Retirement Stock Portfolio: 12 Energy Stocks To Consider

5. ConocoPhillips (NYSE:COP)

Next on our list of the retirement stock portfolio is ConocoPhillips (NYSE:COP), which is an American multinational corporation involved in hydrocarbon exploration and production. It explores, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids in the United States, Canada, China, Libya, Malaysia, Norway, the United Kingdom, and internationally.

As of September 6, the dividend yield for the stock stands at 3.32%. It has maintained a consistent dividend payment record since 1986. The company also intends to raise its ordinary dividend by 34% to 78 cents per share from the fourth quarter of 2024.

ConocoPhillips (NYSE:COP) has had a strong second quarter, beating earnings expectations with a reported EPS of $1.98, while expectations were $1.96. The revenue growth rate at the end of June 2024 was around 10.27%, with an increase in income due to rising production and higher oil prices. It produced 1,945,000 barrels of oil equivalent per day, representing 4% underlying growth year-over-year. It also generated $5.1 billion in cash flow from operations and returned $1.9 billion to shareholders through buybacks and dividends.

For Q3, the company expects production to range between 1.87 million and 1.91 million barrels per day. It has also received shareholder approval for its planned merger with Marathon Oil Corporation MRO, a transaction valued at $22.5 billion and including $5.4 billion in net debt, expected to close at the end of the fourth quarter of 2024. The acquisition will significantly enhance the company’s U.S. onshore portfolio.

According to Insider Monkey’s database of Q2 2024, there are 72 hedge funds bullish on ConocoPhillips (NYSE:COP), representing a collective value of $58.17 million.