ConocoPhillips (NYSE:COP) shares closed higher on Tuesday.
Shares of energy companies traded higher during the session as tensions in the Middle East heightened.
Some investors may be eyeing potential gains from ConocoPhillips' dividends. As of now, the crude oil producer offers an annual dividend yield of 2.85%. That’s a quarterly dividend of 78 cents per share ($3.12 a year).
To figure out how to earn $500 monthly from ConocoPhillips, we start with the yearly target of $6,000 ($500 x 12 months).
Next, we take this amount and divide it by ConocoPhillips' $3.12 dividend: $6,000 / $3.12 = 1,923 shares
So, an investor would need to own approximately $210,319 worth of ConocoPhillips, or 1,923 shares to generate a monthly dividend income of $500.
Assuming a more conservative ...
