Motley Fool Top Picks for June Chris MacDonald: Algonquin Power & Utilities
My top stock for May is Algonquin Power & Utilities (TSX:AQN)(NYSE:AQN). This utilities player has seen selling pressure in recent weeks amid otherwise bullish market conditions. With rates remaining low, bond proxies like Algonquin are poised for another leg up.
Algonquin’s value comes via its core regulated utilities business alongside a growing renewables business. Combined, this is one of the most defensive long-term income picks on the TSX.
For those with a sufficient holding period, this stock should be on the top of the watch list today. With a yield of 4.5% and very solid growth prospects, this stock is set to outperform in June and beyond.
Fool contributor Chris MacDonald has no position in any of the stocks mentioned.