a healthy and income-producing investment.
For a $1,000 initial investment, prospective investors won’t be disappointed. Purchasing this trio of stocks will provide strong dividend yields, defensive strength, and massive reinvestment potential.
The best Canadian stocks to buy are ready. Are you?
Adding to that appeal is that this trio is diversified across multiple sectors of the market. This makes them great options to start or build into any well-diversified portfolio.
Buy them, hold them, and watch them grow.
