1 Growth stock to buy and hold during any market correction

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The TSX Today it is still a place full of ups and downs. The TSX is down 11% year-to-date and is in a market correction territory, down 15% since its highs in 2022. So, I can see why you shouldn’t be looking for a big growth stock.

And to be honest, more correction could come. Inflation data showed Canadians were still spending, with inflation rising 7.7% year over year. This means that they haven’t yet felt the sting enough to make them hold back on their spending.

Therefore, interest rates are likely to rise, and inflation is likely to rise, all until a possible market crash or recession occurs. While it may be weak, we may not see a sustainable recovery for some time. This is why you want a growth stock that can withstand this terrible storm.

Search for merchandise

Commodities are goods that are bought and traded in the market that are always needed by consumers. This may include oil and gas but also products that are mined, for example. Some of Warren Buffett’s longest waits have been in this space; He sought goods that consumers would need even during a recession.

These materials will include steel for making coal, copper for electrical appliances and tubes, and silver for electrical connections and batteries. All of these items have many purposes that will not go away, even during a recession. This makes them ideal investments for those who want to have a growth stock during a recession and beyond.

My top recommendations

If you want a growth stock that keeps growing, I’ll think about it Tech Resources (TSX: TECK.B) (NYSE: TECK). Teck Stock develops and produces all of these commodities and more. Furthermore, she has projects all over the world from Australia to Ireland, Turkey to Mexico, and of course from Canada to the United States. This gives you a diversified global portfolio, which is a must now as well.

Moreover, it is not just about minerals but also minerals. It continues to develop products such as zinc, chemicals and fertilizers – products needed to continue creating arable land. And with a history of 109 years, you can tell this company isn’t going anywhere anytime soon.

Teck stock is a growth stock, even with today’s weak market. Shares are up 14% so far, although they are down 28% from 52-week highs. However, this provides you with a solid buying opportunity for the growth stock.

Strong growth and not only from stocks

During its last earnings report, Teck stock hit a record $1.6 billion, or $3.02 a share, in adjusted earnings. Its adjusted earnings before interest, tax, depreciation, and amortization hit a record quarterly high of $3 billion, more than triple the year before. Growth stock saw copper earnings increase 23% from the previous year, with zinc increasing by a whopping 98%. Coal prices used to make steel also generated a profit of US$1.6 billion. And all this while the company continues to face inflationary pressures.

Teck stock also announced during its earnings a $500 million buyback program. This is in addition to the dividend being returned to shareholders, with the dividend currently at 1.13%. It’s not massive, but it’s consistent. In fact, we’ve grown through all of these turmoil over the past five years.

The stock has also continued to grow by 500% over the past two decades. This is through the Great Recession And the Multiple market corrections. However it is still in the value area. It is currently trading at 5.46 times earnings with a debt to equity ratio of 0.39.

Foolish takeaway

There was an initial jump for Teck stock with the market correction underway, but the shares fell back to value levels. I would recommend this growth stock to anyone who wants a steady income that will last for decades and passive income to boot.

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