Station selling ConocoPhillips branded gas. Photo taken by the author.
ConocoPhillips is one of the three leading energy companies in the nation (ExxonMobil and Chevron are the other two). If you ever pumped your gas under a sign that says "Conoco", "Phillips 66", or "76", you did business with them. The dividends have been steadily going up for this company since its formation in 2002 (when Conoco and Phillips merged). It currently pays a dividend of 66 cents a share.
The minimum amount required to own ConocoPhillips through this method is $250. This amount can be waived if you agree to buy every month at $25 (at least ten consecutive months). Here's the best part: there are no fees ($15 if you sell). That's right, every penny goes toward buying this stock. The dividends may also be reinvested (also at no charge). This type of investment is meant to be long-term. It is not suitable for traders.
How I Would Invest: First I would make sure that my portfolio was diversified in a basket of funds and cash. Then I would wait for a possible price dip and do the $25/month (at no fees, why not?). I would reinvest the dividends at first. When each dividend payment reaches around $15 or so, I would then take the cash to put into something else.
I currently do not own any shares of ConocoPhillips.
8/12 Edit: OOPS! It seems I forgot to mention a few more things. That's one of the consequences of having roommates urging you to hurry up on the computer. Anyway, this account can be opened online through BNY Mellon's website. The plan materials are here. BNY Mellon also offers plans from other companies.
I still do not own any shares of ConocoPhillips.