3 Stocks You Don't Have to Babysit

3 Stocks You Don't Have to Babysit

A mistake many investors make, especially inexperienced ones, is babysitting their portfolios by continuously monitoring them, which can cause them to make too many adjustments. One way to avoid over-parenting your portfolio is by investing in stocks that don't need to be watched, such as those that have top-notch balance sheets and generate consistent cash flow so they can pay a reliable dividend. Three of these more mature options are Brookfield Renewable Partners (NYSE: BEP), Public Storage (NYSE: PSA), and 3M Company (NYSE: MMM), which are excellent choices for investors who have better things to do with their time than check in on their stocks.

Brookfield Renewable Partners is one of the world's largest hydroelectric power generators. Those assets crank out consistent cash flow for the company because 92% of its generating capacity is under long-term contracts that have an average remaining life of 16 years. The company typically distributes 70% of that cash to investors, which supports an attractive current yield of 5.6%. In addition to that, Brookfield has a strong investment-grade credit rating, backed by a low leverage ratio, which helps it navigate through the uncertain times so it can pounce on opportunities as they arise.

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Source: Fool.com