9 Best Energy Dividend Stocks To Buy Now

3. Conoco Phillips (NYSE:COP)

Number of Hedge Fund Investors: 62

Of the 919 hedge funds in Insider Monkey’s database as of the end of the first quarter, 62 funds had stakes in Conoco Phillips (NYSE:COP). The biggest stakeholder of Conoco Phillips (NYSE:COP) during this period was Boykin Curry’s Eagle Capital Management which owns a $1.8 billion stake in Conoco Phillips (NYSE:COP). Like other energy companies Conoco Phillips (NYSE:COP) is also facing headwinds amid volatile energy prices. However, during Conoco Phillips’ (NYSE:COP) latest earnings call, this volatility won’t affect shareholder returns.

“Moving to cash flows. First quarter CFO was $5.1 billion, which included APLNG distributions of $521 million. Capital expenditures were $2.9 billion. Debt retirement payments were $500 million and this was partially offset by proceeds of $200 million from disposition of non-core assets. And we returned $2.2 billion to shareholders in the quarter, including $1.3 billion in buybacks and $900 million in ordinary dividends and VROC payments. We ended the quarter with cash and short-term investments of $6.3 billion and $1.1 billion in longer-term liquid investments. Turning to guidance. We’ve maintained our full year production outlook of 1.91 million to 1.95 million barrels of oil equivalent per day, which translates to 2% to 4% underlying growth.

And for the second quarter, we expect production to be in the range of 1.91 million to 1.95 million barrels a day equivalent also which represents a similar 2% to 4% year-over-year underlying growth. Our full year turnaround forecast is 30,000 barrels per day. This includes 25,000 barrels per day of turnarounds in the second quarter primarily in Alaska, Norway and Qatar and 90,000 barrels per day for the third quarter. And as we mentioned on the last earnings call, the heavy third quarter maintenance was driven by our once every five-year turnaround at Surmont. For CapEx our full year guidance remains $11 billion to $11.5 billion with a greater weight to the first half of the year.”

Read the full earnings call transcript here.