Want at Least $1,000 in Passive Income per Year? Invest $10,000 in Each of These 3 Dividend Stocks.

The stock market can be a phenomenal tool for achieving financial goals

Folks with a multidecade time horizon may be willing to take on more risk by centering their portfolios around growth-focused companies

Conversely, those closer to retirement may be more interested in preserving capital and generating passive income

Taking it a step further is a financial plan that generates a specific amount of money from dividends to offset a loss/decrease in income or supplement income in retirement

Here's why all three dividend stocks stand out as quality buys now

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Now's a great time to gas up on ConocoPhillips stock Scott Levine (ConocoPhillips): With volatility roiling the energy market, many people have shied away from oil and gas stocks in favor of more stable investment opportunities

Taking the long view, however, investors will find that ConocoPhillips stock has demonstrated resilience

Savvy investors know that high-yielding dividends are great, but they require some investigation to ensure that they're sustainable

ConocoPhillips stock seems to be on firm financial footing

This fiscally responsible apach to returning capital to holders seems ly to continue

And the company's jected free cash flow growth allows the dividend to grow in the years ahead

Changing hands at 5. 5 times operating cash flow -- a discount to its five-year average multiple of 6. 4 -- ConocoPhillips stock is attractively valued and currently represents a great passive income play

Energy is a key aim of the current administration Lee Samaha (Cheniere Energy Partners): Recent geopolitical events in the Middle East have underscored that the world is unstable, and much of the hydrocarbons needed to fuel it are in extremely sensitive regions

This isn't the place to discuss the rights and wrongs of such matters, but it's indisputable that recent events have strengthened the argument that the U

Needs energy independence

That's where Cheniere Energy Partners and its liquefied natural gas (LNG) terminals come in

As such, Cheniere's expansion supports U

Furthermore, its LNG exports help keep the global market supplied -- notably U

A balanced buy for long-term investors Daniel Foelber (Starbucks): The beverage behemoth has been undergoing a major turnaround to return to meaningful growth

The plan, called "Back to Starbucks," aims to imve the Starbucks experience for employees and customers

Starbucks' operating margins have been under pressure as customers have resisted years of price increases

And Starbucks is having trouble growing in key international China

The coffee giant isn't out of the woods yet, but the stock looks a good value for passive income investors who believe in the power of the Starbucks brand and have the patience to buy and hold the stock for at least three to five years

It has an attractive yield because its dividend has grown far faster than its stock price

As Starbucks matured, it transitioned from an exciting growth story introducing espresso drinks to untapped to a somewhat stodgy dividend-paying value stock

That's not a bad thing, it just means that the investment thesis has shifted

So investors should make sure they are choosing the stock for where the company is headed rather than where it has been

As poor as Starbucks' results have been in recent years, the company still has a powerful brand, competitive advantages, and a loyal customer base fueled by its rewards gram

The stock doesn't look cheap at first glance, but that's mainly because of management's ambitious (but costly) campaign to reduce customer wait times and make key operational changes to the

All told, Starbucks is a quality dividend stock that's worth a closer look now

Daniel Foelber has no position in any of the stocks mentioned

Lee Samaha has no position in any of the stocks mentioned

Scott Levine has no position in any of the stocks mentioned

The Motley Fool has positions in and recommends Cheniere Energy and Starbucks

The Motley Fool has a disclosure policy.