If you’re looking for ways to protect your portfolio from volatility, consider dividend stocks, such as ConocoPhillips (NYSE: COP) – especially with surging oil prices.

The company pays a quarterly dividend of 84 cents per share, or $3.36 per year. This gives the stock a dividend yield of about 3%.

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Before ConocoPhillips reports its second-quarter results on August 6, Wells Fargo reiterated a buy rating on the stock and set a price target of $183. The firm believes ConocoPhillips is in a strong position because of its efficient operations and ability to handle changes in oil and gas prices. The analysts expect the company to meet its production goal of about 2.2 million barrels of oil equivalent per day.

And, although lower natural gas prices could hurt parts of the business, Wells Fargo believes oil prices will help balance out those challenges. The firm also expects ConocoPhillips to continue generating strong cash flow, which could support future dividend increases. Analysts at Roth Capital upgraded COP stock to a buy rating with a $130 price target, citing strong global oil prices and momentum.

Sincerely,

Ian Cooper