10 Best Utility Dividend Stocks To Buy

4. ConocoPhillips (NYSE:COP)

Number of Hedge Fund Holders: 72

ConocoPhillips (NYSE:COP), operating in the oil and gas sector, holds a strong portfolio of conventional assets across North America, Asia, Europe, and Australia. The company is well-positioned to benefit from the rising global energy demand.

ConocoPhillips (NYSE:COP) is projected to experience revenue growth, with an average increase of 11.2% forecasted for 2025. Moreover, the company’s projected earnings-per-share (EPS) growth of 16.39% signals improved profitability in the coming years.

Due to the company’s efficient operations and its strong cash position of $1.95 billion as of June 30, 2024, analysts have given the stock a consensus “Buy” rating. Price targets range from $120 to $156, with an average target of around $139.08, indicating a significant potential upside from the current price levels.

Here’s what Diamond Hill Capital said about ConocoPhillips (NYSE:COP) in its Q2 2024 investor letter:

“Other bottom contributors in Q2 included CarMax, Target Corporation and ConocoPhillips (NYSE:COP). Shares of oil and gas exploration and production company ConocoPhillips declined against a backdrop of lower oil prices in Q2, as well as concerns about the expensive though strategically sound acquisition of Marathon Oil.”