The S&P/TSX Composite Index was down 160 points in early afternoon trading on June 17. This would represent the third triple-digit-point plunge for the TSX in the span of a week. Millennial investors are face to face with yet another economic crisis. Recent history tells us not to panic, and that is especially true for investors with a long time horizon. Today, I want to focus on three TSX stocks that you can depend on for the long term, as we wrestle with this market correction .
This TSX stock deserves your trust in any environment
Emera (TSX:EMA) is a Halifax-based company that is engaged in the generation, transmission, and distribution of electricity to various customers. Utilities proved to be a solid hold during the March 2020 market correction. This should spur millennials to snatch up equities in this space. Shares of this TSX stock have plunged 9% month over month at the time of this writing. That has pushed the stock into negative territory in the year-over-year period.
This company released its first-quarter 2022 results on May 13. It reported adjusted net income of $242 million, which was down marginally from the first quarter of 2021. Meanwhile, it is still on track to deploy $3 billion in capital investment throughout 2022. This should bolster its rate base going forward and provide the flexibility to deliver on future dividend growth.
Shares of this TSX stock possess a solid price-to-earnings (P/E) ratio of 25. It offers a quarterly dividend of $0.662 per share, which represents a 4.6% yield.
Millennials should look to snatch up grocery retail stocks in this market correction
Grocery retail stocks were another strong hold during the 2020 market correction. These retailers have also enjoyed a bump as high inflation has put added pressure on consumers. Loblaw (TSX:L) is the largest grocery retailer in Canada. Its shares have climbed 7.5% in 2022 at the bottom of the noon hour on June 17.
In Q1 2022, Loblaw delivered revenue growth of 3.3% to $12.2 billion. Meanwhile, adjusted EBITDA jumped 10% year over year to $1.34 billion. It reported adjusted net earnings of $459 million, or $1.36 per diluted share — up 17% and 20%, respectively, from the previous year.
Loblaws last had a favourable P/E ratio of 18. Millennials should also be attracted to this TSX stock, as it offers a quarterly dividend of $0.405 per share. That represents a 1.4% yield.
Here’s another TSX stock that millennials may want to target for some nice income
Chartwell Retirement REIT (TSX:CSH.UN) is the third TSX stock I’d look to snatch up in this market correction. This real estate investment trust (REIT) owns and operates a complete range of seniors housing communities. Its shares have dropped 8% in 2022.
The company released its first-quarter 2022 results on May 5. Its occupancy recovery continued in Q1 2022, while its net loss shrank to $3.3 million. Millennials should be interested in owning stocks that are set to benefit from Canada’s rapidly aging population. Moreover, this TSX stock offers a monthly dividend of $0.051 per share. That represents a strong 5.4% yield.
The post Millennials: 3 TSX Stocks to Buy in This Market Correction appeared first on The Motley Fool Canada .
Fool contributor Ambrose O'Callaghan has no position in any of the stocks mentioned. The Motley Fool recommends EMERA INCORPORATED.
2022