The Best Stocks to Invest $1,000 in Right Now #CanadaFinance

Written by Demetris Afxentiou at The Motley Fool Canada

There’s no shortage of great stocks to invest in right now. In fact, some of those best stocks promise strong growth, juicy dividends, or massive defensive moats.

Are you curious about the best stocks to invest in right now? Here’s a look at several great options to consider.

Canada’s big bank stocks are standard options to include in any well-diversified portfolio. There are a few good reasons for maintaining that view.

In short, the banks offer a reliable revenue stream backed by a strong domestic market and a growing presence internationally to fuel growth. Throw in a tasty dividend and you have the perfect buy-and-forget candidate.

Bank of Nova Scotia (TSX:BNS) is the bank stock to own and one of the best stocks to buy.  As of the time of writing, Scotiabank trades just under $73, which is midway between its 52-week low and highs, respectively.

It also means that prospective investors with $1,000 to drop into Scotiabank can pick up more than a dozen shares at that current price. More importantly, those shares will generate a juicy dividend that can be reinvested for further growth.

That dividend currently offers a tasty 5.3% yield, making it one of the best stocks for any portfolio.

Utility stocks are often regarded as some of the best stocks to buy, and Canadian Utilities (TSX:CU) represents a great option for investors to consider.

Part of the reason why utilities like Canadian Utilities are regarded as such great defensive picks comes down to their lucrative business models. In short, utilities generate a recurring revenue stream backed by long-term regulated contracts.

That predictable revenue stream permits the utility to invest in growth and pay reliable dividends. Adding to that, utilities are largely immune to market volatility, making them must-have defensive gems to consider.

Turning back to those dividends, Canadian Utilities currently offers a tasty yield of 5.3%, but that’s not even the best part.

Canadian Utilities is one of just two stocks on the market that is a Dividend King. This means the company has provided investors with 50 consecutive years or more of increases. The utility currently boasts a 52-year streak and plans to continue that tradition.

Another one of the best stocks to buy now is BCE (TSX:BCE). That may be a controversial choice for some investors, particularly as the stock has tanked nearly 40% over the trailing 12-month period.

So then, why is BCE, one of Canada’s largest telecoms in such a rough spot and why is it still one of the best stocks to buy? To answer both, let’s take a closer look.

Story Continues