Risks are ever-present in the stock market. But there are investments you can make today that can help to protect and build your wealth. Here are three relatively low-risk stocks that are particularly well suited to generate solid returns for investors in the current market.

ExxonMobil

Despite the steady growth of renewable energy, reliable sources of oil and natural gas remain critical to the global economy. ExxonMobil (XOM -2.78%) wants to help supply these essential forms of energy for decades to come.

Exxon struck a deal to acquire Pioneer Natural Resources on Oct. 11 for $59.5 billion. Pioneer owns valuable acreage in the Permian Basin, a large shale formation in the southwestern U.S. These assets should provide a powerful boost to Exxon's domestic oil and gas production.

Exxon is already an energy-producing powerhouse. Higher oil prices contributed to the company's staggering $55.7 billion profit in 2022. Rising demand for liquified natural gas and promising new projects should help to drive Exxon's earnings higher in the coming years.

Exxon is also investing prudently in low-carbon energy solutions. Key projects include hydrogen and renewable diesel production sites. Additionally, Exxon has an intriguing profit opportunity in carbon capture and storage, an innovative process that can cost-effectively contain more than 90% of emissions from industrial facilities, according to the Center for Climate and Energy Solutions. 

Due to their environmental benefits and attractive profit potential, Exxon believes its low-carbon operations could eventually eclipse its oil and gas businesses -- and generate hundreds of billions of dollars in revenue. 

Lockheed Martin

Recent conflicts in Europe and the Middle East make clear the vital need for strong defensive capabilities. Lockheed Martin (LMT -0.75%) helps the U.S. and its allies protect themselves from a growing list of threats.

Lockheed produces the F-35 stealth fighter jet, which serves a crucial role in the national security strategies of the U.S. military and 17 allied nations. The company's diverse product portfolio also includes satellites, helicopters, cargo planes, and a wide array of other defensive systems. 

Lockheed could also serve a protective role within your portfolio. With its bountiful free cash flow -- including $6.1 billion in 2022 -- Lockheed has provided a steadily growing stream of dividend income to its shareholders. The company's stock buybacks also help to support a rising share price.

Investors can expect more dividend increases in the years ahead. Lockheed's order backlog grew to a whopping $158 billion by the end of the second quarter. This gives the defense giant excellent visibility into its future cash flow, a large portion of which it probably will pass on to shareholders. 

Berkshire Hathaway

Volatile market environments often create opportunities for steadfast investors. Warren Buffett excels at identifying mispriced assets during these challenging times, much to the benefit of Berkshire Hathaway's (BRK.A -0.76%) (BRK.B -0.69%) shareholders.

Buffett has built Berkshire into a financial fortress. More than 60 operating subsidiaries across a diverse range of industries crank out free cash flow of roughly $25 billion annually. Moreover, Berkshire's balance sheet had more than $140 billion in cash as of June 30, which helps to further reduce the risks for investors.

Better still, Buffett and his lieutenants use this cash to buy other undervalued assets. Buffett is always on the hunt for his next great business to add to Berkshire's collection. In the meantime, he's content to scoop up shares of high-quality companies with solid growth prospects. It's a proven formula that's created fortunes for Berkshire's long-term shareholders.

Consider picking up some shares of Berkshire Hathaway today, and you can position yourself to profit alongside this legendary investor.