Yahoo Finance Top Canadian Stocks to Buy Right Now With $1,000
Written by Demetris Afxentiou at The Motley Fool Canada
Are you looking for some of the top Canadian stocks to buy now? The market provides plenty of great options to consider, even if you only have $1,000 to invest right now.
Here’s a look at some of those top Canadian stocks to buy for your portfolio today.
Long-term growth and a juicy income are standard
When considering some of the top Canadian stocks to buy, Canada’s big bank stocks are options that should be on every investor shopping list.
In short, the big banks provide a reliable revenue stream, plenty of long-term growth potential, and pay out some of the best dividends on the market. This makes them some of the top Canadian stocks to buy, irrespective of how the market is faring.
Bank of Nova Scotia (TSX:BNS) represents a unique option for investors to consider right now.
Scotiabank isn’t the largest of Canada’s big banks, but it is known as the most international bank. In recent years Scotiabank has focused that international growth footprint on Latin America, and that market continues to hold significant long-term appeal.
The bank operates a mature and stable domestic segment within Canada, which generates a reliable revenue stream. That revenue stream allows Scotiabank to invest in growth initiatives and pay out a handsome dividend.
As of the time of writing, the yield on that dividend works out to a very tasty 6.1%, making it one of the better-paying options on the market. Prospective investors with only $1,000 to invest can take solace in knowing that they can reinvest those dividends, allowing that investment to grow over time.
Even better, prospective investors should also note that Scotiabank has an established cadence of providing annual upticks to that dividend.
In other words, investors should look at Scotiabank as one of the top Canadian stocks to buy now and hold for decades.
How about a well-diversified energy giant?
Another one of the top Canadian stocks to consider buying right now is Enbridge (TSX:ENB). Enbridge is a name known by most Canadian investors, but few may realize just how much Enbridge does.
The company is best known for its lucrative pipeline network, which includes both crude and natural gas elements. Enbridge’s pipeline network hauls massive amounts of both – specifically, a third of all North American-produced crude and one-fifth of the natural gas needs of the U.S.
In other words, Enbridge is an incredibly defensive option to consider. But what truly makes this one of the top Canadian stocks to buy is stacking on everything else that Enbridge offers.
Specifically, I’m referring to Enbridge’s growing renewable energy segment and its natural gas utility. Both of these provide additional defensive sources of revenue. Those revenue streams provide room for the company to invest in growth and pay out a juicy dividend.
And speaking of that dividend, Enbridge offers investors a truly insane 6.7% yield. This means that investors who drop $30,000 into Enbridge will earn just over $2,000 in the first year.
The reason I say first-year is because Enbridge has provided investors with generous annual upticks to that dividend going back three decades without fail. That fact alone makes this a great buy-and-forget option for any portfolio.
Top Canadian stocks for your portfolio
The market is full of great stocks to consider, including both of the stocks mentioned above. And while no stock is without risk, both Enbridge and Scotiabank offer significant defensive appeal to make them some of the top Canadian stocks to buy
In my opinion, one or both should be core holdings in any well-diversified portfolio.
The post Top Canadian Stocks to Buy Right Now With $1,000 appeared first on The Motley Fool Canada.
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Fool contributor Demetris Afxentiou has positions in Bank of Nova Scotia and Enbridge. The Motley Fool recommends Bank of Nova Scotia and Enbridge. The Motley Fool has a disclosure policy.
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