Yesterday, I’d discussed why investors should consider protecting themselves in a volatile market. Today, I want to look at four TSX stocks that I’m still bullish on in this shaky environment. Canadians with some extra cash should consider scooping up these promising stocks in early November.
Buy this TSX stock that is benefitting from a strong housing market
Back in June, I’d suggested that Canadians should buy Genworth MI Canada (TSX:MIC). The company is the largest private residential mortgage insurer in Canada. Shares of this TSX stock have climbed 26% week over week as of close on October 29.
Genworth is set to release its third-quarter 2020 results on November 2. In Q2 2020, the company saw total premiums written increase 17% from the prior year to $227 million. Canada housing has remained resilient in this historical crisis. Increased activity is good news for Genworth.
This TSX stock last possessed a price-to-earnings (P/E) ratio of 9.4 and a price-to-book (P/B) value of one. That puts Genworth in very attractive value territory. Moreover, it offers a quarterly dividend of $0.54 per share, which represents a 4.9% yield.
One dividend stock to rely on forever
Fortis (TSX:FTS)(NYSE:FTS) is an elite option for Canadians on the hunt for TSX stocks that pay a dividend. This St. John’s-based company is one of the top utilities in the country. Fortis stock has climbed 2.8% in 2020 as of close on October 29.
The company is set to release its third-quarter 2020 results in early November. In Q2 2020, Fortis delivered adjusted net earnings of $0.56 per share compared to $0.54 in the prior year. Best of all, Fortis’s five-year capital plan of $18.8 billion remained unchanged in the face of the COVID-19 pandemic. This capital plan aims to significantly expand the company’s rate base and support annual dividend growth of 6% through 2024.
Shares of Fortis last had a favourable P/E ratio of 20 and a P/B value of 1.4. It last paid out a quarterly dividend of $0.4775 per share, representing a 3.7% yield.
A TSX stock worth snatching up today
Canadian Western Bank (TSX:CWB) is another TSX stock Canadians should consider adding right now. This regional bank has a large footprint in western Canada but is also making a push in the eastern part of the country. Shares of Canadian Western have dropped 20% so far this year.
In Q3 2020, the bank saw revenue increase 4% from the prior year to $226 million. Loans rose 5% to $29.7 billion, posting 10% growth in Ontario. Moreover, branch-raised deposits climbed 22% to $16 billion.
This TSX stock last had a very favourable P/E ratio of 8.4 and a P/B value of 0.7. Canadian Western offers a quarterly dividend of $0.29 per share. That represents a 4.7% yield. It has delivered dividend growth for over 25 consecutive years.
Don’t sleep on this discounted energy stock
Canadian Natural Resources (TSX:CNQ)(NYSE:CNQ) is the last TSX stock I want to focus on in this piece. This Calgary-based company is engaged in hydrocarbon exploration in western Canada and around the world. Its shares have dropped 47% in 2020.
Energy stocks have been throttled due to the pandemic, but demand is on track to recover in 2021. This TSX stock possesses an attractive P/B value of 0.7. Better yet, it last paid out a quarterly dividend of $0.425 per share. This represents a monster 8.1% yield. Canadians on the hunt for income and exposure to energy should consider Canadian Natural Resources right now.
