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In the current stock market, blue-chip stocks are often sought for their stability and long-term performance. For Canadian investors, three notable blue-chip stocks stand out due to their consistent performance, solid market positions, and reliable income streams. These companies span diverse sectors, including utilities, convenience retail, and technology, providing a broad spectrum of opportunities for stable returns.
TC Energy
TC Energy (TSX:TRP), a leading pipeline operator, has demonstrated strong performance this year, outperforming the broader market with a 22% increase compared to 11.1%. Currently trading at $60.89 per share, the company offers a significant dividend yield of 6.3%. TC Energy is in the process of spinning off its pipeline operations into a new public entity called South Bow, while it will continue to manage its regulated, low-risk natural gas and power businesses. This strategic move aims to maintain a focus on core operations and meet increasing energy demands with sustainable cash flow.
Alimentation Couche-Tard
Alimentation Couche-Tard (TSX:ATD) is a prominent player in the convenience store sector, operating under well-known brands such as Couche-Tard, Circle K, and Ingo. Despite economic challenges, the company has maintained consistent profitability, though net earnings for fiscal 2024 declined 11.6% to USD 3.1 billion. The company is expanding through strategic acquisitions, including a deal to acquire Giant Eagle’s GetGo Café + Markets and an offer to purchase i Holdings, the parent company of 7-Eleven. These moves could enhance its position in the global convenience store market. Currently priced at $78.27 per share, Alimentation Couche-Tard has seen a 15.1% increase over the past year and offers a dividend yield of 0.9%.
CGI
CGI (TSX:CGI), a global IT and business consulting firm, has experienced a positive turnaround since May, with its stock priced at $147.94 per share. The company has seen a 4.3% increase year-to-date, driven by a growing client base and advancements in AI-powered software. For the first nine months of 2024, CGI reported a 2.1% increase in total revenue to $11 billion and a 5.4% rise in net earnings to $1.3 billion. The company's net debt has decreased by 18.7%, and it recently declared its first-ever quarterly dividend of $0.15 per share. CGI’s strong performance is supported by its strategic partnership with Circle K and a substantial contract extension with the U.S. State Department.
Blue-chip stocks such as TC Energy, Alimentation Couche-Tard, and CGI offer stability and reliability in the stock market. With significant market capitalizations and dependable income sources, these companies represent strong choices for those seeking steady returns through dividends and capital appreciation.
